Round 1

Accounting is the information system that measures business activity,

processes the data intoreports, and communicates the

results to decisions makers.

Accounting is the information system that measures business activity,

processes the data intoreports, and communicates the

results to decisions makers.

TRUE

Which of the following organizations has the primary

responsibility for formulating accounting standards?

A) CMA B) SEC C) AICPA D) FASB

Which of the following organizations has the primary

responsibility for formulating accounting standards?

D) FASB

Which of the following concepts (or principles) would be most likely to require that data be verifiable; that

is, can be confirmed by an independent observer?

A) entity concept B) going-concern concept

C) cost principle D) reliability concept

Which of the following concepts (or principles) would be most likely to

require that data beverifiable; that is, can be confirmed

by an independent observer?D) reliability concept

Ownerʹs equity is $150, 000 and total liabilities are $90, 000. What would

total assets be?A) $240, 000 B) $60, 000

C) $300, 000 D) $180,000

Ownerʹs equity is $150, 000 and total liabilities are $90, 000. What would

total assets be?A) $240, 000

ROUND 2

Accounting is ʺthe language of business.ʺ

Accounting is ʺthe language of business.ʺ

TRUE

Which of the following is a licensed accountant who serves the general

public rather than oneparticular company?

A) CPA B) SEC C) CMA D) FASB

Which of the following is a licensed accountant who serves the general

public rather than oneparticular company?

A) CPA

Which of the following concepts (or principles) would be most likely to require that a person with three different businesses keep three

different checking accounts?A) cost principle B) entity concept

C) reliability concept D) going-concern concept

Which of the following concepts (or principles) would be most likely to require that a person with three different businesses keep three

different checking accounts?

B) entity concept

Assets are $270, 000 and ownerʹs equity is $90, 000. What would

liabilities be?A) $180,000 B) $270,000 C) $60,000 D) $360,000

Assets are $270, 000 and ownerʹs equity is $90, 000. What would

liabilities be?A) $180,000

ROUND 3

A journal is the chronological record of transactions.

A journal is the chronological record of transactions.

TRUE

Accountants often refer to GAAP. What do the letters GAAP stand for

when discussing accounting?A) Generally accepted accounting

principles.B) Grandmaʹs awesome apple pie.C) Generate accurate accounting

policies.D) Global accommodation accounting

principles.

Accountants often refer to GAAP. What do the letters GAAP stand for

when discussing accounting?A) Generally accepted accounting

principles.

Which of the following concepts (principles) would be most likely to require that an item be recorded at

the amount actually paid?A) going-concern concept

B) reliability conceptC) cost principle D) entity concept

The owner withdraws cash from the business. How does this withdrawal

affect theaccounting equation?A) Assets decrease; ownerʹs equity

increasesB) No effect on the assets, liabilities,

or ownerʹs equityC) Assets increase; liabilities

decreaseD) Assets decrease; ownerʹs equity

decreases

The owner withdraws cash from the business. How does this withdrawal

affect the accounting equation?

D) Assets decrease; ownerʹs equity decreases

Which of the following concepts (principles) would be most likely to require that an item be recorded at

the amount actually paid?

C) cost principle

ROUND 4

Debit means right and credit means left.

Debit means right and credit means left.

FALSE

Businesses can be organized in a variety of forms. The types of business forms found in the

U.S. include all of the following except one. Which one is NOT

included?A) Tax shelter B) Proprietorship C)

Partnership D) Corporation

Businesses can be organized in a variety of forms. The types of business forms found in the

U.S. include all of the following except one. Which one is NOT

included?A) Tax shelter

Which of the following concepts (principles) would be most likely to

require an assumption that the entity will remain in operation for the

foreseeable future?A) reliability concept

B) cost principleC) entity concept

D) going-concern concept

Which of the following concepts (principles) would be most likely to

require an assumption that the entity will remain in operation for the

foreseeable future?

D) going-concern concept

Each financial statement has a heading giving three pieces of data. Which of the following items is NOT

included in these headings?A) name of the preparer of the

statement B) date or time period covered

C) name of the business D) name of the financial statement

Each financial statement has a heading giving three pieces of data. Which of the following items is NOT

included in these headings?

A) name of the preparer of the statement

ROUND 5

An asset account is increased by a debit.

An asset account is increased by a debit.

TRUE

Which of the following is a correct accounting equation?

A) Assets = Liabilities + Ownerʹs equity

B) Assets + Revenue = Liabilities + Expenses

C) Assets + Liabilities = Ownerʹs equity

D) Assets + Revenue = Ownerʹs equity

Which of the following is a correct accounting equation?

C) Assets + Liabilities = Ownerʹs equity

Round 6

Which of the following financial statements reports that total assets

equal total liabilities plus total ownerʹs equity?

A) statement of ownerʹs equity B) statement of cash flows.

C) balance sheet. D) income statement.

Which of the following financial statements reports that total assets

equal total liabilities plus total ownerʹs equity?

C) balance sheet.

Which of the following is the detailed record of the changes in a particular

asset, liability, or ownerʹs equity?A) Trial balance

B) Journal C) Account D) Ledger

Which of the following is the detailed record of the changes in a particular

asset, liability, or ownerʹs equity?

C) Account

Which of the following accounts is a liability?

A) Salary Expense B) Accounts PayableC) Service Revenue D) Prepaid Expenses

Which of the following accounts is a liability?

B) Accounts Payable

Under which of the following inventory costing methods is ending inventory

based on the costof the most recent purchases?

D) First in first out

Where was Mrs. Quible married?

A. LincolnB. Scottsbluff

C. JamaicaD. Hawaii

Where was Mrs. Quible married?

Maui, Hawaii

Round 7

Which of the following is a list of all the accounts with their balances?

A) Journal B) Account

C) Trial balance D) Ledger

Which of the following is a list of all the accounts with their balances?

C) Trial balance

Which of the following accounts is NOT an example of an asset?

A) Building B) Accounts Receivable

C) Cash D) Notes Payable

Which of the following accounts is NOT an example of an asset?

D) Notes Payable

Which of the following groups of accounts have a normal debit balance?

A) Assets and liabilities B) Liabilities and ownerʹs equity

C) Revenues and expenses D) Assets and expenses

Which of the following groups of accounts have a normal debit balance?

D) Assets and expenses

Under which of the following inventory costing methods is the cost of goods sold based on the average cost of the

purchases during the period?A) Specific unit cost

B) Average costC) Last in first out D) First in first out

Under which of the following inventory costing methods is the cost of goods sold based on the average cost of the

purchases during the period?

B) Average cost

Where did Mrs. Quible graduate high school?

A. LincolnB. RushvilleC. MinatareD. Kearney

Where did Mrs. Quible graduate high school?

Rushville