ACC 311 Exam 1 Questions With
Already Solved Correctly Answers |
Solved
Communication of economic events is the part of the accounting process that involves
CORRECT ANSWERS preparing accounting reports.
The accounting process is correctly sequenced as CORRECT ANSWERS identification,
recording, communication. (on test)
Generally accepted accounting principles are CORRECT ANSWERS standards that
indicate how to report economic events. (on test)
The cost principle requires that when assets are acquired, they be recorded at
CORRECT ANSWERS exchange price paid.
The economic entity assumption requires that the activities CORRECT ANSWERS of
an entity be kept safe separate from the activities of its owner.
The assumption that the unit of measure remains sufficiently constant over time is part
of the CORRECT ANSWERS monetary unit assumption. (on test)
A basic assumption of accounting that requires activities of an entity to be kept separate
from the activities of its owner is referred to as the CORRECT ANSWERS economic
entity assumption. (on test)
A balance sheet shows CORRECT ANSWERS assets, liabilities, and stockholders
equity.
An income statement CORRECT ANSWERS presents the revenues and expenses for a
specific period of time.
Bookkeeping differs from accounting in that bookkeeping primarily involves which part
of the accounting process. CORRECT ANSWERS Recording (on test)
The normal balance of any account is the CORRECT ANSWERS side which increases
that account. (on test)
The double entry system requires that each transaction must be recorded CORRECT
ANSWERS in at least two different accounts.
The equality of the accounting equation can be proven by preparing a CORRECT
ANSWERS trial balance.
Already Solved Correctly Answers |
Solved
Communication of economic events is the part of the accounting process that involves
CORRECT ANSWERS preparing accounting reports.
The accounting process is correctly sequenced as CORRECT ANSWERS identification,
recording, communication. (on test)
Generally accepted accounting principles are CORRECT ANSWERS standards that
indicate how to report economic events. (on test)
The cost principle requires that when assets are acquired, they be recorded at
CORRECT ANSWERS exchange price paid.
The economic entity assumption requires that the activities CORRECT ANSWERS of
an entity be kept safe separate from the activities of its owner.
The assumption that the unit of measure remains sufficiently constant over time is part
of the CORRECT ANSWERS monetary unit assumption. (on test)
A basic assumption of accounting that requires activities of an entity to be kept separate
from the activities of its owner is referred to as the CORRECT ANSWERS economic
entity assumption. (on test)
A balance sheet shows CORRECT ANSWERS assets, liabilities, and stockholders
equity.
An income statement CORRECT ANSWERS presents the revenues and expenses for a
specific period of time.
Bookkeeping differs from accounting in that bookkeeping primarily involves which part
of the accounting process. CORRECT ANSWERS Recording (on test)
The normal balance of any account is the CORRECT ANSWERS side which increases
that account. (on test)
The double entry system requires that each transaction must be recorded CORRECT
ANSWERS in at least two different accounts.
The equality of the accounting equation can be proven by preparing a CORRECT
ANSWERS trial balance.
