29 Jan (TCO 1) What is the
ACCT212 Financial Accounting
WEEK 1 CHECKPOINT
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.
investors.
managers.
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) The accounting assumption that states that the business, rather than its owners, is the reporting unit is the
entity assumption.
going concern assumption.
stable-monetary-unit assumption.
historical cost assumption.
Question 5
(TCO 1) The accounting equation can be stated as
Assets + Stockholders’ Equity = Liabilities.
Assets – Liabilities = Stockholders’ Equity.
Assets = Liabilities – Stockholders’ Equity.
Assets – Stockholders’ Equity + Liabilities = Zero.
Question 6
(TCO 1) The owners’ equity of any business is its
revenues minus expenses.
assets minus liabilities.
assets plus liabilities.
paid-in capital plus assets.
Question 7
(TCO 1) Net income is computed as
revenues – expenses – dividends.
revenues + expenses.
revenues – expenses.
revenues – expenses + dividends.
Question 8
(TCO 1) Which of the following would appear on the balance sheet?
Assets and operating cash flows
Dividends and liabilities
Assets and liabilities
Owners’ equity and revenues
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) What is the proper order for the categories of the statement of cash flows?
Financing activities, investing activities, and operating activities
Operating activities, investing activities, and financing activities
Operating activities, financing activities, and investing activities
Investing activities, financing activities, and operating activities
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