chapter 1 quiz
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© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
Accounting Concepts and Accounting Concepts and ProceduresProcedures
Chapter 1
1. A business that has only one 1. A business that has only one owner is known as a:owner is known as a:
A. PartnershipB. CorporationC. Sole ProprietorshipD. Trust
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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1. A business that has only one 1. A business that has only one owner is known as a:owner is known as a:
A. PartnershipB. CorporationC. Sole ProprietorshipD. Trust
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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2. A business that is owned by 2. A business that is owned by stockholders is known as a:stockholders is known as a:
A. PartnershipB. CorporationC. Sole ProprietorshipD. Trust
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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2. A business that is owned by 2. A business that is owned by stockholders is known as a:stockholders is known as a:
A. PartnershipB. CorporationC. Sole ProprietorshipD. Trust
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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3. Companies like Kohl’s and 3. Companies like Kohl’s and Macy’s would be considered:Macy’s would be considered:
A. Service CompaniesB. ManufacturersC. Merchandise CompaniesD. Single Product Companies
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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3. Companies like Kohl’s and 3. Companies like Kohl’s and Macy’s would be considered:Macy’s would be considered:
A. Service CompaniesB. ManufacturersC. Merchandise CompaniesD. Single Product Companies
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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4. A financial consulting firm would 4. A financial consulting firm would be considered a:be considered a:
A. Service CompanyB. ManufacturerC. Merchandise CompanyD. Single Product Company
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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4. A financial consulting firm would 4. A financial consulting firm would be considered a:be considered a:
A. Service CompanyB. ManufacturerC. Merchandise CompanyD. Single Product Company
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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5. Items such as cash and supplies 5. Items such as cash and supplies would be classified as:would be classified as:
A. AssetsB. EquitiesC. LiabilitiesD. Capital Expenditures
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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5. Items such as cash and supplies 5. Items such as cash and supplies would be classified as:would be classified as:
A. AssetsB. EquitiesC. LiabilitiesD. Capital Expenditures
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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6. Which of the following would be 6. Which of the following would be considered a liability?considered a liability?
A. Accounts Receivable B. Petty Cash FundC. Electric Bill D. Accounts Payable
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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6. Which of the following would be 6. Which of the following would be considered a liability?considered a liability?
A. Accounts Receivable B. Petty Cash FundC. Electric Bill D. Accounts Payable
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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7. If a company purchased supplies 7. If a company purchased supplies on credit, what would occur?on credit, what would occur?
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
A. Accounts Receivable would decrease.B. Accounts Receivable would increase.C. Accounts Payable would increase.D. Accounts Payable would decrease.
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7. If a company purchased supplies 7. If a company purchased supplies on credit, what would occur?on credit, what would occur?
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
A. Accounts Receivable would decrease.B. Accounts Receivable would increase.C. Accounts Payable would increase.D. Accounts Payable would decrease.
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8. When the owner makes an 8. When the owner makes an investment of cash in the business, investment of cash in the business, what occurs?what occurs?A. Cash IncreasesB. Cash DecreasesC. Drawing Account IncreasesD. Capital Decreases
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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8. When the owner makes an 8. When the owner makes an investment of cash in the business, investment of cash in the business, what occurs?what occurs?A. Cash IncreasesB. Cash DecreasesC. Drawing Account IncreasesD. Capital Decreases
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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9. The standard accounting 9. The standard accounting equation is:equation is:A. Assets= Owner’s Equity - LiabilitiesB. Assets= Liabilities + Owner’s EquityC. Assets= Liabilities – Owner’s EquityD. Assets + Liabilities = Owner’s Equity
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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9. The standard accounting 9. The standard accounting equation is:equation is:A. Assets= Owner’s Equity - LiabilitiesB. Assets= Liabilities + Owner’s EquityC. Assets= Liabilities – Owner’s EquityD. Assets + Liabilities = Owner’s Equity
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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10. All of the following are 10. All of the following are considered assets considered assets exceptexcept::
A. SuppliesB. Office EquipmentC. Accounts ReceivableD. Capital
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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10. All of the following are 10. All of the following are considered assets considered assets exceptexcept::
A. SuppliesB. Office EquipmentC. Accounts ReceivableD. Capital
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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11. A balance sheet contains all of 11. A balance sheet contains all of the following accounts the following accounts exceptexcept::
A. LiabilitiesB. Owner’s EquityC. ExpensesD. Assets
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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11. A balance sheet contains all of 11. A balance sheet contains all of the following accounts the following accounts exceptexcept::
A. LiabilitiesB. Owner’s EquityC. ExpensesD. Assets
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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12. A net loss occurs when:12. A net loss occurs when:
A. Revenues exceed ExpensesB. Expenses exceed RevenuesC. Assets exceed LiabilitiesD. Liabilities exceed Assets
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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12. A net loss occurs when:12. A net loss occurs when:
A. Revenues exceed ExpensesB. Expenses exceed RevenuesC. Assets exceed LiabilitiesD. Liabilities exceed Assets
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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13. Cash taken by the owner from 13. Cash taken by the owner from the business for personal use is the business for personal use is known as a(n):known as a(n):A. LiabilityB. WithdrawalC. ExpenseD. Loss
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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13. Cash taken by the owner from 13. Cash taken by the owner from the business for personal use is the business for personal use is known as a(n):known as a(n):A. LiabilityB. WithdrawalC. ExpenseD. Loss
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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14. The Statement of Owner’s 14. The Statement of Owner’s Equity:Equity:A. Determines the Capital balance at the end of the monthB. Determines whether a Net Income or Net Loss occurred during the monthC. Determines whether Assets = Liabilities + Owner’s EquityD. Determines how much was paid in expenses for the month
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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14. The Statement of Owner’s 14. The Statement of Owner’s Equity:Equity:A. Determines the Capital balance at the end of the monthB. Determines whether a Net Income or Net Loss occurred during the monthC. Determines whether Assets = Liabilities + Owner’s EquityD. Determines how much was paid in expenses for the month
© 2010Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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15. Which of the following is the 15. Which of the following is the correct order in which financial correct order in which financial statements are to be completed?statements are to be completed?A. Balance Sheet, Statement of Owner’s Equity, Income StatementB. Statement of Owner’s Equity, Balance Sheet, Income StatementC. Income Statement, Statement of Owner’s Equity, Balance SheetD. Income Statement, Balance Sheet, Statement of Owner’s Equity
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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15. Which of the following is the 15. Which of the following is the correct order in which financial correct order in which financial statements are to be completed?statements are to be completed?A. Balance Sheet, Statement of Owner’s Equity, Income StatementB. Statement of Owner’s Equity, Balance Sheet, Income StatementC. Income Statement, Statement of Owner’s Equity, Balance SheetD. Income Statement, Balance Sheet, Statement of Owner’s Equity
© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
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