Skip to content

principlesofaccounting.com

About the Author
Mission Statement
Contact Us
Terms of Use
Privacy Policy
Log In

Menu

About the Author
Mission Statement
Contact Us
Terms of Use
Privacy Policy
Log In

Menu

Chapters 1-4The Accounting Cycle
Chapters 5-8Current Assets
Chapters 9-11Long-Term Assets
Chapters 12-14Liabilities/Equities
Chapters 15-16Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20Managerial/Cost
Chapters 21-24Budgeting/Decisions

Chapters 1-4The Accounting Cycle
Chapters 5-8Current Assets
Chapters 9-11Long-Term Assets
Chapters 12-14Liabilities/Equities
Chapters 15-16Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20Managerial/Cost
Chapters 21-24Budgeting/Decisions

Chapter 1 – Goals Achievement

By admin / May 13, 2015

Text
Problems
Goals Achievement
Fill in the Blanks
Multiple Choice
Glossary

Time limit: 0

Quiz Summary

0 of 12 Questions completed

Questions:

Information

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 12 Questions answered correctly

Your time:

Time has elapsed

You have reached 0 of 0 point(s), (0)

Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)

Categories

Not categorized 0%

1
2
3
4
5
6
7
8
9
10
11
12

Current
Review
Answered
Correct
Incorrect

Question 1 of 12

1. Question
Accounting information is useful only to the owners of a business.
- true
- false
Correct

Incorrect
Question 2 of 12

2. Question
Which of the following branches of accounting is concerned primarily with external reporting or communicating the results of economic activities to parties outside the firm?
- managerial accounting
- financial accounting
Correct

Incorrect
Question 3 of 12

3. Question
The objectivity principle relates to the historical-cost principle in a manner which is:
- consistent
- inconsistent
Correct

Incorrect
Question 4 of 12

4. Question
Many accounting measurements are based on the historical-cost principle, which holds that assets and liabilities are initially entered into the accounting records at acquisition cost, but subsequently change as market values change.
- true
- false
Correct

Incorrect
Question 5 of 12

5. Question
Which of the following areas of the accounting profession is sometimes referred to as industry accounting?
- public accounting
- private accounting
Correct

Incorrect
Question 6 of 12

6. Question
Accountants have developed ethical standards that pertain to financial record keeping and reporting.
- yes
- no
Correct

Incorrect
Question 7 of 12

7. Question
The economic resources owned by a company that are expected to benefit future periods are:
- assets
- liabilities
Correct

Incorrect
Question 8 of 12

8. Question
The residual ownership share of a particular entity may be referred to as:
- assets
- owners' equity
Correct

Incorrect
Question 9 of 12

9. Question
Withdrawals of assets by the stockholders (“dividends”) causes retained earnings to:
- increase
- decrease
Correct

Incorrect
Question 10 of 12

10. Question
The term “revenues” means net income.
- right
- wrong
Correct

Incorrect
Question 11 of 12

11. Question
A company could experience a net loss and have dividends during the same accounting period.
- true
- false
Correct

Incorrect
Question 12 of 12

12. Question
Purchase of assets for cash cause total assets to:
- change
- remain the same
Correct

Incorrect

Classroom

Study principlesofaccounting.com and earn college credit!

Bookstore

Visit the bookstore and purchase principlesofaccounting.com textbooks!

Additional Resources

Illustrative Entries

Examples of journal entries for numerous sample transactions

Account Types

Typical financial statement accounts with debit/credit rules and disclosure conventions

Glossary

Includes financial and managerial terms

Time Value of Money

Future and present value tables

IMPORTANT LINKS

Classroom
ExamCram
Bookstore
YouTube videos
MyExceLab
Cookie Policy

GLOSSARY SEARCH

principlesofaccounting.com Copyright © 2025. All rights reserved.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok