Accounting I Review Spring
Quiz by Deb Howorth
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Measure skills
from any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
With a free account, teachers can
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
44 questions
Show answers
- Q1Net Income increases a corporation's total stockholders' equity.TrueFalseMaybe30s
- Q2A corporation can decide if an when to declare a dividend.TrueFalseMaybe30s
- Q3An entry recorded in a general journal will increase the account debited and decrease the account credited.MaybeTrueFalse30s
- Q4A general journal entry posted to Accounts Payable will also be posted to an accounts payable account.TrueFalseMaybe30s
- Q5In a computerized accounting system, transactions recorded on a general journal are posted at the end of the month.TrueFalseMaybe30s
- Q6Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government.FalseMaybeTrue30s
- Q7The larger the number of withholding allowances claimed, the larger the amount of income tax withheld.FalseTrueMaybe30s
- Q8Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation.TrueFalseMaybe30s
- Q9The allowance method of accounting for uncollectible accounts does not comply with the generally accepted accounting principles.MaybeTrueFalse30s
- Q10A note provides a business with legal evidence of a debt in the event it becomes necessary to go to court to collect.TrueFalseMaybe30s
- Q11The accounting concept Neutrality is applied when the process of making accounting estimates is free from bias.FalseMaybeTrue30s
- Q12The expense of an uncollectible account should be recorded in the accounting period that the account becomes uncollectible.MaybeTrueFalse30s
- Q13The value of the insurance coverage used is recorded as a debit to Insurance Expense.TrueMaybeFalse30s
- Q14For a business using the periodic inventory method, the balance of Merchandise Inventory in the unadjusted trial balance represents the beginning balance plus all purchases of merchandise made in the fiscal period.MaybeTrueFalse30s
- Q15Cash and other assets expected to be exchanged for cash or consumed within a year are called liquid assets.MaybeFalseTrue30s