Quiz Ch 1-2 (December 2022) - Google Docs

School: The Oxford College Of Education - Course: ACCOUNTING PRINCIPLES - Subject: Accounting

MODULE NAME CODE-BABK-100 - QUIZ 1& 2 Version: 1.0 Testing Policies: 1.Students may ask questions during the quiz. Answers will be limited to only those questions which pertain to interpretation of the exam. 2.Students are not allowed to leave the classroom during an exam. They may do so once the examination session is concluded or once they have submitted the exam. In case of emergencies, the school will interrupt the exam. 3.No time extensions will be given on a test or exam. All tests and exams must be completed within the official time allotted. No additional time will be given for a test or exam if the student is late. 4.Cheating on an assignment, test or exam will not be tolerated. 5. All students and staff are responsible for protecting the academic integrity of the college/school. SECTIONSCORE TOTAL/ Oxford College 2014

TRUE OR FALSE 1.____International Accounting Standards have beencreated to improve comparability of accounting information across countries. 2.____The primary purpose of Generally AcceptedAccounting Principles is to ensure the usefulness of financial information. 3.____"Bookkeeping" is another term for "Accounting". 4.____The balance sheet is also called the statementof financial position because it shows the financial position of the business on a particular date. 5.____Withdrawals represent distributions froma corporation to its owners. 6.____As a rule, revenues should not be recognizedin the accounting records until received in cash. 7.____Unlimited liability is an advantage for botha proprietorship and a partnership. 8.____Non-business organizations often operate educationaland religious services for profit. 9.____Transactions that impact only assets do notrequire the accounting equation to stay in balance. 10.____Social responsibility is concern for the impactof our actions on society as a whole. 11.____Chuck Taylor withdrew $6,000 in cash forhis personal use from his business. This amount should be included as an expense on the income statement. 12.____The underlying concepts that make up acceptableaccounting practices are referred to as generally accepted accounting principles (GAAP). 13.____The accounting equation can be restated asAssets - Equity = Liabilities.