International Business Accounting Quiz!

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Questions: 10 | Attempts: 637 | Updated: Jun 17, 2023

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International Business Accounting Quiz! - Quiz

Business Accounting is a branch of Accounting. When talking about international business accounting, you are talking about what accounting in international businesses entails. Take this quiz to know more

Questions and Answers

1.

What is the business activity that is defined as the planning, recording, analyzing, and interpreting of financial information?
- A.
  
  Insurance
- B.
  
  Wholesaling
- C.
  
  Accounting
- D.
  
  Manufacturing
Correct Answer
D. Manufacturing
2.

What is the accounting principle that states companies and owners should be accountable for separately?
- A.
  
  Business Entity Concept
- B.
  
  Going Concern Concept
- C.
  
  Monetary Unit Assumption
- D.
  
  Periodicity Assumption
Correct Answer
A. Business Entity Concept

Explanation
The accounting principle that states companies and owners should be accountable for separately is the Business Entity Concept. This principle emphasizes that the financial transactions and activities of a business should be recorded and reported separately from the personal transactions and activities of its owners. This ensures that the financial statements of the business accurately reflect its own financial position and performance, independent of its owners' personal finances.

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3.

Which of the following definitions describes the marketing mix?
- A.
  
  The philosophy that all business activities should be aimed towards satisfying that consumer
- B.
  
  Product, place, promotion, and price
- C.
  
  A promise from the seller that says that the seller will replace a product that does not perform as expected
- D.
  
  Form of promotion that determines clients needs and wants
Correct Answer
B. Product, place, promotion, and price

Explanation
The marketing mix refers to the combination of product, place, promotion, and price that a company uses to market and sell its products or services. It is a strategic approach that helps businesses effectively reach their target customers, create value, and achieve their marketing objectives. This combination of elements allows companies to develop and implement a comprehensive marketing strategy that considers the product offering, the distribution channels, the promotional activities, and the pricing strategy.

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4.

What is the basic accounting equation?
- A.
  
  Capital = assets liability
- B.
  
  Assets = liability capital
- C.
  
  Assets = capital + liability
- D.
  
  Liability = assets + capital
Correct Answer
C. Assets = capital + liability

Explanation
The basic accounting equation states that assets are equal to the sum of capital and liability. This equation is the foundation of double-entry bookkeeping and represents the fundamental relationship between a company's resources (assets), the owner's investment (capital), and any debts or obligations (liabilities). By understanding this equation, businesses can accurately track and analyze their financial position and make informed decisions regarding their resources and financing.

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5.

The accrual basis of accounting records revenues when they are:
- A.
  
  Collected
- B.
  
  Earned
- C.
  
  Contracted
- D.
  
  Readily available for use
Correct Answer
B. Earned

Explanation
The accrual basis of accounting records revenues when they are earned. This means that revenue is recognized when it is earned, regardless of when the cash is received. This is in contrast to the cash basis of accounting, which records revenue when it is collected. By recording revenue when it is earned, the accrual basis provides a more accurate representation of the financial performance of a business over a given period of time.

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6.

A contra asset account has what type of balance?
- A.
  
  Debit
- B.
  
  Credit
- C.
  
  Contra
- D.
  
  All of the above
Correct Answer
B. Credit

Explanation
A contra asset account has a credit balance. This means that the account is used to offset the balance of a related asset account. Contra asset accounts are used to show the reduction in value of an asset or to account for allowances or reserves. The credit balance in a contra asset account helps to reduce the overall value of the related asset account on the balance sheet.

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7.

What are organizations that make money available for investments in innovative enterprises called?
- A.
  
  Venture Capitalists
- B.
  
  Loaners
- C.
  
  Sharks
- D.
  
  Financial investors
Correct Answer
A. Venture Capitalists

Explanation
Venture capitalists are organizations that provide funding for innovative enterprises. They invest in startups and high-growth potential companies in exchange for equity or ownership stake. Unlike loaners who provide loans, venture capitalists take on higher risks and actively participate in the management and growth of the invested companies. Sharks and financial investors are not specific terms used to describe organizations that provide funding for innovative enterprises.

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8.

Choose the two main characteristics of an economic resource from this list. i. It must be scarce ii. It must have utility iii. It must be capable of generating cash inflows to the entity
- A.
  
  I, ii, iii
- B.
  
  I, ii
- C.
  
  Iii
- D.
  
  I, iii
Correct Answer
B. I, ii

Explanation
An economic resource must be scarce because if it is abundant, it would not have value or be considered a resource. Additionally, an economic resource must have utility, meaning it must be able to satisfy human wants and needs. These two characteristics are essential for something to be considered an economic resource. The third characteristic mentioned, generating cash inflows to the entity, is not necessarily a requirement for something to be considered an economic resource.

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9.

What is the statement of a firm's financial position on a particular date including assets, liabilities, and owner's equity referred to as?
- A.
  
  Balance Sheet
- B.
  
  Budget
- C.
  
  Mission Statement
- D.
  
  Retail
Correct Answer
A. Balance Sheet

Explanation
A firm's financial position on a particular date, which includes its assets, liabilities, and owner's equity, is referred to as a balance sheet. This document provides a snapshot of the company's financial health and is used by investors, creditors, and other stakeholders to assess its financial stability and performance. It helps in understanding the company's resources, obligations, and the ownership interests of shareholders.

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10.

Which of the following is not an element of the marketing mix?
- A.
  
  Place
- B.
  
  Price
- C.
  
  Product
- D.
  
  Purpose
Correct Answer
D. Purpose

Explanation
The marketing mix consists of the 4Ps: Product, Price, Place, and Promotion. These elements are essential in creating and implementing a marketing strategy. Purpose, on the other hand, is not typically considered as a separate element in the marketing mix. While purpose can be an important aspect of a company's overall strategy, it is not directly related to the specific tactics and decisions involved in the marketing mix.

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Current Version
Jun 17, 2023

Quiz Edited by
ProProfs Editorial Team
Jul 06, 2019

Quiz Created by
AdewumiKoju

International Business Accounting Quiz!

What is the business activity that is defined as the planning, recording, analyzing, and interpreting of financial information?

What is the accounting principle that states companies and owners should be accountable for separately?

Which of the following definitions describes the marketing mix?

What is the basic accounting equation?

The accrual basis of accounting records revenues when they are:

A contra asset account has what type of balance?

What are organizations that make money available for investments in innovative enterprises called?

Choose the two main characteristics of an economic resource from this list. i. It must be scarce ii. It must have utility iii. It must be capable of generating cash inflows to the entity

What is the statement of a firm's financial position on a particular date including assets, liabilities, and owner's equity referred to as?

Which of the following is not an element of the marketing mix?