Week 1 Review
Quiz by William Burke
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- Q1
Financial Accounting is for which type of users?
Everyone
External Users
Internal Users
30s - Q2
Which type of business structure has limited liability?
Sole Proprietorship
Corporation
Partnership
30s - Q3
Which of these is a benefit of a corporation ownership structure?
Ease of raising funds
Tax advantages
Simple to establish
30s - Q4
Which of these is not a section on the Cash Flow Statement
Financing activities
Borrowing activities
Operating activities
Investing activities
30s - Q5
Which of the following is not an asset?
Dividends
Cash
Property, plant and equipment
Accounts receivable
30s - Q6
Who takes more risk when investing in a company?
Shareholder
Creditor
Bondholder
30s - Q7
ABC Company sells widgets. ABC buys a widget from a supplier for $100 on January 5th. They pay the supplier on February 2nd. ABC sells the widget to a customer on March 9th for $175 cash.
How much revenue does ABC earn?
$100
$275
$75
$175
30s - Q8
ABC Company sells widgets. ABC buys a widget from a supplier for $100 on January 5th. They pay the supplier on February 2nd. ABC sells the widget to a customer on March 9th for $175 cash.
After the widget is sold on March 9th, how would the original $100 cost of the widget appear in the financial statements?
Supplies
Cost of goods sold
Inventory
Accounts payable
30s