SELF QUIZ UNIT 1 BUS1102 PDF

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Question 1 Correct Mark 1.00 out of 1.00

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The liabilities are $238,000. The Owners´Equity is $42,000. The return is $7,000. According to the accounting equation, what is the assets? Select one: a. Assets = $72,000 b. Assets = $280,000

c. Assets = $287,000 Feedback Your answer is correct. The correct answer is: Assets = $280,000

Question 2 Correct Mark 1.00 out of 1.00

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Noncurrent asset is also known as Select one: a. short-term asset b. inventory c. long-term asset

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Your answer is correct. The correct answer is: long-term asset

Question 3 Correct Mark 1.00 out of 1.00

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Which one is not a major type of business entity?

Select one: a. Partnerships b. Corporations c. Retail

Feedback Your answer is correct. The correct answer is: Retail

Question 4 Correct Mark 1.00 out of 1.00

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What does FASB stand for? Select one: a. Financial Accounting Standards Board

b. Finance Accounts Section Board c. None of the Above

Feedback Your answer is correct. The correct answer is: Financial Accounting Standards Board

Question 5 Correct Mark 1.00 out of 1.00

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Assume a company has a $1,000 credit (not cash) sale. How would the transaction appear if the business uses accrual accounting? Select one: a. $1,000 would show up on the balance sheet as a sale. b. $1,000 would show up on the income statement as a sale.

c. $1,000 would show up on the statement of cash flows as a cash outflow. Feedback Your answer is correct. The correct answer is: $1,000 would show up on the income statement as a sale.

Question 6 Correct Mark 1.00 out of 1.00

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The Certified Financial Planner (CFP) exam consists of that are taken over two, three-hour sessions. Select one: a. 60 b. 120

multiple-choice questions

c. 170

Feedback Your answer is correct. The correct answer is: 170

Question 7 Correct Mark 1.00 out of 1.00

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A stakeholder is someone affected by decisions made by a company; this can include groups or individuals affected by the actions or policies of an organization, including investors, governors, employees, managers, regulators, customers, and suppliers. Select one: True False

Feedback The correct answer is 'False'.

Question 8 Correct Mark 1.00 out of 1.00

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Which one will not increase owner’s equity? Select one: a. Expenses

b. Investments by owners c. Revenues Feedback Your answer is correct. The correct answer is: Expenses

Question 9 Correct Mark 1.00 out of 1.00

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An income statement is Select one: a. a financial statement that measures the organization’s financial performance for a given

b. debt settled outside one year or one operating cycle, whichever is c. current assets less current liabilities; sometimes used as a measure of liquidity Feedback Your answer is correct. The correct answer is: a financial statement that measures the organization’s financial performance for a given

Question 10 Correct Mark 1.00 out of 1.00

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There are four financial statements: working capital, statement of owner’s equity, balance sheet, and statement of cash flows.

Select one: True False

A company that issues shares of its stock to the public for the first time is Select one: a. publicly traded company b. initial public offering (IPO)

c. Securities and Exchange Commission (SEC) Feedback Your answer is correct. The correct answer is: initial public offering (IPO)

Question 11 Correct Mark 1.00 out of 1.00

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A stakeholder is someone affected by decisions made by a company; this can include groups or individuals affected by the actions or policies of an organization, including investors, governors, employees, managers, regulators, customers, and suppliers.

Select one: True False

Feedback The correct answer is 'False'.

Question 12 Correct Mark 1.00 out of 1.00

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Which one is not a major type of business entity?

Select one: a. Partnerships b. Corporations c. Retail

Feedback Your answer is correct. The correct answer is: Retail

Question 13 Correct Mark 1.00 out of 1.00

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Noncurrent asset is also known as Select one: a. short-term asset b. inventory c. long-term asset

Feedback Your answer is correct. The correct answer is: long-term asset

Question 14 Correct Mark 1.00 out of 1.00

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Which one is not a personable attribute of an accountant? Select one: a. Goal oriented b. Introvert

c. Good interpersonal skills Feedback Your answer is correct. The correct answer is: Introvert

Question 15 Correct Mark 1.00 out of 1.00

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Which financial statement lists assets, liabilities and equity on a specific date? Select one: a. Income Statement b. Owners Equity c. Balance Sheet

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Your answer is correct. The correct answer is: Balance Sheet

Question 16 Correct Mark 1.00 out of 1.00

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Income Statement can also be visualized by the formula:

Select one: a. Owner’s Equity = Revenue - Liabilities b. Assets = Liabilities + Owner’s Equity c. Net Income/(Loss) = Revenue – Expenses

Feedback Your answer is correct. The correct answer is: Net Income/(Loss) = Revenue – Expenses

Question 17 Correct Mark 1.00 out of 1.00

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The accounting equation is expressed as ________. Select one: a. Owner’s Equity = Assets + Liabilities b. Assets = Liabilities + Owner’s Equity

c. Liabilities = Assets – Investments by Owners

Feedback Your answer is correct. The correct answer is: Assets = Liabilities + Owner’s Equity

Question 18 Correct Mark 1.00 out of 1.00

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Noncurrent assets are Select one: a. asset that will be used or consumed over more than one year.

b. when revenues and gains are greater than expenses and losses. c. asset typically used up, sold, or converted to cash in one year or less. Feedback Your answer is correct. The correct answer is: asset that will be used or consumed over more than one year.

Question 19 Correct Mark 1.00 out of 1.00

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The Certified Financial Planner (CFP) exam consists of that are taken over two, three-hour sessions. Select one: a. 60 b. 120

multiple-choice questions

c. 170...