Accounting Quiz

1) Ethical behavior requires: that auditor’s pay not depend on the success of the clients business.

2) A payment to an owner is called: withdrawal

3) To include the personal assets and transaction of a business owner in the records an reports of the business would be in conflict with the: Business entity assumption

4) Social responsibility: is a concern for the impact of out actions on society.

5) All of the following are true regarding ethics except: Ethics do not affect the operations or outcome of a company.

6) Which of the following accounting principles would require that all goods and services purchased be recorded at cost? Cost Principle

7) The accounting principle that requires accounting information to be based on actual cost and requires assets and services to be recorded initially at the cash or cash-equivalent amount given in exchange is the: Cost Principle

8) A partnership: has unlimited liability for its partners

9) The group that attempts to create more harmony among the acct practices of different countries is the : IASB

10) The US government bonds are low-risk and low return investments.

11) Account balance: the difference between the total debits and total credits for an account including the beginning balance.

12) Which financial statement reports an organization financial position at a point in time? Balance Sheet

13) Debit is used to record: an increase in the balance of the owners withdrawals account.

14) Which of the following statements is true? The trail balance is a list of all accounts from the ledger with their balances at a point in time.

15) The general journal provides a place for recording all of the following except: balance in each account

16) An account used to record the owners investments in the business is called the: Capital Account

17) A report that list accounts and their balances, in which the total debit balances should...