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Unformatted text preview: Name: __________________________ Date: _____________ AC 201 Quiz#1-Version C 1. The primary objective of financial accounting is: A) To serve the decision-making needs of internal users. B) To provide financial statements to help external users analyze an organization's activities. C) To monitor and control company activities. D) To provide information on both the costs and benefits of looking after products and services. E) To know what, when, and how much to produce. 2. Revenue is properly recognized: A) When the customer's order is received. B) Only if the transaction creates an account receivable. C) At the end of the accounting period. D) Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price. E) When cash from a sale is received. 3. Source documents include all of the following except : A) Sales tickets. B) Ledgers....
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- Spring '10
- Financial Accounting