Devry ACCT 212 Week 1 Quiz
Question 1. (TCO 1) Accounting
- measures business activities.
- processes data into reports and communicates the data to decision makers.
- is often called the language of business.
- All of the above
Question 2. (TCO 1) Decision makers who use accounting include
- the SEC.
- All of the above
Question 3. (TCO 1) The Financial Accounting Standards Board is responsible for establishing
- the code of professional conduct for accountants.
- the Securities and Exchange Commission.
- generally accepted accounting principles.
- international accounting financial standards.
Question 4. (TCO 1) Historical cost
- is determined for each asset on a yearly basis.
- is equal to the amount of cash paid less the dollar value of all non-cash consideration given in the exchange.
- is a verifiable measure that is relatively free from bias.
- is the amount that the business could sell the asset for.
Question 5. (TCO 1) Another way to state the accounting equation is
- Assets = Liabilities + Paid-in Capital – Common Stock
- Assets = Liabilities + Retained Earnings
- Assets = Liabilities + Paid-in Capital + Retained Earnings
- Assets = Liabilities – Paid-in Capital – Dividends
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Question 6. (TCO 1) The major types of transactions that affect retained earnings are
- paid-in capital and common stock.
- assets and liabilities.
- revenues, expenses, and dividends.
- revenues and liabilities.
Question 7. (TCO 1) Expenses of a business include
- sales and cash equivalents.
- common stock and rent.
- cost of goods sold and salaries.
- retained earnings and utilities.
Question 8. (TCO 1) The correct data flow from one financial statement to the next is
- statement of retained earnings, income statement, balance sheet, statement of cash flows.
- balance sheet, statement of retained earnings, income statement, statement of cash flows.
- statement of retained earnings, income statement, statement of cash flows, balance sheet.
- income statement, statement of retained earnings, balance sheet, statement of cash flows.
Question 9. (TCO 1) Which statement(s) summarizes the revenues, gains, expenses, and losses of an entity?
- Balance sheet
- Statement of cash flows and income statement
- Statement of retained earnings and statement of operations
- Income statement
Question 10. (TCO 1) Continuing negative cash flow from which of the following activities can lead to bankruptcy?
- Equity activities
- Operating activities
- Financing activities
- Investing activities