Accounting Midterm
Authored by Alex Walls
Business
10th - 12th Grade
Used 41+ times
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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount of money earned after the costs of operating a business are paid is ____.
Revenue
Profit
Income
Capital
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would not be considered a service business?
Delta
General Motors Corp
Alamo Rent A Car
Hudson's Lawn Mowing Inc
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of an accounting assumption is ____.
all businesses prepare reports for governmental review
business transactions are regularly adjusted for inflation
a business has the ability to operate indefinitely
all businesses must pay taxes to the government in a timely fashion
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The most common form of business organization is the ____.
sole proprietorship
Corporation
Non-profit
partnership
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accounting is often call the "language of business" because ____.
its easy to understand
it is fundamental to the communication of financial information
all business owners have a good understanding of accounting principles
accountants in many companies share financial information
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The assumption that requires accounting reports to be prepared for a specific period of time is
Accounting Period
Going Concern
Business entity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the creditor's financial claim to property totals $1,000 and the owner's financial claim to property totals $11,000, the property value is ____.
1,000
12,000
11,000
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