Round 1

Accounting is the information system that measures business activity, processes the data into reports, and communicates the results to decisions makers.

Accounting is the information system that measures business activity, processes the data into reports, and communicates the results to decisions makers. TRUE

Which of the following organizations has the primary responsibility for formulating accounting standards? A) CMA B) SEC C) AICPA D) FASB

Which of the following organizations has the primary responsibility for formulating accounting standards? D) FASB

Which of the following concepts (or principles) would be most likely to require that data be verifiable; that is, can be confirmed by an independent observer? A) entity concept B) going-concern concept C) cost principle D) reliability concept

Which of the following concepts (or principles) would be most likely to require that data be verifiable; that is, can be confirmed by an independent observer? D) reliability concept

Ownerʹs equity is $150, 000 and total liabilities are $90, 000 Ownerʹs equity is $150, 000 and total liabilities are $90, 000. What would total assets be? A) $240, 000 B) $60, 000 C) $300, 000 D) $180,000

Ownerʹs equity is $150, 000 and total liabilities are $90, 000 Ownerʹs equity is $150, 000 and total liabilities are $90, 000. What would total assets be? A) $240, 000

ROUND 2

Accounting is ʺthe language of business.ʺ

Accounting is ʺthe language of business.ʺ TRUE

Which of the following is a licensed accountant who serves the general public rather than one particular company? A) CPA B) SEC C) CMA D) FASB

Which of the following is a licensed accountant who serves the general public rather than one particular company? A) CPA

Which of the following concepts (or principles) would be most likely to require that a person with three different businesses keep three different checking accounts? A) cost principle B) entity concept C) reliability concept D) going-concern concept

Which of the following concepts (or principles) would be most likely to require that a person with three different businesses keep three different checking accounts? B) entity concept

Assets are $270, 000 and ownerʹs equity is $90, 000 Assets are $270, 000 and ownerʹs equity is $90, 000. What would liabilities be? A) $180,000 B) $270,000 C) $60,000 D) $360,000

Assets are $270, 000 and ownerʹs equity is $90, 000 Assets are $270, 000 and ownerʹs equity is $90, 000. What would liabilities be? A) $180,000

ROUND 3

A journal is the chronological record of transactions.

A journal is the chronological record of transactions. TRUE

Accountants often refer to GAAP Accountants often refer to GAAP. What do the letters GAAP stand for when discussing accounting? A) Generally accepted accounting principles. B) Grandmaʹs awesome apple pie. C) Generate accurate accounting policies. D) Global accommodation accounting principles.

Accountants often refer to GAAP Accountants often refer to GAAP. What do the letters GAAP stand for when discussing accounting? A) Generally accepted accounting principles.

Which of the following concepts (principles) would be most likely to require that an item be recorded at the amount actually paid? A) going-concern concept B) reliability concept C) cost principle D) entity concept

The owner withdraws cash from the business The owner withdraws cash from the business. How does this withdrawal affect theaccounting equation? A) Assets decrease; ownerʹs equity increases B) No effect on the assets, liabilities, or ownerʹs equity C) Assets increase; liabilities decrease D) Assets decrease; ownerʹs equity decreases

The owner withdraws cash from the business The owner withdraws cash from the business. How does this withdrawal affect the accounting equation? D) Assets decrease; ownerʹs equity decreases

Which of the following concepts (principles) would be most likely to require that an item be recorded at the amount actually paid? C) cost principle

ROUND 4

Debit means right and credit means left.

Debit means right and credit means left. FALSE

Businesses can be organized in a variety of forms Businesses can be organized in a variety of forms. The types of business forms found in the U.S. include all of the following except one. Which one is NOT included? A) Tax shelter B) Proprietorship C) Partnership D) Corporation

Businesses can be organized in a variety of forms Businesses can be organized in a variety of forms. The types of business forms found in the U.S. include all of the following except one. Which one is NOT included? A) Tax shelter

Which of the following concepts (principles) would be most likely to require an assumption that the entity will remain in operation for the foreseeable future? A) reliability concept B) cost principle C) entity concept D) going-concern concept

Which of the following concepts (principles) would be most likely to require an assumption that the entity will remain in operation for the foreseeable future? D) going-concern concept

Each financial statement has a heading giving three pieces of data Each financial statement has a heading giving three pieces of data. Which of the following items is NOT included in these headings? A) name of the preparer of the statement B) date or time period covered C) name of the business D) name of the financial statement

Each financial statement has a heading giving three pieces of data Each financial statement has a heading giving three pieces of data. Which of the following items is NOT included in these headings? A) name of the preparer of the statement

ROUND 5

An asset account is increased by a debit.

An asset account is increased by a debit. TRUE

Which of the following is a correct accounting equation Which of the following is a correct accounting equation? A) Assets = Liabilities + Ownerʹs equity B) Assets + Revenue = Liabilities + Expenses C) Assets + Liabilities = Ownerʹs equity D) Assets + Revenue = Ownerʹs equity

Which of the following is a correct accounting equation Which of the following is a correct accounting equation? C) Assets + Liabilities = Ownerʹs equity

Round 6

Which of the following financial statements reports that total assets equal total liabilities plus total ownerʹs equity? A) statement of ownerʹs equity B) statement of cash flows. C) balance sheet. D) income statement.

Which of the following financial statements reports that total assets equal total liabilities plus total ownerʹs equity? C) balance sheet.

Which of the following is the detailed record of the changes in a particular asset, liability, or ownerʹs equity? A) Trial balance B) Journal C) Account D) Ledger

Which of the following is the detailed record of the changes in a particular asset, liability, or ownerʹs equity? C) Account

Which of the following accounts is a liability Which of the following accounts is a liability? A) Salary Expense B) Accounts Payable C) Service Revenue D) Prepaid Expenses

Which of the following accounts is a liability? B) Accounts Payable

Under which of the following inventory costing methods is ending inventory based on the cost of the most recent purchases? D) First in first out

Where was Mrs. Quible married. A. Lincoln B. Scottsbluff C. Jamaica D Where was Mrs. Quible married? A. Lincoln B. Scottsbluff C. Jamaica D. Hawaii

Where was Mrs. Quible married? Maui, Hawaii

Round 7

Which of the following is a list of all the accounts with their balances? A) Journal B) Account C) Trial balance D) Ledger

Which of the following is a list of all the accounts with their balances? C) Trial balance

Which of the following accounts is NOT an example of an asset Which of the following accounts is NOT an example of an asset? A) Building B) Accounts Receivable C) Cash D) Notes Payable

Which of the following accounts is NOT an example of an asset Which of the following accounts is NOT an example of an asset? D) Notes Payable

Which of the following groups of accounts have a normal debit balance Which of the following groups of accounts have a normal debit balance? A) Assets and liabilities B) Liabilities and ownerʹs equity C) Revenues and expenses D) Assets and expenses

Which of the following groups of accounts have a normal debit balance Which of the following groups of accounts have a normal debit balance? D) Assets and expenses

Under which of the following inventory costing methods is the cost of goods sold based on the average cost of the purchases during the period? A) Specific unit cost B) Average cost C) Last in first out D) First in first out

Under which of the following inventory costing methods is the cost of goods sold based on the average cost of the purchases during the period? B) Average cost

Where did Mrs. Quible graduate high school. A. Lincoln B. Rushville C Where did Mrs. Quible graduate high school? A. Lincoln B. Rushville C. Minatare D. Kearney

Where did Mrs. Quible graduate high school? Rushville