Intorduction to Accounting
1. The type of business organization that can continue indefinitely is known as a:
a. sole proprietorship
b. partnership
c. corporation
d. None of the above.
2. The purpose of the accounting process is to provide financial information about:
a. sole proprietorships
b. small businesses
c. large corporations
d. All of the above.
3. The cash purchase of a truck was recorded as a purchase on credit. Due to this error:
a. assets were overstated
b. liabilities were overstated
c. answers a and b are both correct
d. None of the above.
4. Which of the following would cause one asset to increase and another asset to decrease?
a. The owner invested cash in the business.
b. The business paid a creditor.
c. The business incurred an expense on credit.
d. The business bought supplies for cash.
5. Which accounts are affected when the company buys supplies on account?
a. assets and capital
b. liabilities and capital
c. assets and liabilities
d. None of the above.
6. Which accounts are affected when the company provides services to a cash customer?
a. assets and capital
b. liabilities and capital
c. assets and revenue
d. None of the above.
7. Which accounts are affected when the owner withdraws cash from the business?
a. assets and withdrawals
b. liabilities and capital
c. assets and liabilities
d. None of the above.
8. A chart of accounts:
a. is set up in alphabetical order
b. includes account balances
c. is a listing of all the accounts used by a company
d. All of the above.
1. The type of business organization that can continue indefinitely is known as a:
a. sole proprietorship
b. partnership
c. corporation
d. None of the above.
2. The purpose of the accounting process is to provide financial information about:
a. sole proprietorships
b. small businesses
c. large corporations
d. All of the above.
3. The cash purchase of a truck was recorded as a purchase on credit. Due to this error:
a. assets were overstated
b. liabilities were overstated
c. answers a and b are both correct
d. None of the above.
4. Which of the following would cause one asset to increase and another asset to decrease?
a. The owner invested cash in the business.
b. The business paid a creditor.
c. The business incurred an expense on credit.
d. The business bought supplies for cash.
5. Which accounts are affected when the company buys supplies on account?
a. assets and capital
b. liabilities and capital
c. assets and liabilities
d. None of the above.
6. Which accounts are affected when the company provides services to a cash customer?
a. assets and capital
b. liabilities and capital
c. assets and revenue
d. None of the above.
7. Which accounts are affected when the owner withdraws cash from the business?
a. assets and withdrawals
b. liabilities and capital
c. assets and liabilities
d. None of the above.
8. A chart of accounts:
a. is set up in alphabetical order
b. includes account balances
c. is a listing of all the accounts used by a company
d. All of the above.
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