financial accounting quiz 2

financial accounting quiz 2 - Financial Accounting Quiz 2 -...

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Financial Accounting Quiz 2 - Spring 2008 Names: Page 1 of 4 1. Resources owned by a business are referred to as a. stockholders’ equity. b. liabilities. c. assets. d. revenues. 2. Issuing shares of stock in exchange for cash is an example of a(n) a. delivering activity. b. investing activity. c. financing activity. d. operating activity. 3. The usual sequence of steps in the transaction recording process is: a. journalize Æ analyze Æ post to the ledger. b. analyze Æ journalize Æ post to the ledger. c. journalize Æ post to the ledger Æ analyze. d. post to the ledger Æ journalize Æ analyze. 4. The requirement that only transaction data capable of being expressed in terms of money be included in the accounting records relates to the a. cost principle. b. monetary unit assumption. c. economic entity assumption. d. time period assumption 5. The relationship between current assets and current liabilities is important in evaluating a company's a. profitability. b. liquidity. c. market value. d. solvency 6. Trademarks would appear in which balance sheet section? a. Intangible assets b. Investments c. Property, plant, and equipment d. Current assets 7. Which of the following describes the classification and normal balance of the unearned revenue account? a. Asset, debit b. Liability, credit c. Revenues, credit d. Expense, debit 8. Relevant accounting information a. is information that has been audited. b.
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financial accounting quiz 2 - Financial Accounting Quiz 2 -...

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