Question 1

Using the accounting equation, equity is equal to ________________________.

Accepted Answer

The answer of Using the accounting equation, equity is equal...

Question 2

The _______________ principle requires that financial information is supported by independent, unbiased evidence.

Accepted Answer

The answer of The _______________ principle requires that financial information...

Question 3

______________________, which is one part of accounting, is the recording of transactions and events, either manually or electronically.

Accepted Answer

The answer of ______________________, which is one part of accounting,...

Question 4

____________ are the increases in equity from a company's sales of products and services to customers.

Accepted Answer

The answer of ____________ are the increases in equity from...

Question 5

The term ___________ refers to a liability that promises a future outflow of resources.

Accepted Answer

The answer of The term ___________ refers to a liability...

Question 6

There are at least three types of partnerships that limit the partners' liability. They are 1)_____________________, 2) ___________________, and 3)______________________.

Accepted Answer

The answer of There are at least three types of...

Question 7

The ________________ assumption states that transactions and events are expressed in money units.

Accepted Answer

The answer of The ________________ assumption states that transactions and...

Question 8

There are three major types of business activities. ______________ activities involve using resources to research, develop, purchase, produce, distribute, and market products and services and receiving amounts from selling products and services.

Accepted Answer

The answer of There are three major types of business...

Question 9

There are three major types of business activities. ________________ activities are the means organizations use to pay for resources such as land, building, and equipment to carry out plans.

Accepted Answer

The answer of There are three major types of business...

Question 10

There are three major types of business activities. ________________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

Accepted Answer

The answer of There are three major types of business...

Question 11

The stockholders' claim on assets, also known as net assets, is called __________________.

Accepted Answer

The answer of The stockholders' claim on assets, also known...

Question 12

In accounting, the rule that requires that assets, services, and liabilities be recorded initially at the cash or cash-equivalent value of what was given up or of the item received is called the ______________________________.

Accepted Answer

The answer of In accounting, the rule that requires that...

Question 13

________________________________ explains changes in the stockholders' claim on the business's assets from net income or loss, and dividends over a period of time.

Accepted Answer

The answer of ________________________________ explains changes in the stockholders' claim...

Question 14

The ____________________ describes a company's revenues and expenses along with the resulting net income or net loss over a period of time due to earnings activities.

Accepted Answer

The answer of The ____________________ describes a company's revenues and...

Question 15

Match between columns
                        Premises: A model that asserts the factors that must exist for a person to commit fraud.
An information and measurement system that identifies, records and communicates relevant reliable and comparable information about an organization's business activities.
The part of accounting that involves recording transactions and events, either electronically or manually.
Persons using accounting information who are directly involved in managing and operating the organization.
The area of accounting aimed at serving external users by providing them with general-purpose financial statements.
Beliefs that distinguish right from wrong, considered accepted standards of good and bad behavior.
Persons using accounting information who are not directly involved in running the organization.
Accounting specialists that have met educational and experience requirements, passed an examination and exhibit ethical characteristics to achieve a professional certification.
The area of accounting that serves the decision-making needs of internal users.

Accepted Answer

The Answer of Recordkeeping and Certified Public Accountant (CPA) and is...

Question 16

Match between columns
                        Premises: The uncertainty about the return to be earned.
Expresses the relation of assets, liabilities and equity in a company, comparing the resources the company owns to the sources of funds to acquire the resources.
Resources a company owns or controls that are expected to yield future benefit.
A financial ratio stated as income divided by assets invested.
Decreases in equity from costs of providing products or services to customers.
Resources such as cash that a stockholder puts into the company.
Creditor's claims on a company's assets.
Resources such as cash that a stockholder r receives from the company for personal use.

Accepted Answer

The Answer of Dividends and Expenses and Accounting equation and is...

Question 17

Match between columns
                        Premises: Assess whether a company has paid all required taxes and complied with securities rules.
Decide whether to buy, hold, or sell a company's stock.
Know what, when, and how much to purchase.
Assess whether an organization is likely to repay its loans with interest.
Judge the soundness of a customer before making sales on credit.

Accepted Answer

The Answer of Shareholders and Regulators and Lenders and Purchasing is...

Question 18

Match between columns
                        Premises: Balance sheet
Time period assumption
Full disclosure principle
Objectivity principle
Securities and Exchange Commission
IASB
Generally accepted accounting principles
Statement of retained earnings.
Cost principle
Statement of cash flows

Accepted Answer

The Answer of A principle that requires the information in is...

Question 19

Match between columns
                        Premises: Monetary unit principle
Accounting equation
Events
Business entity principle
Expenses
Revenue recognition principle
Liabilities
Income statement
Statement of cash flows

Accepted Answer

The Answer of The relation between a company's assets, liabilities, is...

Question 20

Match between columns
                        Premises: Borrowed money from a bank on a long-term note.
Paid employee wages.
Purchase of land.
Sale of used equipment.
Received investment from owner.
Paid utilities expenses.
Paid an amount due on a long-term bank loan.
Withdrawal of funds by stockholders.

Accepted Answer

The Answer of Financing and Operating and Investing is...

Quiz 1: Accounting in Business

Using the accounting equation, equity is equal to ________________________.

The _______________ principle requires that financial information is supported by independent, unbiased evidence.

______________________, which is one part of accounting, is the recording of transactions and events, either manually or electronically.

____________ are the increases in equity from a company's sales of products and services to customers.

The term ___________ refers to a liability that promises a future outflow of resources.

There are at least three types of partnerships that limit the partners' liability. They are 1)___________, 2) _, and 3)______________.

The ________________ assumption states that transactions and events are expressed in money units.

There are three major types of business activities. ______________ activities involve using resources to research, develop, purchase, produce, distribute, and market products and services and receiving amounts from selling products and services.

There are three major types of business activities. ________________ activities are the means organizations use to pay for resources such as land, building, and equipment to carry out plans.

There are three major types of business activities. ________________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

The stockholders' claim on assets, also known as net assets, is called __________________.

In accounting, the rule that requires that assets, services, and liabilities be recorded initially at the cash or cash-equivalent value of what was given up or of the item received is called the ______________________________.

________________________________ explains changes in the stockholders' claim on the business's assets from net income or loss, and dividends over a period of time.

The ____________________ describes a company's revenues and expenses along with the resulting net income or net loss over a period of time due to earnings activities.

Match the following terms with the appropriate definition.

Match each of the following terms with the most appropriate definition.

The following is a list of selected users of accounting information. Match the appropriate user to the following decisions they make with accounting information.

Match the following terms with definitions.

Match the following terms with definitions.

Identify each of the following business activities into the appropriate category