Intro to Accounting Quiz PDF

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Introduction to Accounting QUI Z1: TRUEORFALSE I ns t r uc t i on:Be f or ee ac hs t a t eme nt ,wr i t eTRUEi ft hes t a t eme nti sc or r e c torFALSEi ft hes t a t e me nt i si nc or r e c t . 1. Onl yac c ount abl ee ve nt sar er e c or de di nt heac c ount i ngbooks . 2. Ac c ount i ngi sas e r vi c eac t i vi t y . 3. Al t houghbookke e pi ngandac c ount i ngar ei nt er r e l a t ed, t he yar enott hes ame . 4. The pur pos e ofac c ount i ng i st o pr ovi de i nf or ma t i on t ha ti sus e f uli n maki ng e c onomi cde c i s i ons . 5. Ac c ount i ng i s of t e nr e f e r r ed t o as t he “ l angua ge of bus i nes s ” be c aus ei ti s f undame nt alt ot hec ommuni c a t i onoffinanc i ali nf or ma t i on. 6. A t r ans ac t i onore venti sr e c or dedi nt heac c ount i ngr e c or dsonl yi fi tha saneffe c ton t heas s et s , l i abi l i t i e s , e qui t y , i nc omeore xpe ns e soft hebus i nes s . 7. Ac c ount i ngc anbet r ac e dasf arbac kast hepr e hi s t or i ct i mes . 8. Bookke e pi ngnor mal l ye ndswi t ht hepr e par a t i onoft het r i albal anc e . 9. Ac c ount i ngi sa sol d asc i vi l i za t i onand hase vol ve di nr e s pons et oe c onomi cand s oc i alne e dsofme n. 10.Fr aLuc aPac i ol ii st hemot he rofmoder nac c ount i ng.

“Be strong and courageous. Do not fear of be in dread of them, for it is the Lord your God who goes with you. He will not leave you or forsake you.” (Deuteronomy 31:6) - END -

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KEYANSWERSTO QUI Z1: 1 .Tr ue 2 .Tr ue 3 .Tr ue 4 .Tr ue 5 .Tr ue

6 .Tr ue 7 . Tr ue 8 . Tr ue 9 . Tr ue 1 0. Fa l s e ,f a t he r

NAME: Pr of es s or :

Sec t i on:

Da t e: Sc or e:

QUI Z2:MULTI PLECHOI CE I ns t r uc t i on: Choos et hel e t t erc or r e s pondi ngt ot hec or r e c tans werf ore ac hoft heque s t i onspr ovi de d be l ow. 1. Themai npur pos eofa c c ount i ngi s a .t oac c ountf ormone ys oi twi l lnotbel os t . b. t opr ovi dei nf or ma t i ont ha ti sus e f uli nmaki ngec onomi cdec i s i ons . c .t os af e guar dt heas s e t sofac ompany . d. t opr ovi deac l e arvi e w oft hes t a t eoft hei ndus t r y’ se c onomy . 2. Thi spr oc es sr e f e r st ot her e por t i ngoft hei nf or ma t i onpr oc es s e di nt heac c ount i ngs ys t e mt o i nt e r e s t e dus er s . a . Mea s ur i ng b. I de nt i f yi ng c . Communi c a t i ng d. Cl as s i f yi ng 3. I nac c ount i ng, t het e r m “r e c or di ng”i sal s oc al l e d a .j our nal i zi ng b. c ommuni c a t i ng c . de bi t i ng d. vi de oi ng 4. Whi c hoft hef ol l owi ngs t a t e me nt sr e gar di ngt her e c or di ngofe ve nt si sval i d? a . Onl ynonac c ount abl ee ve nt sar er e c or de di nt heac c ount i ngbooks b. Onl yac c ount abl ee ve nt sar er e c or de di nt heac c ount i ngbooks c . Bot hnonac c ount abl ea ndac c ount abl ee ve nt sar er e c or de di nt heac c ount i ngbooks d. Ne i t he rnona c c ount abl enorac c ount abl ee ve nt sar er e c or de di nt heac c ount i ngbooks 5. St a t e me ntI : St a t e me ntI I : a . Tr ue ; Fal s e b. Fal s e ; Tr ue c . Tr ue ; Tr ue d. Fal s e ; Fal s e

Fi nanc i ali nf or ma t i oni si nf or ma t i one xpr e s s e di nt e r msofmone y . Fi nanc i ali nf or ma t i oni sal wa ysqual i t a t i vei nf or ma t i on.

“The name of the Lord is a strong tower; the righteous run to it and are safe.” (Proverbs 18:10)

- END – NAME: Pr of es s or :

Sec t i on:

QUI Z3: TRUEORFALSE

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Da t e: Sc or e:

I ns t r uc t i on:Be f or ee ac hs t a t eme nt ,wr i t eTRUEi ft hes t a t eme nti sc or r e c torF ALSEi ft hes t a t eme nt i si nc or r e c t . 1. Fi nanc i alac c ount i ngi st hebr anc hofac c ount i ngt ha tde al swi t ht hes pe c i fic nee dsofa ne nt i t y’ smana ge ment . 2. Thei nt e r na lus e r sofa c c ount i ngi nf or ma t i oni nc l udemanageme nt , owner s , a nd c us t ome r s . 3. Thee xt e r nalus e r sofa c c ount i ngi nf or ma t i oni nc l udepot e nt i a lande xi s t i ng i nve s t or sandl e nde r sandot he rc r e di t or s . 4. Gover nme ntac c ount i ngi st hebr anc hofac c ount i ngt ha tde al swi t ht heanal ys i s oft hec os t sofpr oduc t sands er vi c e s . 5. Er r oneousfinanc i als t a t e me nt sc anl e adt obadfinanc i alde c i s i ons . 6. Ext e r nalus e r soffina nc i ali nf or ma t i onr e f e rt ot hee nt i t y’ smana ge me nt pe r s onne l . 7. Cos ta c c ount i ngr e f e r st ot hebr anc hofac c ount i ngt ha tde al swi t ht ax c omput a t i ons , fil i ngoft axr e t ur ns ,andt axpl anni ng. 8. Ac c ount i nge duc a t i oni st hebr anc hofac c ount i ngt ha tde al swi t ht het e ac hi ngof ac c ount i ngandr e l a t eds ubj e c t si nor dert opr oduc ec ompe t enta ndr e s pons i bl e bus i nes spr of e s s i onal s . 9. Manageme ntnee dsac c ount i ngi nf or ma t i onpr i mar i l yt oas s e s st heabi l i t yoft he bus i nes st opa ydi vi de nds . 10.Fi nanc i alac c ount i ngi st hebr anc hofac c ount i ngt ha tde al swi t ht hepr e par a t i on ofge ner al pur pos efinanc i als t a t eme nt s .

“Do not be anxious about anything, but in everything by prayer and supplication with thanksgiving let your requests be made known to God. And the peace of God, which surpasses all understanding, will guard your hearts and your minds in Christ Jesus.” (Philippians 4:6-7) - END -

KEYANSWERSTO QUI Z3: 1 . Fa l s e ,Mana ge me ntac c ount i ng 2 . Tr ue 3 . Tr ue 4 . Fa l s e ,Cos tac c ount i ng 5 . Tr ue 6 . Fa l s e 7 . Fa l s e ,Ta xa c c ount i ng 8 . Tr ue 9 . Fa l s e ,i nve s t or s ,notmana ge me nt 1 0.Tr ue

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NAME: Pr of es s or :

Sec t i on:

Da t e: Sc or e:

QUI Z4: MULTI PLECHOI CE I ns t r uc t i on: Choos et hel e t t erc or r e s pondi ngt ot hec or r e c tans we rf orea c hoft heque s t i onspr ovi de d be l ow. 1. Thi sbr anc hofac c ount i ngf oc us e sonc a t er i ngt ot hei nf or ma t i onne e dsofe xt er nalus e r s . a . Manageme ntac c ount i ng b. Fi nanc i alac c ount i ng c . Audi t i ng d. Ext e r nalac c ount i ng 2. The s eus er sne edac c ount i ngi nf or ma t i oni nor dert or e gul a t ebus i ne s s e st ha ta r ewi t hi nt he s c opeoft he i rl e galaut hor i t y . a . Empl oye e s b. Cr e di t or s c . Audi t or s d. Gover nme ntr e gul a t or ybodi e sora ge nc i e s 3. The s eus er sne edac c ount i ngi nf or ma t i oni ne val ua t i ngt hes t a bi l i t yoft hebus i ne s si ns of a ras t he i rj obs e c ur i t y , f ut ur er e mune r a t i on, andc ar e ergr owt handoppor t uni t i e sar ec onc er ne d. a . Empl oye e s b. Cr e di t or s c . Audi t or s d. Re gul a t or yaut hor i t i e s 4. Thef ol l owi ngar edec i s i onsmadebye xt e r na lus er se xc e pt a . whe t he rt ohol dors e l li nves t ment si ns t oc ks . b. whe t he rornott oe xt e ndal oant ot hebus i nes s . c . whe t he rt os e l lgoodsonc r e di tt ot hebus i ne s s . d. whe t he rt oobt ai naddi t i onalc api t alf r om out s i dec r edi t or sort ogene r at ei ti nt e r nal l y. 5. Whi c hoft hef ol l owi ngus er soffinanc i ali nf or ma t i oni snotc ons i de r e dac r edi t oroft hebus i ne s s ? a . Al oanpr ovi de r , s uc hasabank b. As uppl i ert ha ts e l l sgoodst ot hee nt i t yonc r e di t c . Ac us t ome rt ha tbuysgoodsf r om t heent i t yonc r e di t d. Afinanc i ngc ompanyt ha tpr ovi de st hee nt i t ywi t hmac hi ne r i e sona“r e nt t oown”bas i s 6. I ti st hebr anc hofac c ount i ngt ha ti nvol ve st hec ar e f ulanal ys i sofe c onomi ce vent sandot her var i abl e st ounde r s t andt he i ri mpac tondec i s i ons . a . Ac c ount i nge duc a t i on b. Cos ta c c ount i ng c . Ac c ount i ngr e s e ar c h d. Taxac c ount i ng 7. I ti st hepr oc es sofobj e c t i ve l ye val ua t i nge vi de nc eande xpr e s s i nganopi ni onr e gar di ngt he c or r es pondenc ebe t we enmana ge me nt ’ sa s s e r t i onsande s t abl i s he dc r i t er i a . a . Ac c ount i nge duc a t i on b. Audi t i ng c . Ac c ount i ngr e s e ar c h d. Taxac c ount i ng

8. I tr e f e r st ot hea c c ount i ngf ort hegove r nme nta ndi t si ns t r ume nt a l i t i e s ,f oc us i nga t t e nt i onon t hec us t odyofpubl i cf unds ,t hepur pos eorpur pos e st owhi c ht hos ef undsa r ec ommi t t e d, a ndt her e s pons i bi l i t ya nda c c ount abi l i t yoft hei ndi vi dua l se nt r us t e dwi t ht hos ef unds . a . Ac c ount i nge duc a t i on b. Gover nme ntac c ount i ng c . Ac c ount i ngr e s e ar c h d. t a xac c ount i ng 9. Thi sbr anc hofa c c ount i ngi nvol ve st e ac hi nga c c ount i ng,t a xa t i on,a ndot he rbus i ne s s r e l a t e d s ubj e c t s . a . Ac c ount i nge duc a t i on b. Gover nme ntAc c ount i ng c . Ac c ount i ngr e s e ar c h d. Taxac c ount i ng 10.I ti nvol ve st hepr ovi s i onofi nf or ma t i onf orus ebyi nt e r na lus e r s . a . Manageme ntac c ount i ng b. Cos tac c ount i ng c . Fi nanc i alac c ount i ng d. Taxac c ount i ng

“For the Lord gives wisdom; from his mouth come knowledge and understanding.” (Proverbs 2:6)

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NAME: Pr of es s or :

Da t e: Sec t i on:

Sc or e:

QUI Z5: I DENTI FI CATI ON I ns t r uc t i on:I dent i f yt het ypeofbus i nes sor gani za t i onde s c r i be dbyt hes t a t e me nt spr ovi de dbe l ow. 1. Thi sbus i ne s si sowne dbyonl yonei ndi vi dual . ___ ________ ________ __________ ________ ___

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2. Thi sbus i nes si sownedbyt woormor ei ndi vi dual swhoa gr e et oc ont r i but er e s our c e sandc ar r y outabus i ne s sanddi vi deamongt he ms e l ve st hepr ofit sorl os s est he r e f r om.____ ________ __ 3. Thi st ypeofbus i ne s soffe r ss e r vi c e s ,s uc has ,pr of e s s i onals ki l l s ,e xper t i s e ,advi c e ,l endi ng,and s i mi l ars e r vi c e s , asi t smai npr oduc t , r a t he rt hanphys i c algoods . _________ ________ ______

4 . Thi sbus i ne s se nga ge si nt he“ buyi ng”a nd “ s e l l i ng”ofgoods .I t se a r ni ngsar epr i mar i l y de r i ve df r om t he ma r kup i ta ddst ot he c os toft he goodsi ts e l l st ot he c us t ome r s . _ _ __ _ _ __ _ _ __ _ _ __ _ _ __ _ _ __ _ _ __ _ _ __ _ _ __ 5. Thi sbus i nes si sowne dbya tl e as tfivemember swhoar ec al l e ds t oc khol der sors har ehol de r s . ____ ________ ________ ________ ________ ____ 6. Thi s bus i ne s s enga ge s i n buyi ng r a w ma t e r i al s and pr oc e s s i ng t he m i nt o final pr oduc t s . ____ __________ ________ ________ ________ 7. Thi s or gani za t i on i s owne d by a tl ea s t1 5i ndi vi dual s who ar ec al l e d me mbe r s .The di s t i ngui s hi ng c har ac t er i s t i coft hi sor gani za t i on i st ha ti t sme mber sne e dt o pa t r oni ze i t s pr oduc t s . ______ ________ __________ __ 8. I nt hi st ypeofbus i ne s sor gani za t i on,youar et heonl ybos s ,andhenc e ,youke epal lt hepr ofit s butas s umeal lt her i s kofl os s . _____ ________ ________ ________ ________ 9. I nt hi st ypeofbus i ne s sor gani za t i on,youma ybeanownerbutnott hebos s .I nde e d,your“ s a y” i nt hebus i nes sma ybei ns i gni fic anti fyouha vei ns i gni fic ants har e hol di ngs . _______ ________ __ 10.I nt hi st ypeofbus i ne s sor gani za t i on,youar eaut oma t i c al l yoneoft hebos s es ,butnott heonl y one .Thi st ypeofbus i ne s sor gani za t i oni sr e l a t i ve l ye as i ert of or m asc ompar ed t ot heot he r bus i nes sor gani za t i onst ha ta r eowne dbymor et hanonei ndi vi dual . ____ ________ ________

“The heart of the discerning acquires knowledge, for the ears of the wise seek it out.” (Proverbs 18:15)

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KEYANSWERSTO QUI Z5: 1 . Sol eors i ngl epr opr i e t or s hi p 2 . Pa r t ne r s hi p 3 . Se r vi c ebus i ne s s 4 . Me r c handi s i ng 5 . Cor por a t i on 6 . Ma nuf ac t ur i ng 7 . Coope r a t i ve 8 . Sol eors i ngl epr opr i e t or s hi p 9 . Cor por a t i on 1 0.Par t ne r s hi p

NAME:

Da t e:

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Pr of es s or :

Sec t i on:

Sc or e:

QUI Z6: TRUEORFALSE I ns t r uc t i on:Be f or ee ac hs t a t eme nt ,wr i t eTRUEi ft hes t a t eme nti sc or r e c torF ALSEi ft hes t a t e me nt i si nc or r e c t . 1. A s ol epr opr i et or s hi pi sr e gi s t e r edwi t ht heDe par t me ntofTr adeandI ndus t r y( DTI ) r a t he rt hanwi t ht heSe c ur i t i e sandExc hangeCommi s s i on( SEC) . 2. Ac or por a t i oni sr e gi s t er edwi t ht heCoope r a t i veDe ve l opmentAut hor i t y( CDA) . 3. A par t ne r s hi p bus i nes si sr e gi s t e r ed wi t ht heDe par t me ntofTr adea nd I ndus t r y ( DTI )andt heSe c ur i t i e sandExc hangeCommi s s i on( SEC) . 4. Agr oc er ys t or ei smos tl i ke l yt obec ons i de r e das e r vi c ebus i ne s s . 5. Bus i nes s e st ha te ngagei nmor et hanonet ypeofbus i ne s sac t i vi t y ,s uc ha ss e l l i ng goodsanda tt hes amet i meoffe r i ngs e r vi c e s , ar er e f er r edt oashybr i dbus i nes s e s . 6. As c hooli smos tl i ke l yt obec ons i de r e damanuf ac t ur i ngbus i nes s–t her a w ma t e r i al s ar et hes t ude nt sandt hefini s he dpr oduc t sar er e s pons i bl eandc ompe t entbus i ne s s pr of e s s i onal s . 7. A c arde al e r ,onewhobuysc ar sf r om c arpr oduc er sands e l l st he mi nt he i ror i gi nal s t a t ea nd wi t houtf ur t hermodi fic a t i ons ,i smos tl i ke l yt obec ons i de r ed at r adi ng bus i nes sr a t he rt hanamanuf a c t ur i ngbus i ne s s . 8. As t oc khol de rofac or por a t i oni spe r s onal l yl i abl ef ort hede bt soft hec or por a t i on. 9. A c or por a t i oni st hee as i e s tf or m ofbus i ne s sor gani za t i ont oe s t abl i s hbec aus et he r e ar ef e we rl e galr e qui r eme nt sc ompar edt ot heot herf or msofbus i nes sor gani za t i on. 10.You a ndyourf r i end ar eme mbe r si nac oope r a t i ve .You hol d 1s har ewhi l eyour f r i endhol ds1 0, 000s har e s .Dur i ngme mbe r s ’me e t i ngs ,yourf r i endc anc as t1 0, 000 vot e swhi l eyouc anonl yc a s t1vot e .

“The fear of the LORD is the beginning of knowledge, but fools despise wisdom and instruction.” (Proverbs 1:7) - END KEYANSWERSTO QUI Z6: 1 .Tr ue 2 .Fal s e( SEC) 3 .Fal s e( SEConl y)

6 .Fal s e( Se r vi c ebus i ne s s ) 7 .Tr ue 8 .Fal s e

4 .Fal s e( Me r c handi s i ng) 9 .Fal s e( Sol epr opr i e t or s hi p) 5 .Tr ue 1 0. Fal s e( 1vot ee a c hi r r e s pe c t i veoft henumbe rofs ha r e hol di ngs )

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NAME: Pr of es s or :

Da t e: Sec t i on:

Sc or e:

QUI Z7: MULTI PLECHOI CE 1. Whi c hoft hef ol l owi ngi smos tl i ke l yanadvant a geofac or por a t i on ove rt heot he rt ype sof bus i nes sor gani za t i ons ? a . Shar e dmana geme ntr e s pons i bi l i t yove rt heowne r s b. Eas eoff or ma t i on c . Gr e a t e rc api t aland, he nc e , be t t e roppor t uni t yf orgr owt h d. Li mi t e dl i f e 2. I ti saf or m ofbus i nes sor gani za t i ont ha tpr ovi desagr ea t e rde gr eeofc ont i nui t y a . Coope r a t i ve b. Sol epr opr i et or s hi p c . Par t ner s hi p d. Cor por a t i on 3. I ti sabus i ne s sor gani za t i ont ha ti sowne dbys e ver ali ndi vi dual s .I ti sf or me dbyope r a t i onofl a w andi sr e gi s t e r edwi t ht heSEC. a . Coope r a t i ve b. Sol epr opr i et or s hi p c . Par t ner s hi p d. Cor por a t i on 4. The l i abi l i t y ofa s har e hol derf orc or por a t e de bt si sl i mi t e dt ot he val ue ofhi s or her s har e hol di ngsbe c aus eac or por a t i on a . hasas epar a t el e gali de nt i t yf r om i t ss har e hol de r s b. pr ovi de sl i abi l i t yi ns ur anc ef ori t ss har e hol de r s c .i s s ue ss t oc ksf oraddi t i onalf unds d. c ani s s uedi vi de ndst ot hes har ehol de r swhe nt hec or por a t i onear nse noughpr ofit s 5. Thi st ypeofbus i ne s sor gani za t i onhast het e nde nc yt obe c omemonopol i s t i c .I tc anha mpe rt he e c onomybyf unne l i ngwe al t ht oonl yf e wi ndi vi dual s( i . e . ,t heor gani za t i on’ st opowne r s )and r es t r i c t i ngt her e di s t r i but i onofwe al t ht ot hemaj or i t yoft heme mbe r soft hes oc i et y . a . Coope r a t i ve b. Sol epr opr i et or s hi p c . Par t ner s hi p d. Cor por a t i on

“The discerning heart seeks knowledge, but the mouth of a fool feeds on folly.” (Proverbs 15:14)

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