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  • QUESTIONNAIRE

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    Karelle Arambala
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    The document contains a 10 question quiz on basic accounting concepts. It tests understanding of the four core financial statements, properties of the income statement, definition of assets and liabilities, normal debit and credit balances, characteristics of retained earnings, required headings for financial statements, the role of FASB and GAAP, the impact of expenses exceeding revenues on stockholders' equity, definitions of corporations and partnerships, and the three main forms of business organization.

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    This is accounting lesson

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    The document contains a 10 question quiz on basic accounting concepts. It tests understanding of the four core financial statements, properties of the income statement, definition of assets and liabilities, normal debit and credit balances, characteristics of retained earnings, required headings for financial statements, the role of FASB and GAAP, the impact of expenses exceeding revenues on stockholders' equity, definitions of corporations and partnerships, and the three main forms of business organization.

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    4 views1 page

    QUESTIONNAIRE

    Uploaded by

    Karelle Arambala
    The document contains a 10 question quiz on basic accounting concepts. It tests understanding of the four core financial statements, properties of the income statement, definition of assets and liabilities, normal debit and credit balances, characteristics of retained earnings, required headings for financial statements, the role of FASB and GAAP, the impact of expenses exceeding revenues on stockholders' equity, definitions of corporations and partnerships, and the three main forms of business organization.

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    of 1

    BASIC ACCOUNTING

    QUIZ #1
    Name:

    1. Which of the following is not one of the four basis financial statements?
    A. The audit Report
    B. The balance Sheet
    C. The income statement
    D. The statement of cash flows

    2. Which of the following is true regarding the income statement?


    A. The income statement reports revenue, expenses, and liabilities
    B. The income statement is sometimes called the statement of operations
    C. The income statement only reports revenue for which cash was received at the point of sale
    D. The income statement reports the financial position of a business at a particular point in time.

    3. Which of the following is not an asset?


    A. Cash
    B. Land
    C. Contributed Capital
    D. Equipment

    4. Which of the following accounts normally has a debit balance?


    A. Unearned Revenue
    B. Retained Earnings
    C. Sales Revenue
    D. Rent expense

    5. Which of the following regarding retained earnings is false?


    A. Retained earnings is increased by net income
    B. Retained earnings is a component of stockholders' equity on the balance sheet
    C. Retained earnings represents earning not distributed to stockholders in the form of dividends
    D. Retained earnings is an asset on the balance sheet

    6. Which of the following is not one of the items required to be shown in the heading of a financial statement?
    A. The financial reporting date or period
    B. The title of the financial report
    C. The Financial statement prepares name
    D. The name of the business entity

    7. Which of the following is true?


    A. FASB creates SEC
    B. FASB creates GAAP
    C.SEC creates CPA
    D. GAAP creates FASB

    8. When expenses exceed revenues in a given period,


    A. Stockholders equity will not be impacted
    B. Stockholders equity will be increased
    C. Stockholders equity will be decreased
    D. One cannot determine the impact on stockholders’ equity without information about the specific revenue

    9. A business organized as a separate legal entity is a


    A. Corporation.
    B. Proprietor.
    C. Government unit.
    D. Partnership.

    10. Which of the following is not one of the three forms of business organization?
    a. Investors
    b. Partnerships
    c. Proprietorships
    d. Corporations

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