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Accounting with tables and multiple choice questions.pdf
Accounting_with_tables_and_multiple_choice_questions.pdf
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CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
CHAPTER 1 ACCOUNTING IN ACTION SU...
CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
Test Bank for Accounting Principles, Eighth Edition
1 - 48
COMPLETION STATEMENTS
202.
Accounting is an information system that identifies, _____________, and _____________
the economic events of an organization.
203.
The mere recording of economic events is called ______________, and is just one part of
the _______________ process.
204.
The three major services rendered by a certified public accountant are ______________,
________________, and management ________________.
205.
Accountants who are employees of business enterprises are referred to as
________________ accountants.
206.
A common set of standards that provides guidelines to accountants and indicates how to
report economic events is called _________________.
207.
The ________________ principle states that assets should be recorded at the value
exchanged at the time the asset is acquired.
208.
The _________________ assumption requires that the activities of an entity be kept
separate from the activities of its owner.
209.
The residual claim on total assets of a business is known as ________________ and is
equal to total assets minus total liabilities.
210.
Drawings ________________
owner's equity but are not expenses.
211.
The ________________ reports the assets, liabilities, and owner's equity of a business
enterprise at a specific date.
Answers to Completion Statements
202. records, communicates
207. cost
203. bookkeeping, accounting
208. economic entity
204.
auditing, taxation, consulting
209. owner's equity
205.
private (or managerial)
210. reduce
206.
generally accepted accounting principles
211. balance sheet
Accounting in Action
1 - 49
MATCHING
212.
Match the items below by entering the appropriate code letter in the space provided.
A.
CPA
F.
Corporation
B.
Budgeting
G. Assets
C.
SEC
H.
Equities
D.
Proprietorship
I.
Expenses
E.
Economic Entity Assumption
J.
Transaction
____
1. Activities of an entity must be kept separate from its owner’s activities.
____ 2. Consumed assets or services.
____
3. Ownership is limited to one person.
____
4. Offers expert accounting service to the general public.
____
5. Creditor and ownership claims against the assets of the business.
____
6. A separate legal entity under state laws.
____
7. Government agency that can mandate accounting rules.
____ 8. Quantifying goals and objectives.
____ 9. Future economic benefits.
____
10. Economic events recorded by accountants.
Answers to Matching
1. E
6.
F
2. I
7.
C
3. D
8.
B
4. A
9.
G
5. H
10.
J
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