Please send to my email add: Mhardzpurple@yahoo.com Name Date Email Add: CHAPTER 1 TEN-MINUTE QUIZ Circle the letter of the best response. 1. The primary objective of financial reporting is to provide information A. In an ethical manner. B. To the professional accounting associations. C. To people outside the company for making decisions. D. Useful to managers in making daily decisions. It is vital that company accountants and their auditors behave in a(n) A. professional B. ethical 2. manner. C. prudent D. elitist 3. Which of the following statements is false? A. The proprietorship form of business organization protects the personal assets of the owners from creditors of the business. B. A proprietorship has a single owner. C. Accounting is the information system that measures business activities, processes that information into reports, and communicates the results to decision makers. D. The Accounting Standards Board sets the rules for how accounting is practised in Canada. Level 2 of the hierarchy of financial-statement concepts, which describes the qualitative characteristics of accounting information, includes: A. Relevance and reliability B. Revenue and expenses C. Comparability and understandability D. Both A and C 4. 5. Which of the following statements is false? A. Liabilities are economic obligations to outsiders. B. Assets are economic resources that are expected to benefit future periods. C. Expenses are decreases in owner's equity that result from delivering goods and services to customers. D. Revenues are assets because they represent economic benefits. 6. Purchasing office furniture on account A. increases assets. B. has no effect on liabilities. C. increases owner's equity. D. all of the above. Copyright 2017 Pearson Canada Inc.
Please send to my email add: Mhardzpurple@yahoo.com Name Date Email Add: CHAPTER 1 TEN-MINUTE QUIZ Circle the letter of the best response. 1. The primary objective of financial reporting is to provide information A. In an ethical manner. B. To the professional accounting associations. C. To people outside the company for making decisions. D. Useful to managers in making daily decisions. It is vital that company accountants and their auditors behave in a(n) A. professional B. ethical 2. manner. C. prudent D. elitist 3. Which of the following statements is false? A. The proprietorship form of business organization protects the personal assets of the owners from creditors of the business. B. A proprietorship has a single owner. C. Accounting is the information system that measures business activities, processes that information into reports, and communicates the results to decision makers. D. The Accounting Standards Board sets the rules for how accounting is practised in Canada. Level 2 of the hierarchy of financial-statement concepts, which describes the qualitative characteristics of accounting information, includes: A. Relevance and reliability B. Revenue and expenses C. Comparability and understandability D. Both A and C 4. 5. Which of the following statements is false? A. Liabilities are economic obligations to outsiders. B. Assets are economic resources that are expected to benefit future periods. C. Expenses are decreases in owner's equity that result from delivering goods and services to customers. D. Revenues are assets because they represent economic benefits. 6. Purchasing office furniture on account A. increases assets. B. has no effect on liabilities. C. increases owner's equity. D. all of the above. Copyright 2017 Pearson Canada Inc.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Please send to my email add: Mhardzpurple@yahoo.com
Name
Date
Email Add:
CHAPTER 1
TEN-MINUTE QUIZ
Circle the letter of the best response.
1. The primary objective of financial reporting is to provide information
A. In an ethical manner.
B. To the professional accounting associations.
C. To people outside the company for making decisions.
D. Useful to managers in making daily decisions.
It is vital that company accountants and their auditors behave in a(n)
A. professional
2.
manner.
B. ethical
C. prudent
D. elitist
3. Which of the following statements is false?
A. The proprietorship form of business organization protects the personal assets of the
owners from creditors of the business.
B. A proprietorship has a single owner.
C. Accounting is the information system that measures business activities, processes that
information into reports, and communicates the results to decision makers.
D. The Accounting Standards Board sets the rules for how accounting is practised in
Canada.
4. Level 2 of the hierarchy of financial-statement concepts, which describes the qualitative
characteristics of accounting information, includes:
A. Relevance and reliability
B. Revenue and expenses
C. Comparability and understandability
D. Both A and C
5. Which of the following statements is false?
A. Liabilities are economic obligations to outsiders.
B. Assets are economic resources that are expected to benefit future periods.
C. Expenses are decreases in owner's equity that result from delivering goods and services
to customers.
D. Revenues are assets because they represent economic benefits.
6. Purchasing office furniture on account
A. increases assets.
B. has no effect on liabilities.
C. increases owner's equity.
D. all of the above.
Copyright © 2017 Pearson Canada Inc.
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