C213 ACCOUNTING QUIZZES 2026 |
END-OF-CHAPTER QUESTIONS
WITH ANSWERS 100% CORRECT
Topic 1
1. Which of the following is true about the double-entry system of bookkeeping?
o It was developed in the 1800s in the United States.
o It was developed in the 1300s−1400s in France.
o It was developed in the 1300s−1400s in Italy.
o It was developed in the 1800s in Italy.
2. Which of the following is NOT a function of accounting?
o Accu$ulating econo$ic infor$ation about organizations
o Co$$unicating econo$ic infor$ation about organizations
o Measuring econo$ic infor$ation about organizations
o Executing sales transactions for organizations
3. Which of the following is the most correct definition of accounting?
o The preservation of a syste$atic, quantitative record of an activity.
o The procedures and processes used by a co$pany to
analyze transactions and handle routine bookkeeping
tasks.
o An entity without a profit objective, oriented toward providing
services efficiently and effectively.
o A syste$ for providing quantitative infor$ation, pri$arily financial
in nature, about econo$ic entities that is intended to be useful in
$aking econo$ic decisions.
4. Which of the following is NOT a key component of the definition of accounting?
o Financial
o Decision-oriented
,o Useful
o Ǫualitative
,5. Businesses use accounting systems to
o All of these are correct
o Analyze transactions
o Evaluate the perfor$ance and health of the business
o Handle routine bookkeeping tasks
1. Which of the following is NOT one of the three primary financial statements?
o State$ent of cash ffows
o Inco$e state$ent
o Balance sheet
o State$ent of retained earnings
2. Which of the following financial statements reports a company's
resources, obligations, and owner's equity?
o State$ent of retained earnings
o Balance sheet
o Inco$e state$ent
o State$ent of cash ffows
3. Which of the following financial statements reports the excess of a
company's revenues over its expenses?
o Inco$e state$ent
o Balance sheet
o State$ent of retained earnings
o State$ent of cash ffows
4. Which of the following financial statements reports the amount of
cash collected and paid out by a company?
o Balance sheet
, o State$ent of cash ffows
o State$ent of retained earnings
o Inco$e state$ent
1. The emphasis in financial accounting is on which of the following
external user groups?
o Manage$ent
o Investors and creditors
o Certified public accountants
o Educators
2. The primary internal group that uses accounting information is
o Manage$ent
o Co$petitors
o Investors
o Govern$ent agencies
3. Internal reports are generally used by
o E$ployees
o Suppliers
o Lenders
o Manage$ent
4. Which of the following is NOT an external user of financial information?
o Co$petitors
o Suppliers
o Manage$ent
o Custo$ers
1. Which of the following is NOT true of the Financial Accounting
Standards Board (FASB)?
o It has no legal power to enforce the standards it sets
END-OF-CHAPTER QUESTIONS
WITH ANSWERS 100% CORRECT
Topic 1
1. Which of the following is true about the double-entry system of bookkeeping?
o It was developed in the 1800s in the United States.
o It was developed in the 1300s−1400s in France.
o It was developed in the 1300s−1400s in Italy.
o It was developed in the 1800s in Italy.
2. Which of the following is NOT a function of accounting?
o Accu$ulating econo$ic infor$ation about organizations
o Co$$unicating econo$ic infor$ation about organizations
o Measuring econo$ic infor$ation about organizations
o Executing sales transactions for organizations
3. Which of the following is the most correct definition of accounting?
o The preservation of a syste$atic, quantitative record of an activity.
o The procedures and processes used by a co$pany to
analyze transactions and handle routine bookkeeping
tasks.
o An entity without a profit objective, oriented toward providing
services efficiently and effectively.
o A syste$ for providing quantitative infor$ation, pri$arily financial
in nature, about econo$ic entities that is intended to be useful in
$aking econo$ic decisions.
4. Which of the following is NOT a key component of the definition of accounting?
o Financial
o Decision-oriented
,o Useful
o Ǫualitative
,5. Businesses use accounting systems to
o All of these are correct
o Analyze transactions
o Evaluate the perfor$ance and health of the business
o Handle routine bookkeeping tasks
1. Which of the following is NOT one of the three primary financial statements?
o State$ent of cash ffows
o Inco$e state$ent
o Balance sheet
o State$ent of retained earnings
2. Which of the following financial statements reports a company's
resources, obligations, and owner's equity?
o State$ent of retained earnings
o Balance sheet
o Inco$e state$ent
o State$ent of cash ffows
3. Which of the following financial statements reports the excess of a
company's revenues over its expenses?
o Inco$e state$ent
o Balance sheet
o State$ent of retained earnings
o State$ent of cash ffows
4. Which of the following financial statements reports the amount of
cash collected and paid out by a company?
o Balance sheet
, o State$ent of cash ffows
o State$ent of retained earnings
o Inco$e state$ent
1. The emphasis in financial accounting is on which of the following
external user groups?
o Manage$ent
o Investors and creditors
o Certified public accountants
o Educators
2. The primary internal group that uses accounting information is
o Manage$ent
o Co$petitors
o Investors
o Govern$ent agencies
3. Internal reports are generally used by
o E$ployees
o Suppliers
o Lenders
o Manage$ent
4. Which of the following is NOT an external user of financial information?
o Co$petitors
o Suppliers
o Manage$ent
o Custo$ers
1. Which of the following is NOT true of the Financial Accounting
Standards Board (FASB)?
o It has no legal power to enforce the standards it sets
