Finaical Quiz 1 - Possible Answers A Acquisition cost...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
View Attempt 1 of 1 Title: CON462 SP08 Quiz 1 - Accounting Fundamentals Started: February 3, 2008 12:07 PM Submitted: February 3, 2008 12:15 PM Time spent: 00:08:53 Total score: 9/10 = 90% Total score adjusted by 0.0 Maximum possible score: 10 1. Selling assets for book value will Possible Answers A. Decrease net worth B. Increase net worth C. May either increase or decrease net worth. 2. As far as accounting is, a company's concerned employees are assets because they are the most important part of a business. 3. Which of the following is not a type of financial account? Possible Answers A. Assets B. Revenue C. Posting D. Profit 4. This is an acceptable date for a company balance sheet: January 1,2008 to December 31, 2008. 5.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Assets are valued at Possible Answers A. Book value B. Market value C. Usable value D. Construction value 6. What GAAP principle operates under the belief that Revenue can be recorded when the sale takes place and there is a reasonable expectation of collecting the money involved in the sale?
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Possible Answers A. Acquisition cost principle. B. Full disclosure principle. C. Revenue realization principle. D. Materiality principle. 7. What accounting basis deals with money that is earned or is owed? Possible Answers A. Cash basis B. Accrual basis C. Profit Basis D. Earned Basis 8. U.S. accounting principles are mandated by two organizations; the FASB and the IASB 9. An accounting system should recognize losses when they are ________, but recognize gains when they are ________ . Possible Answers A. Certain, foreseeable B. Foreseeable, certain C. Consistent, inconsistent D. Inconsistent, consistent 10. The balance sheet does not have to balance when? Possible Answers A. There is an error by the accountant B. When the companies profit margin is very high C. If the company reissues stock D. Never. The balance sheet must always balance Normal.dot © Bolivar A. Senior - Colorado State University Last printed 0/0/0000 0:00:00 AM - 3 page(s) total...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern