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    Kuis 1 Dira Septiani 4132101007

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    Teresia Agustina
    This document contains a 20 question quiz on accounting concepts for a student named Dira Septiani in the LPI 2A morning class. The questions cover topics such as the definition of accounting, the accounting equation, financial statements, the difference between assets and liabilities, how net income is calculated, and how retained earnings is affected by revenues, expenses and dividends.

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    Kuis 1 Dira Septiani 4132101007

    Uploaded by

    Teresia Agustina
    47 views3 pages
    This document contains a 20 question quiz on accounting concepts for a student named Dira Septiani in the LPI 2A morning class. The questions cover topics such as the definition of accounting, the accounting equation, financial statements, the difference between assets and liabilities, how net income is calculated, and how retained earnings is affected by revenues, expenses and dividends.

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    This document contains a 20 question quiz on accounting concepts for a student named Dira Septiani in the LPI 2A morning class. The questions cover topics such as the definition of accounting, the accounting equation, financial statements, the difference between assets and liabilities, how net income is calculated, and how retained earnings is affected by revenues, expenses and dividends.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    47 views3 pages

    Kuis 1 Dira Septiani 4132101007

    Uploaded by

    Teresia Agustina
    This document contains a 20 question quiz on accounting concepts for a student named Dira Septiani in the LPI 2A morning class. The questions cover topics such as the definition of accounting, the accounting equation, financial statements, the difference between assets and liabilities, how net income is calculated, and how retained earnings is affected by revenues, expenses and dividends.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Nama : Dira Septiani

    Nim : 4132101007
    Kelas : LPI 2A Pagi

    KUIS 1 & 2 – ACCOUNTING IN ACTION

    1. Accounting:
    A) measures business activities.
    B) processes data into reports and communicates the data to decision makers.
    C) is often called the language of business.
    D) is all of the above.

    2. The owners’ interest in the assets of a corporation is known as:


    A) capital.
    B) shareholders’ equity.
    C) long-term assets.
    D) operating expenses.

    3. Which of the following best describes a liability? Liabilities are:


    A) a form of paid-in capital.
    B) future economic benefits to which a company is entitled.
    C) debts payable to outsiders called creditors.
    D) economic obligations to owners to be paid at some future date by the corporation.

    4. The economic resources of a business that are expected to produce a benefit in the
    future are:
    A) liabilities.
    B) assets.
    C) owners’ equity.
    D) expenses.

    5. Revenues are:
    A) decreases in assets resulting from delivering goods or services to customers.
    B) increases in liabilities resulting from delivering goods or services to customers.
    C) increases in retained earnings resulting from delivering goods or services to
    customers.
    D) decreases in retained earnings resulting from delivering goods or services to
    customers.

    6. Expenses are:
    A) increases in liabilities resulting from purchasing assets.
    B) increases in assets resulting from operations.
    C) increases in retained earnings resulting from operations.
    D) decreases in retained earnings resulting from operations.
    7. Financial statements are:
    A) standard documents issued by outside consultants who are hired to analyze key
    operations of the business in financial terms.
    B) the business documents that companies use to report the results of their financial
    activities to various user groups.
    C) reports created by management that states it is responsible for the acts of the
    corporation.
    D) the mechanical part of accounting.

    8. To be relevant, accounting information must be capable of making a difference to the


    decision maker.
    A) False
    B) True

    9. The financial statements are based on the accounting equation.


    A) False
    B) True

    10. The accounting equation must always be in balance.


    A) False
    B) True

    11. Net loss occurs when:


    A) not enough cash exists.
    B) total revenues exceed total expenses.
    C) total expenses exceed total revenues.
    D) total revenues and dividends exceed total expenses.

    12. Dividends never affect net income.


    A) False
    B) True

    13. Expenses are increases in retained earnings that result from operations.
    A) False
    B) True

    14. Ramos, Inc. has monthly revenues of $30,000 and monthly expenses of $18,000, and the
    company paid $4,000 in dividends. Therefore, net income for the month is $8,000.
    A) False
    B) True

    15. Able Co. has $500,000 in assets and $400,000 in liabilities. Therefore, the equity is
    $900,000.
    A) False
    B) True
    16. Yummy Inc. has beginning retained earnings of $10,000, net income of $50,000, and
    dividends paid of $5,000. Therefore, the ending retained Earnings is $65,000.
    A) False
    B) True

    17. At the end of the current accounting period, account balances were as follows: Cash,
    $180,000; Accounts Receivable, $75,000; Share Capital, $20,000; Retained Earnings,
    $65,000. Liabilities for the period were:
    A) $ 70,000.
    B) $170,000.
    C) $190,000.
    D) $210,000.

    18. Identify the missing amount in the accounting equation for each example below:

    Assets Liabilities Shareholders’ Equity


    A) $230,000 $110,000 $120,000
    B) $340,000 $250,000 $90,000
    C) $220,000 $120,000 $100,000

    19. A company’s gross profit for the period is reported on the:


    A) Balance Sheet.
    B) Income Statement.
    C) Statement of Cash Flows.
    D) Statement of Changes in Equity.

    20. Retained earnings is increased by:


    A) net income.
    B) net loss.
    C) dividends.
    D) expenses.

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