(Solution) -ACC 205 Week 1 Chapter 1,2 Quiz and Video Quiz
Academic Level: Undergrad. (yrs 3-4)
Paper Format: APA
ACC 205 Week 1 Chapter 1,2 Quiz and Video Quiz
1. In accounting the concept of materiality refers to ________________.
Question 2. 2. Typically accounting transactions are recorded and reported at _______________.
Question 3. 3. The accounting equation is ____________________________.
Question 4. 4. An accountant should be able to work in the profession in the ___________________. Question 5. 5. In accounting, a debit means ________________________.
Question 6. 6. All of the following accounts are decreased with a credit except______________________.
Question 7. 7. A T-account is ________________________.
Question 8. 8. In accounting the General Journal is ___________________________.
Question 9. 9. In accounting a chart of accounts refers to _______________________.
Question 10. 10. If the Trial Balance is in balance at the end of the accounting period this insures that________. (Points : 1)
Question 1. 1. The accounting equation will appear on every published financial statement.
Question 2. 2. Accounting has its own language.
Question 3. 3. Assets identify what a firm owes.
Question 4. 4. Liabilities identify what a firm owns.
Question 5. 5. All accounting must be done using an Excel spreadsheet.
1. A balance sheet reveals the assets, liabilities and equity of a particular business over a designated period of time.
Question 2. 2. An Income Statement reveals a firms assets, liabilities and equity at a particular moment in time.
Question 3. 3. The Statement of Retained Earnings builds a bridge between the retained earnings that existed at the beginning and the end of the accounting period.
Question 4. 4. A Cash Flow Statement is identical to the firm’s bank account and is used to reconcile the checking account each month.
Question 5. 5. GAAP is the organization that makes the rules for accounting that all firms follow.
1. Journal entries must be prepared before financial statements can be created for a firm.
Question 2. 2. T-accounts are part of the published financial reporting package of statements each month.
Question 3. 3. An Income Statement will explain the value of current assets a firm has acquired.
Question 4. 4. Liabilities will be listed on a firm’s balance sheet.
Question 5. 5. Dividends are part of current assets for a firm since they will be paid with cash.
Question 1. 1. In accounting a debit indicates an increase in an account.
Question 2. 2. In accounting a credit increases a liability account.
Question 3. 3. In accounting a credit increases an asset account.
Question 4. 4. In accounting there are no debits or credits entered in the equity accounts.
Question 5. 5. A trial balance is a listing of all accounts and their balances at a given moment in time.