Accounting Review Questions: Unit 1

22 Responses | Created by DSuthar |
  1. 1

    Which of the following is NOT a characteristic of a corporation:

  2. 2

    Which of the following are all internal users:

  3. 3

    Which one of the sets of accounts only increases on the credit side:

  4. 4

    Income statement...

  5. 5

    Double entry accounting states that...

  6. 6

    Business entity concept states that...

  7. 7

    Which is the sixth step in the accounting cycle?

  8. 8

    Which is the right order of writing assets in balance sheet?

  9. 9

    Which one is right from the following, if building is being bought and partly being paid by cash and the other part is left to be paid after:

  10. 10

    According to the cost principle....

  11. 11

    Sole proprietorship...

  12. 12

    Which statement of Revenue is correct...

  13. 13

    A net income occurs when....

  14. 14

    What is name of the principle that states that each expense related to revenue earned must be recorded in the same accounting period as the revenue it helped to earn

  15. 15

    Unearned revenue is written as...

  16. 16

    Which accounts are affected if the owner receives a bill for an apartment expense to pay by next week...

  17. 17

    Which is possible to be an account number of wages expense?

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