Financial Accounting Part I Multiple Choice Questions (20 Marks/2’ Each) 1.The ___ states that assets should be recorded at their actual cost. A. Stable-monetary-unit assumption B. Continuity (going-concern) assumption C. Historical cost principle D. Entity assumption 2.A trial balance: A....
PART I: The Balance Sheet The Basic Accounting Equation: Assets = Liabilities + Stockholder's Equity Some notes: Liabilities and Stockholder's Equity are the sources of financing for the company's economic resources (assets). The investment of cash and other assets in the business by thestockhol...
Chapter 02 - Investing and Financing Decisions and the Accounting System Chapter 02 - Investing and Financing Decisions and the Accounting System 2- PAGE 30 Solutions Manual ? 2014 by McGraw-Hill Global Education Holdings, LLC. ?This is proprietary material solely for authorized instructor use....
financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity. These users are expected to have a reasonable understanding of accounting concepts and procedures. Usually, they ...
Financial Accounting Financial Accounting(Practice Quiz) Download PDF Author: Harold Averkamp, CPA, MBA For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For fill-in-the-blank questions, press or click on the blank space provided....
(1989) A comparison of multiple-choice and problem examinations in introductory financial accounting. Journal of Accounting Education, 3 (1), 81- 89.Frakes, Albert H. and William C. Lathan, 1985, "A Comparison of Multiple-Choice and Problem Examinations in Introductory Financial Accounting," ...
accounting records: (1) In recording an issue of shares at par, cash received of $333,000 was credited to the ordinary share capital account as $330,000 (2) Cash of $2,800 paid for plant repairs was correctly accounted for in the cash book but was credited to the plant asset account...
PAPER 1:Will comprise fifty multiple choice questions to be taken in 1 hour for 50 marks. PAPER 2:will be made up of two sections: Sections A and B and will last 2½ hours. Section A:will contain five essay questions on theory of financial accounting. Candidates will be required to ...
One of the most difficult sections of the Certified Public Accountant (CPA) exam is Financial Accounting and Reporting (FAR). It requires you to have a working knowledge of several different key areas of financial statements. Because of that, you’ll be asked to complete 66 multiple choice que...
8.Which account is not a liability account? 9.Which account increases equity? 10.A contra asset account has what type of balance? ofaccounting basicswith theseaccounting quizzes. Crossword Puzzles Multiple Choice Matching Fill in the Blank Word Scrambles...