ACCT212 Quiz Week 1

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ACCT212 Quiz Week 1
(TCO 1) Which type of business organization transacts the most business and is the largest in terms of assets, income…

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ACCT212 Quiz Week 1

ACCT212 Quiz Week 1

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(TCO 1) Accounting

Measures business activities

Processes data into reports and communicates the data to decision makers

Is often called the language of business

All of the above

(TCO 1) Which type of business organization transacts the most business and is the largest in terms of assets, income, and number of employees?

Proprietorship

Partnership

Limited-liability company

Corporation

(TCO 1) The acronym GAAP stands for

Generally acceptable authorized pronouncements

Government authorized accountant principles

Generally accepted accounting principles

Government audited accounting pronouncements

(TCO 1) The stable-monetary-unit assumption

Ensures that accounting records and statements are based on the most reliable data available

Holds that the entity will remain in operation for the foreseeable future

Maintains that each organization or section of an organization stands apart from other organizations and individuals

Enables accountants to ignore the effect of inflation in the accounting records

(TCO 1) Liabilities are

A form of paid-in capital

Future economic benefits to which a company is entitled

Debts payable to outsiders called creditors

The outflow of resources that decrease common stock

(TCO 1) The owners’ equity of any business is its

Revenues minus expenses

Assets minus liabilities

Assets plus liabilities

Paid-in capital plus assets

(TCO 1) When total expenses exceed total revenues, the result is

A net profit

A net loss

A dividend

Retained earnings

(TCO 1) The correct data flow from one financial statement to the next is

Statement of retained earnings, income statement, balance sheet, statement of cash flows

Balance sheet, statement of retained earnings, income statement, statement of cash flows

Statement of retained earnings, income statement, statement of cash flows, balance sheet

Income statement, statement of retained earnings, balance sheet, statement of cash flows

(TCO 1) Which statement(s) summarizes the revenues, gains, expenses, and losses of an entity?

Balance sheet

Statement of cash flows and income statement

Statement of retained earnings and statement of operations

Income statement

(TCO 1) What is the proper order for the categories of the statement of cash flows?

Financing activities, investing activities, and operating activities

Operating activities, investing activities, and financing activities

Operating activities, financing activities, and investing activities

Investing activities, financing activities, and operating activities