Question 1

Net income is:

Accepted Answer

A)  Assets minus liabilities. 
B)  The excess of revenues over expenses. 
C)  The excess of expenses over revenues. 
D)  A revenue. 
E)  The same as equity. 
A)  Assets minus liabilities. 
B)  The excess of revenues over expenses. 
C)  The excess of expenses over revenues. 
D)  A revenue. 
E)  The same as equity.

Question 2

The Accounting Standards Board (AcSB),is the body that developed accounting standards for private enterprises (ASPE).

Accepted Answer

A) True 
 B)False

Question 3

The statement of cash flows measures the net effect of revenues and expenses for a specified period.

Accepted Answer

A) True 
 B)False

Question 4

Transactions that impact only assets do not require the accounting equation to stay in balance.

Accepted Answer

A) True 
 B)False

Question 5

Business transactions are exchanges of economic consideration between two parties.

Accepted Answer

A) True 
 B)False

Question 6

Describe non-business organizations.

Accepted Answer

Non-business organizations ope

Question 7

The _________________ reports changes in equity over the reporting period.

Accepted Answer

Statement

Question 8

The financing side of the accounting equation describes where the assets came from.

Accepted Answer

A) True 
 B)False

Question 9

Describe the main user groups,their members,and their uses of accounting information.

Accepted Answer

There are two types of users of accounti

Question 10

Internal operating functions include research and development,distribution,and human resources.

Accepted Answer

A) True 
 B)False

Question 11

The preferred ethical path is to take a course of action that avoids casting doubt on one's decisions.

Accepted Answer

A) True 
 B)False

Question 12

Private enterprises are all required to report using International Financial Reporting Standards (IFRS).

Accepted Answer

A) True 
 B)False

Question 13

Which of the following accounting principles would require that all goods and services purchased be recorded at cost?

Accepted Answer

A)  Going concern principle. 
B)  Monetary unit principle. 
C)  Cost principle. 
D)  Business entity principle. 
E)  Revenue recognition principle. 
A)  Going concern principle. 
B)  Monetary unit principle. 
C)  Cost principle. 
D)  Business entity principle. 
E)  Revenue recognition principle.

Question 14

If,on January 1,Terry Chervinski Company paid $2,000 of its accounts payable in cash,what would be the effect of this transaction on assets,on liabilities,and on equity?

Accepted Answer

Assets would decrease $2,000,l

Question 15

____________ are the value of assets exchanged for products and services provided to customers as part of the main operations of a business.

Accepted Answer

The answer of ____________ are the value of assets exchanged...

Question 16

The accounting equation is Assets = ___________ + Equity.

Accepted Answer

The answer of The accounting equation is Assets = ___________...

Question 17

Assets removed from the business by the business owner are called ____________.

Accepted Answer

The answer of Assets removed from the business by the...

Question 18

The assets of a business total $20,000; the liabilities,$8,000.The claims of the owners are:

Accepted Answer

A)  $0. 
B)  $8,000. 
C)  $12,000. 
D)  $20,000. 
E)  $28,000. 
A)  $0. 
B)  $8,000. 
C)  $12,000. 
D)  $20,000. 
E)  $28,000.

Question 19

Exchanges between the entity and some other person or organization are:

Accepted Answer

A)  Internal transactions. 
B)  External transactions. 
C)  Business papers. 
D)  Source documents. 
E)  Investments. 
A)  Internal transactions. 
B)  External transactions. 
C)  Business papers. 
D)  Source documents. 
E)  Investments.

Question 20

An audit is _______________ of an organization's accounting systems and records.

Accepted Answer

The answer of An audit is _______________ of an organization's...

Net income is:

The Accounting Standards Board (AcSB),is the body that developed accounting standards for private enterprises (ASPE).

The statement of cash flows measures the net effect of revenues and expenses for a specified period.

Transactions that impact only assets do not require the accounting equation to stay in balance.

Business transactions are exchanges of economic consideration between two parties.

Describe non-business organizations.

The _________________ reports changes in equity over the reporting period.

The financing side of the accounting equation describes where the assets came from.

Describe the main user groups,their members,and their uses of accounting information.

Internal operating functions include research and development,distribution,and human resources.

The preferred ethical path is to take a course of action that avoids casting doubt on one's decisions.

Private enterprises are all required to report using International Financial Reporting Standards (IFRS).

Which of the following accounting principles would require that all goods and services purchased be recorded at cost?

If,on January 1,Terry Chervinski Company paid $2,000 of its accounts payable in cash,what would be the effect of this transaction on assets,on liabilities,and on equity?

____________ are the value of assets exchanged for products and services provided to customers as part of the main operations of a business.

The accounting equation is Assets = ___________ + Equity.

Assets removed from the business by the business owner are called ____________.

The assets of a business total $20,000; the liabilities,$8,000.The claims of the owners are:

Exchanges between the entity and some other person or organization are:

An audit is _______________ of an organization's accounting systems and records.

Analyzing and Reporting Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Merchandise Inventory and Cost of Sales

Accounting Information Systems

Internal Control and Cash

Receivables

Filters

Exam 1: Accounting in Business

Net income is:

The Accounting Standards Board (AcSB),is the body that developed accounting standards for private enterprises (ASPE).

The statement of cash flows measures the net effect of revenues and expenses for a specified period.

Transactions that impact only assets do not require the accounting equation to stay in balance.

Business transactions are exchanges of economic consideration between two parties.

Describe non-business organizations.

The _________________ reports changes in equity over the reporting period.

The financing side of the accounting equation describes where the assets came from.

Describe the main user groups,their members,and their uses of accounting information.

Internal operating functions include research and development,distribution,and human resources.

The preferred ethical path is to take a course of action that avoids casting doubt on one's decisions.

Private enterprises are all required to report using International Financial Reporting Standards (IFRS).

Which of the following accounting principles would require that all goods and services purchased be recorded at cost?

If,on January 1,Terry Chervinski Company paid $2,000 of its accounts payable in cash,what would be the effect of this transaction on assets,on liabilities,and on equity?

____________ are the value of assets exchanged for products and services provided to customers as part of the main operations of a business.

The accounting equation is Assets = ___________ + Equity.

Assets removed from the business by the business owner are called ____________.

The assets of a business total $20,000; the liabilities,$8,000.The claims of the owners are:

Exchanges between the entity and some other person or organization are:

An audit is _______________ of an organization's accounting systems and records.

Analyzing and Reporting Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Merchandise Inventory and Cost of Sales

Accounting Information Systems

Internal Control and Cash

Receivables

Filters