Accy 201 ole miss test 1 study guide multiple choice || A+
GUARANTEED.
Which of the following is a separate legal entity?
a) Proprietorship
b) Sole proprietorship
c) Corporation
d) Partnership correct answers Corporation
A financial statement that reports accounting data at a specific date is the:
a) balance sheet
b) retained earnings statement
c) income statement
d)statement of cash flows correct answers balance sheet
Which of the following is NOT considered an external user of accounting information?
a) Bankers
b) Taxing Authority
c) Manager
d) Labor Unions correct answers Manager
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 correct answers generally accepted accounting
principles
Which of the following is False?
a) Intangible assets are concurrent assets that do not have physical substance.
b) Obligations excepted to be paid after one year are classified as long-term liabilities
c)Current assets are listed in the order of magnitude (size)
d) Property, plant, and equipment are assets with relatively long useful lives that are used in
operating the business. correct answers Current assets are listed in the order of magnitude
(size)
If total liabilities decreased by $30,000 during a period of time and stockholders' equity
increased by $35,000 during the same period, the amount and direction (increase or decrease)
of the period's change in total assets is a:
a) $65,000 increase
b) $5,000 increase
c) $5,000 decrease
d) $65,000 decrease correct answers $5,000 increase
Current assets are listed:
a) alphabetically
b) by importance
c) by longevity
d) by liquidity correct answers by liquidity
GUARANTEED.
Which of the following is a separate legal entity?
a) Proprietorship
b) Sole proprietorship
c) Corporation
d) Partnership correct answers Corporation
A financial statement that reports accounting data at a specific date is the:
a) balance sheet
b) retained earnings statement
c) income statement
d)statement of cash flows correct answers balance sheet
Which of the following is NOT considered an external user of accounting information?
a) Bankers
b) Taxing Authority
c) Manager
d) Labor Unions correct answers Manager
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 correct answers generally accepted accounting
principles
Which of the following is False?
a) Intangible assets are concurrent assets that do not have physical substance.
b) Obligations excepted to be paid after one year are classified as long-term liabilities
c)Current assets are listed in the order of magnitude (size)
d) Property, plant, and equipment are assets with relatively long useful lives that are used in
operating the business. correct answers Current assets are listed in the order of magnitude
(size)
If total liabilities decreased by $30,000 during a period of time and stockholders' equity
increased by $35,000 during the same period, the amount and direction (increase or decrease)
of the period's change in total assets is a:
a) $65,000 increase
b) $5,000 increase
c) $5,000 decrease
d) $65,000 decrease correct answers $5,000 increase
Current assets are listed:
a) alphabetically
b) by importance
c) by longevity
d) by liquidity correct answers by liquidity
