Midterm Review H47
Quiz by FK
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- Q1
This class is Intro to Accounting
truefalseTrue or False30s - Q2
Accounting is an information system that identifies, records, and communicates economic events of an organization to interested users.
truefalseTrue or False45s - Q3
According to the revenue recognition principle, a company should recognize revenue once it meets its performance obligation.
truefalseTrue or False45s - Q4
The basic objective of financial reporting is to provide useful information to investors and creditors to make decisions.
truefalseTrue or False45s - Q5
Private companies have a choice of whether to follow ASPE or IFRS.
truefalseTrue or False45s - Q6
According to the cost principle, assets should be reported at their replacement cost, not their original cost.
falsetrueTrue or False45s - Q7
The enhancing qualitative characteristic of verifiability is met when independent observers using the same methods obtain the same results.
truefalseTrue or False45s - Q8
Collection of an account receivable will increase both cash and accounts receivable.
falsetrueTrue or False45s - Q9
An expense paid with cash would result in an equal decrease in liabilities and owner’s equity.
falsetrueTrue or False45s - Q10
Liabilities represent the ownership’s claim on total assets.
falsetrueTrue or False30s - Q11
The going concern assumption assumes that a company will liquidate in the near future.
falsetrueTrue or False45s - Q12
In a proprietorship, owner’s equity increases when
cash is collected from a customer who had previously been billed for services.
the owner withdraws money for personal use.
money is borrowed from the bank.
a service is provided to a customer on account.
60s - Q13
A company has a profit when
revenues exceed expenses for the period
revenues exceed liabilities for the period
assets exceed liabilities for the period.
investments exceed drawings for the period
60s - Q14
Owner’s equity is not
total assets minus total liabilities.
the owner’s claim on total assets.
existing debts and obligations of the company.
often called residual equity.
60s - Q15
A payment of accounts payable would
decrease assets and decrease liabilities
decrease liabilities and decrease owner’s equity
decrease liabilities and increase owner’s equity
increase assets and increase liabilities
60s