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ach_test_1 - Achievement Test 1 Chapters 1 and 2 Financial...

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Achievement Test 1: Chapters 1 and 2 Name _________________________ Financial Accounting Instructor ______________________ Kimmel, Weygandt, & Kieso Section # _______ Date _________ Part I II III IV V VI Total Points 42 8 10 10 18 12 100 Score PART I — MULTIPLE CHOICE (42 points) Instructions: Designate the best answer for each of the following questions. ____ 1. Which of the following is a separate legal entity? a. Proprietorship b. Sole proprietorship c. Corporation d. Partnership ____ 2. Indicate which of the following items would not be reported in the operating section of the Statement of Cash Flows ____ 3. A financial statement that reports accounting data at a specific date is the ____ 4. Which of the following is not considered an external user of accounting information? ____ 5. GAAP refers to a. General Accounting and Auditing Principles. b. Guidelines for American Accounting Procedures. c. General Association of Accounting Practitioners. d. Generally Accepted Accounting Principles. ____ 6. Which is an indicator of profitability?
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Test Bank for Financial Accounting: Tools for Business Decision Making, Fourth Edition AT1-2 ____ 7. Which of the following is false ?
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