CHAPTER 1 ONLINE QUIZ


READ CHAPTER 1, THEN ANSWER THE FOLLOWING 10 QUESTIONS.


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  • 1. The GOAL of any organzation must be to:
    A. Make a profit
    B. Render some kind of service.
    C. Satisfy some kind of need.
    D. B and C above
    E. All of the above
    F. None of the above

  • 2. For GOALS to be accomplished we must have:
    A. We must have a PLAN.
    B. We must have a METHOD.
    C. We must have a SYSTEM.
    D. We must have the abiliity to ANALYZE information.
    E. We must have CONTROLS to determine if we are realizing our goals.
    F. All of the above.
  • 3. Accounting may be defined as:
    A. The designing of Information Systems.
    B. The analyzing of information.
    C. The reporting of information.
    D. The auditing of information.
    E. all of the above.
    F. none of the above.
  • 4. Which of the following is NOT an ASSET?
    A. INVENTORY
    B. ACCOUNTS RECEIVABLE
    C. SUPPLIES
    D. INCOME
    E. none of the above
  • 5. Which of the following is NOT a CURRENT ASSET?
    A. CASH
    B. INVENTORY
    C. EQUIPMENT
    D. ACCOUNTS RECEIVABLE
    E. ALL OF THE ABOVE
    F. NONE OF THE ABOVE
  • 6. Which of the following is NOT a NON-CURRENT ASSET?
    A. INVENTORY
    B. EQUIPMENT
    C. BUILDINGS
    D. LAND
    E. NONE OF THE ABOVE
    F. ALL OF THE ABOVE
  • 7. Which of the following is NOT a CURRENT LIABILITY?
    A. ACCOUNTS PAYABLE
    B. TAXES PAYABLE
    C. WAGES PAYABLE
    D.MORTGAGE PAYABLE
    E. ALL OF THE ABOVE
    F. NONE OF THE ABOVE
  • 8. Which of the following statements is correct?
    A. Profits are the results of income less all expenses.
    B. If income is greater than expense, retained earning increase.
    C. A change in retained earnings represents a change in owners equity.
    D. Expenses decrease owner's equity, whereas income increases owner's equity.
    E. all of the above.
    F. none of the above
  • 9. Which of the following statements is correct?
    A. Depreciation is an expense.
    B. Depreciation is the consumption of an asset.
    C. Depreciation is the cost of an asset (less scrap value), spread over the life of the asset.
    D. Depreciation does not represent a cash expenditure.
    E. all of the above
    F. none of the above
  • 10 Which of the following statements is NOT correct?
    A. Cash inflow from operating activities is equal to the net income of the business.
    B. Cash may also be provided by financial activities.
    C. Cash may be provided by additional investment by stockholders.
    D. All of the above
    E. none of the above
  • Perl scrip authored by Ritchard Shadian (rshadian@hawaii.edu). © 1996 University of Hawaii. Developed by the University of Hawaii Office of technology Transfer and Economic Development in cooperation with Maui Communiity College

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