Midterm Exam_ Principles of Accounting I.pdf - 7/26/2021 Midterm Exam: Principles of Accounting I Midterm Exam Due Jul 26 at 11:59pm Time Limit 180

7/26/2021Midterm Exam: Principles of Accounting IMidterm ExamDueJul 26 at 11:59pmPoints120Questions40Time Limit180 MinutesInstructionsAttempt HistoryAttemptTimeScoreLATESTAttempt 164 minutes120 out of 120Correct answers will be available on Jul 27 at 1am.Score for this quiz:120out of 120Submitted Jul 26 at 7:04pmThis attempt took 64 minutes.Due: Monday, July 26th by 11:59 p.m.Points: 120You will have one attempt to complete this exam. This exam is comprised of questions from chapters 1 -6. Problems with calculations are worth 4 points, concept problems are worth 2 points.To begin taking the quiz, click on theTake the Quizbutton.2 / 2 ptsQuestion 1The measurement activity of the accounting process must do all of thefollowing except:Prepare financial reports to meet the needs of the userIdentify the relevant economic activities of a businessRecord the resulting measures in a systematic manner

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7/26/2021Midterm Exam: Principles of Accounting IQuantify the economic activities of a business2 / 2 ptsQuestion 2Generally accepted accounting principles are:

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2/262 / 2 ptsQuestion 3The accounting equation states:Assets + Stockholders' Equity = LiabilitiesAssets = Assets - Stockholders' EquityAssets = Liabilities + Stockholders' EquityAssets + Liabilities = Stockholders' Equity

7/26/2021Midterm Exam: Principles of Accounting I2 / 2 ptsQuestion 4How are the balance sheet and the statement of cash flows linked?

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2 / 2 ptsQuestion 5What is the definition of expenses?

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7/26/2021Midterm Exam: Principles of Accounting I2 / 2 ptsQuestion 6Which of the following is the correct order of the steps in the accountingcycle?Analyze, record, adjust, report, and closeAdjust, report, analyze, record, and closeRecord, report, analyze, adjust, and closeReport, analyze, close, record, and adjust

4/262 / 2 ptsQuestion 8In a double-entry accounting system:

2 / 2 ptsQuestion 7Which of the following has no effect on stockholders’ equity?

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7/26/2021Midterm Exam: Principles of Accounting I

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