ACC205 Week 1 – Quiz: Chapters 1 & 2
Score for this attempt: 10 out of 10
This attempt took 12 minutes.
Question 1
1 / 1 pts
In accounting the concept of materiality refers to ________________.
keeping the business running
how to account for matters that would bear on a decision-making process about the entity
how much money the firm is making
materiality is not a concept in terms of accounting
Question 2
1 / 1 pts
Typically accounting transactions are recorded and reported at _______________.
depreciated value
expected sales value
discounted value
historical cost
Question 3
1 / 1 pts
The accounting equation is ____________________________.
Liabilities + Equity = Assets
Assets + Liabilities = Equity
Assets + Equity = Liabilities
not listed here
Question 4
1 / 1 pts
An accountant should be able to work in the profession in the ___________________.
private sector
public Sector
government sector
all of these listed
Question 5
1 / 1 pts
In accounting, a debit means ________________________.
a negative number
a positive number
the left side of an account
nothing that is relevant
Question 6
1 / 1 pts
All of the following accounts are decreased with a credit except______________________.
accounts payable
accounts receivable
rent expense
equipment
Question 7
1 / 1 pts
A T-account is ________________________.
part of the alphabet of accounting terminology
a device used to demonstrate the impact of an accounting transaction
an upside down umbrella to catch all accounting transactions
not part of any accounting terminology
Question 8
1 / 1 pts
In accounting the General Journal is ___________________________.
a diary kept by an accountant for later publication
a transaction reported to internal management to provide information for decision making
not used in accounting
a log of the transactions engaged in by the business
Question 9
1 / 1 pts
In accounting a chart of accounts refers to _______________________.
recording a transaction in the record books
the volume of transactions recorded
The numbering system assigned to each account used in a firms accounting records
not a term used in accounting
Question 10
1 / 1 pts
If the Trial Balance is in balance at the end of the accounting period this insures that________.
no accounting recording errors have occurred
assets = liabilities
assets = equity
debits = credits
Quiz Score: 10 out of 10
ACC205 Week 1 – Quiz: Chapters 1 & 2 Answer
This quiz has unlimited attempts
