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Chapter 1 - Grade 11 Accounting Quiz! Flashcards | StudBud
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Chapter 1 - Grade 11 Accounting Quiz!
Chapter 1 - Grade 11 Accounting Quiz!
22 terms
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StudBud Administration
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#accounting #Fun
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
Who would decide whether or not to buy into a business?
An owner
A potential investor
A banker
A customer
2
What is the difference between an accountant and an accounting clerk?
B
C
D
A
3
What do the three computer tutorials for accounting cover?
Spreadsheets, Accounting Software, and Windows® Applications
QuickBooks, Simply, Excel, Computer Knowledge
Just A and C
QuickBooks, Simply, Excel
4
Which of the following transactions would have NO impact on the stockholders equity?
Net loss.
Investment of cash by stockholders.
Purchase of land from the proceeds of bank loan.
Dividends to stockholders.
5
What is the first step of the accounting cycle?
Transactions occur
Ledger accounts adjusted
Transactions recorded in journal
Worksheet prepared
6
What are the four types of business?
A
C
B
D
7
If a business’ main objective is to provide a social benefit, it is a
Nonprofit business
Charitable business
Corporation
For profit business
8
What does the outer ring of the accounting cycle represent
None
Daily activities
Monthly activities
Yearly activities
9
What does CPA stand for?
Certified Public Accountant
Chartered Professional Accounting Clerk
Certified Professional Accountant
Chartered Professional Accountant
10
What makes a Limited Company different from a Corporation?
A
B
D
C
11
The difference between a bookkeeper and an accounting clerk is:
D
C
A
B
12
What is the last step of the accounting cycle?
worksheets prepared
transactions occur
post-closing trial balance prepared
Journal entries posted to ledger accounts
13
What is the difference between the inner ring and the outer ring of the accounting cycle?
A
B
14
What are the different forms of business ownership
B
C
A
D
15
Which of the following is not one of the 8 steps in the accounting cycle?
Transactions recorded in journal
Prepare a post-closing trial balance
Prepare formal financial statements
Prepare a classified balance sheet
16
A company is considering operating as an LLC. One of the benefits of doing so would be:
D
C
A
B
17
What is the formal definition of accounting? Choose the best answer.
C
A
B
D
18
What is wrong with this accounting cycle?
C
B
A
D
19
A decrease in owner’s equity resulting from the operation of a business(')
All of the above
Expense
Revenue
Ethics
20
What designation would you acquire to become a professional accountant:
CMA
CGA
CPA
CA
21
The difference between a bookkeeper and an accounting clerk is:
B
C
D
A
22
*Question on Picture Coming Up*
Sole proprietorship
Partnership
Corporation
A & B
