AC201Quiz1

AC201Quiz1 - B. Business entity principle. C. Objectivity...

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AC 201 Principles of Accounting I Name__________________________________________ Park University Version A Quiz #1- Chapter 1 Multiple Choice Questions ( 10 Points each ) Select the ONE, BEST Answer 1. The area of accounting aimed at serving the decision making needs of internal users is: A. Financial accounting. B. Managerial accounting. C. External auditing. D. SEC reporting. E. Bookkeeping. 1
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2. The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: A. Going-concern principle.
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Unformatted text preview: B. Business entity principle. C. Objectivity principle. D. Cost Principle. E. Monetary unit principle. 3. Net income is: A. Assets minus liabilities. B. The excess of revenues over expenses. C. An asset. D. The same as revenue. E. The excess of expenses over equity. 4. The basic financial statements include the: A. Balance Sheet. B. Income Statement. C. Statement of Owner's Equity. D. Statement of Cash Flows. E. All of the above. Problem ( 60 Points ) 3 Prepare a December 31 balance sheet in proper form for Surety Insurance from the following items and amounts:...
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AC201Quiz1 - B. Business entity principle. C. Objectivity...

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