ACCT 2301.02 Principles Of Financial Accounting Quiz

Approved & Edited by ProProfs Editorial Team

The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.

Learn about Our Editorial Process

| By JIJohnson

JIJohnson

Community Contributor

Quizzes Created: 4 | Total Attempts: 7,098

Questions: 5 | Attempts: 1,686 | Updated: Mar 20, 2022

Quiz Flashcard

Settings

Feedback

During the Quiz End of Quiz

Difficulty

Sequential Easy First Hard First

Create your own Quiz

Share on Facebook Share on Twitter Share on Whatsapp Share on Pinterest Share on Email Copy to Clipboard Embed on your website

Acct 2301.02 Principles Of Financial Accounting Quiz - Quiz

These are 5 True-False questions that were selected randomly from our mid-term exam for you to practice with.

Questions and Answers

1.

Ethics are not important to the primary functions of accounting.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
As I've tried to emphasize in class, ethics are critical for accounting to function properly in modern society.

Rate this question:
2.

The business entity principle prescribes that a business will continue operating for an indefinite period of time.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
What is described in this question is actually the going concern principle. The business entity principle basically prescribes that a business' activities and financial information is separate from those individuals that own the business.

Rate this question:
3.

Preparation of a trial balance is the first step in the analyzing and recording process.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Preparing a trial balance comes after the analysis of transactions, journalizing and posting of all entries.

Rate this question:
4.

Adjusting entries result in a better matching of revenues and expenses.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Truer words were never spoken. Okay, I guess maybe they were, but this statement is still right on.

Rate this question:
5.

Adjusting entries are made after the preparation of financial statements.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Adjusting entries are made before preparation of the financial statements.

Rate this question:

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Mar 20, 2022

Quiz Edited by
ProProfs Editorial Team
Feb 15, 2008

Quiz Created by
JIJohnson

Acct 2301.02 Principles Of Financial Accounting Quiz

Ethics are not important to the primary functions of accounting.

The business entity principle prescribes that a business will continue operating for an indefinite period of time.

Preparation of a trial balance is the first step in the analyzing and recording process.

Adjusting entries result in a better matching of revenues and expenses.

Adjusting entries are made after the preparation of financial statements.