Accounting Basic, Accounting

Question: Which of the following is not a step in the accounting process?
A
Identification

B
Recording

C
Verification

D
Communication

Note: Not available
1. Report
Question: Which of the following statements about users of accounting information is incorrect?
A
Management is an internal users.

B
Taxing authorities are external users.

C
Present creditors are external users.

D
Regulatory authorities are internal users.

Note: Not available
1. Report
Question: Services provided by a public accountant include:
A
Auditing, taxing and management consulting.

B
Auditing, budgeting and management consulting.

C
Auditing, budgeting and costing accounting

D
Internal auditing, budgeting and management consulting.

Note: Not available
1. Report
Question: The cost principle states that:
A
Assets should be initially recorded at cost and adjusted when the market value changes.

B
Activities of an entity are to be kept separate and distinct from its owner.

C
Assets should be recorded at their cost.

D
Only transaction data capable of being expressed in terms of money be included in the accounting records.

Note: Not available
1. Report
Question: Which of the following statement about basic assumptions is correct?
A
Basic assumptions are the same as accounting principles.

B
The economic entity assumption states that there should be a particular unit of accountability.

C
The monetary unit assumption enables accounting to measure economic events.

D
An important part of the monetary unit assumption is the stable monetary unit assumption.

Note: Not available
1. Report
Question: Net income will be result during a time period when:
A
Assets exceed liabilities.

B
Assets exceed revenues

C
Expense exceed revenues.

D
Revenue exceed expenses.

Note: Not available
1. Report
Question: Performing services on accounting will have the following effects on the components of the basic accounting equation.
A
Increase assets and decrease owner's equity.

B
Increase assets and increase owner's equity.

C
Increase assets and increase liabilities.

D
Increase liabilities and increase owner's equity.

Note: Not available
1. Report
Question: As of December 31,2002, Stoneland Company has assets of $3,500 and owner's equity of $2,000. What are the liabilities for Stoneland Company as of December?
A
$1,500

B
$1,000

C
$2,500

D
$2,000

Note: Not available
1. Report
Question: On the last day of the period, Genesis Company buys a $900 machine on credit. This transaction will affect the:
A
Income statement only.

B
Balance sheet only.

C
Income statement and owner's equity statement only.

D
Income statement, owner's equity statement and balance sheet.

Note: Not available
1. Report
Question: The financial statement that reports assets, liabilities and owner's equity is the:
A
Income statement

B
Owner's equity statement

C
Balance sheet

D
Statement of cash flow

Note: Not available
1. Report

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Question: Which of the following is not a step in the accounting process?

Question: Which of the following statements about users of accounting information is incorrect?

Question: Services provided by a public accountant include:

Question: The cost principle states that:

Question: Which of the following statement about basic assumptions is correct?

Question: Net income will be result during a time period when:

Question: Performing services on accounting will have the following effects on the components of the basic accounting equation.

Question: As of December 31,2002, Stoneland Company has assets of $3,500 and owner's equity of $2,000. What are the liabilities for Stoneland Company as of December?

Question: On the last day of the period, Genesis Company buys a $900 machine on credit. This transaction will affect the:

Question: The financial statement that reports assets, liabilities and owner's equity is the: