Chapter 01 Accounting in Action 20 Minute Quiz Name Student ld Accounting is the

Question

Chapter 01 Accounting in Action 20 Minute Quiz Name Student ld Accounting is the information system that identifies, records, and communicates the economic events of an organization to interested users. Bookkeeping deals with the record-keeping process and is only one aspect of 2 accounting Internal users are those who manage the business. The Financial Accounting Standards Board is the primary accounting standard-setting body in the United States. Net income is the excess of revenues over expenses for the accounting period. The economic entity assumption requires that the actvities of the entity be kept separate and distinct from the activities of its owner and all other economic entities Collection of an accounts receivable will increase both cash and accounts receivable. An expense paid with cash would result in an equal decrease in liabilities and owner's equity. Liabilities represent the ownership claim on total assets. Certified Public Accountants are only permitted to prepare audit reports and tax $10 indicate A/B/C/D 1 All of the following are external users of accounting information except a labor unions b taxing authorities c. regulatory agencies d. company officers 2 Recording consists of a. identifying and measuring economic events. b. preparing and distributing accounting reports c keeping a systematic, chronological diary of events, measured in dollars and cents. identifying, measuring, receiving, and communicating economic events to interested d, The financial statement that summarizes information about the cash inflows and outflows during a period is the a. income statement b. owner's equity statement c. balance sheet. d. statement of cash flows. 4 Which of the following is not an acceptable statement of the basic accounting equation? a. Assets- Liabilities Owner's equity b. Assets Liabilities-Owner's equity c. Assets-Liabilities+Owner's equity d. Assets- Owner's equity Liabilities Accountants involved broad category within the accounting profession? with cost accounting, budgeting, and internal auditing are part of which a. Governmental accounting b. Management consulting c. Public accounting d. Private accounting Accing Principles ed 12 Ch 01 Qui-Acctng in Action.alsx1 18Qi Printed: W25/18 1822 AM Page 1 of 1

Explanation / Answer

True / False questions:

1.True

2. True

3. True

4. True

5. True

6. True

7. False

8. False

9. False

10. False

Multiple choice questions:

1. d). Company officers

2. c). Keeping a systematic, chronological diary of events, measured in dollars and cents.

3. d). Statement of cash flows.

4. b). Assets = Liabilities - Owners equity.

5. d). Private accounting.

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