Acct 211 Fundamentals of Financial Accounting: Key Concepts and Principles

An assignment covering key financial accounting concepts and principles for beginners.

Charlotte Kelly

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Acct 211 Fundamentals of Financial Accounting: Key Concepts andPrinciplesAcct 211 Quiz 1 fall 2014Question1.The rule that requires financial statements to reflect the assumption that the business willcontinue operating instead of beingclosed or sold, unless evidence shows that it will notcontinue, is the:Going-concern assumption.Business entity assumption.Objectivity principle.Cost Principle.Monetary unit assumption.2.A partnership:Is also called a sole proprietorship.Has unlimited liability for its partners.Has to have a written agreement in order to be legal.Is a legal organization separate from its owners.Has owners called shareholders.3.The difference between a company's assets and its liabilities, or net assets is:Net income.Expense.Equity.Revenue.Net loss.

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University

DeVry University

Course

ACCT 221

Subject

Accounting

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