Accounting Principles, Sixth Canadian Edition Lecture Notes

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Weygandt, Kieso, Kimmel, Trenholm, Kinnear, BarlowAccounting Principles,SixthCanadian Edition20-Minute QuizChapter 1–Accounting in Action1-1Copyright ©2013John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.CHAPTER 120-MINUTE QUIZ #1Circle the correct answer.True/FalseLO 1E1.Accounting is an information system thatidentifies, records, and communicates economicevents of an organization to interested users.TrueFalseLO 4 E2.According to the monetary unit assumption,inflation is ignored in accounting and onlytransactions that can be expressed as an amount ofmoney are recorded.TrueFalseLO 1 E3.The basic objective of financial reporting is toprovide useful information toinvestors and creditors tomake decisionsTrueFalseLO 2 E4.Private companies have a choice of whetherto followASPEor IFRS.TrueFalseLO 4 M5.According to the cost principle, assets shouldbe reported at their replacement cost, not theiroriginal cost.TrueFalseLO 2 M6.The economic entity assumption requires thatthe activities of the entity be kept separate and distinct fromthe activities of its owner and all other economic entities.TrueFalseLO 5 M7.Collection of an account receivable willincrease both cash and accounts receivable.TrueFalseLO 5 M8.An expense paid with cash would result in anequal decrease in liabilities and owner’s equity.TrueFalseLO 5 M9.Liabilities represent the ownership claim ontotal assets.TrueFalseLO 5 M 10.The going concern assumption assumes thata companywill liquidate in the near futureTrueFalse

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Accounting Principles by Carl S. Wa...

Accounting Principles, Sixth Canadian Edition Lecture Notes

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