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About this document
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- 13 pages
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- $13 one-time, yours to keep
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- Subject
- Accounting, Business
This document contains multiple choice questions on basic accounting principles. It covers the accounting equation, financial statements, business transactions, and accounting concepts. It is useful for students studying accounting principles.
What's inside
- Accounting equation and financial statements
- Business transactions and their effects
- Accounting concepts and principles
- Multiple choice questions on accounting topics
- Basic accounting terminology
Who it is for: Students studying accounting principles. (Undergraduate)
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Summary
Accounting principles are covered in these multiple choice questions. Students can test their understanding of basic accounting concepts and financial statements.
Basic accounting concepts
Basic accounting concepts are explained. The accounting equation is described. The cost principle and the business entity concept are mentioned.
Financial statements
The income statement, balance sheet and statement of cash flows are described. The order in which financial statements are prepared is asked about.
Business types and transactions
Business types include sole proprietorships, partnerships, corporations and limited liability companies. Transactions affecting the accounts of a business are described.
Depreciation and adjustments
Depreciation of assets is explained. Adjustments to the accounts for supplies and unearned service revenue are described.
Key terms
- Accounting equation
- Assets equal liabilities plus equity.
- Intangible asset
- An asset that has no physical form, such as a patent.
- Liability
- An amount owed by a business.
- Generally Accepted Accounting Principles
- The rules of accounting.
- Depreciation
- The process of allocating the cost of an asset over its useful life.
- Accrued expenses
- Expenses that have been incurred but not yet paid.
Questions this document helps with
- What are the main types of business?
- Which financial statement is prepared first?
- What is the accounting equation?
Summary written with AI from the document's text.
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