Quiz_ Exam 1.pdf - Quiz Exam 1 Exam 1 Started Nov 14 at 5:28pm Quiz Instructions You have 75 minutes to complete the exam in one sitting only(i.e time

Quiz_ Exam 1.pdf - Quiz Exam 1 Exam 1 Started Nov 14 at...

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11/14/2019 Quiz: Exam 1 1/18 Exam 1 Started: Nov 14 at 5:28pm Quiz Instructions You have 75 minutes to complete the exam in one sitting only (i.e. time cannot be paused) The exam consist of 47 multiple choice questions You may use scratch paper and calculator but no open book If the time limit is reached the exam will submit automatically Time is part of the assessment; so running out of time is not a valid excuse 2.13 pts Question 1 Investing and crediting decisions Investing decisions only Credit decisions only Neither investing nor crediting; it is more applicable to taxation Primary uses of financial accounting information is to provide information useful for: 2.13 pts Question 2 To prepare reports for external users To satisfy to financial information needs of customers and suppliers Support the management decision-making process Make sure the firm follows regulatory compliance The primary focus of managerial accounting is:
11/14/2019 Quiz: Exam 1 2/18 2.13 pts Question 3 Internal auditor Governmental accountant Tax accountant Independent auditor A third party used by firms to attest to the conformity of their financial reports with generally accepted accounting principles is known as: 2.13 pts Question 4 American Institute of Certified Public Accountants (AICPA) Financial Accounting Standards Board (FASB) Committee on Accounting Procedures (CAP) Public Company Accounting Oversight Board (PCAOB) The authoritative accounting standard setting body in existence today is: 2.13 pts Question 5 Entries Events Transactions Eco-Changes The economic interchanges between an entity and other organizations and/or individuals are known as:
11/14/2019 Quiz: Exam 1 3/18 2.13 pts Question 6 The Statement of Disclosure Notes The Investments Statement The Statement of Distributed Earnings The Balance Sheet The four financial statements include: 2.13 pts Question 7 The Assets and Liabilities Statement The Statement of Cash Flows The Statement of Common Stock The Taxation Statement The four financial statements include: 2.13 pts Question 8 Assets = Liabilities + Equity Assets = Liabilities – Equity Assets = Equity – Liabilities Assets = Revenues – Expenses The accounting equation that best represents the relationship between the major categories presented in the balance sheet is:
11/14/2019 Quiz: Exam 1 4/18 2.02 pts Question 9 Equipment Accounts Payable Sales Revenue Merchandise Inventory Current assets include: 2.13 pts Question 10 Amounts that will not be repaid within one year of the balance sheet date Resources likely to be converted into cash or used to benefit the entity within one year Amounts borrowed that will be repaid within one year (or the operating cycle if longer) Debt that is incurred to finance current assets Current liabilities represent: 2.13 pts Question 11 Subtracting expenses from revenues

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