Lackawanna ACC105 2021 September Module 1 Quiz Latest

ACC105 Principles of Accounting 1

Module 1 Quiz  

Question 1

Accounting

Business

Certified Public Accountants (CPA)

Ethics

Financial Accounting

General Purpose Financial Statements

Managerial or Management Accounting

Manufacturing Businesses

Retail Businesses

Profit

Public Company Accounting Oversight Board

 Sarbanes-Oxley Act (SOX)

 

Service Businesses

Public Accounting

Private Accounting

Question 2 Business Entity Assumption

Corporation

Financial Accounting Standards Board (FASB)

Generally Accepted Accounting Principles (GAAP_

International Accounting Standards Board (IASB)

 Limited Liability Company (LLC)

Partnership

Proprietorship

Securities and Exchange Commission (SEC)

Cost Principle

Question 3Monetary Unit Assumption

Time Period Assumption

Fiscal Year

Natural Business Year

Accounting Standards

Accounting Principles and Assumptions

Measurement Principle

determines the amount that will be recorded and reported

Arm's Length Transaction

Going Concern Assumption

Revenue

Revenue Recognition Principle

determines when revenue is recorded in the accounting records.

Expenses

Expense Recognition Principle

Question 4Accounting Equation

 

Assets

Liabilities

Owner's Equity

The owner’s right to the assets of the business.

Stockholder's Equity

The owners’ equity in a corporation.

 Question 5Accounts Payable

Accounts Receivable

Business Transaction

Fees Earned

Interest Revenue

Prepaid Expenses

Rent Revenue

Sales

Common stock

Retained Earnings

Dividends

Question 6Balance Sheet

Financial Statements

Income Statement

Net Income/Net Profit/Earnings

 Net Loss

 Report Form

 Statement of Cash Flows

 Statement of Stockholders' Equity

Retained Earnings Statement

when a company has few (if any) common stock transactions