Revision Quizzes 1: Principles of Accounting-T123WSB-9 19:19, 02/02/2023

Revision Quizzes 1
Due Jan 10 at 3:55pm Points 100 Questions 10
Available Jan 10 at 3:30pm - Jan 10 at 3:55pm 25 minutes
Time Limit 20 Minutes Allowed Attempts 2

This quiz was locked Jan 10 at 3:55pm.

Attempt History
Attempt Time Score
LATEST Attempt 1 13 minutes 100 out of 100

Score for this attempt: 100 out of 100

Submitted Jan 10 at 3:47pm
This attempt took 13 minutes.

Question 1 10 / 10 pts

Accounting is an information and measurement system that does all

of the following except:

Identifies business activities.

Records business activities.

Communicates business activities.

Correct! Eliminates the need for interpreting financial data.

https://lms.westernsydney.edu.vn/courses/744/quizzes/10071?headless=1 Trang 1 / 6
Revision Quizzes 1: Principles of Accounting-T123WSB-9 19:19, 02/02/2023

Question 2 10 / 10 pts

On May 31 of the current year, the assets and liabilities of Riser, Inc.
are as follows: Cash $20,500; Accounts Receivable, $7,250;
Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300.
What is the amount of owner's equity as of May 31 of the current
year?

$20,500.

$13,050.

$49,700.

Correct! $31,100.

Question 3 10 / 10 pts

If equity is $300,000 and liabilities are $192,000, then assets equal:

Correct! $492,000.

$192,000.

$300,000.

$108,000.

Question 4 10 / 10 pts

https://lms.westernsydney.edu.vn/courses/744/quizzes/10071?headless=1 Trang 2 / 6
Revision Quizzes 1: Principles of Accounting-T123WSB-9 19:19, 02/02/2023

Creditors' claims on the assets of a company are called:

Expenses.

Correct! Liabilities.

Revenues.

Equity.

Question 5 10 / 10 pts

Assets created by selling goods and services on credit are:

Correct! Accounts receivable.

Accounts payable.

Liabilities.

Expenses.

Question 6 10 / 10 pts

The assets of a company total $700,000; the liabilities, $200,000.

What is the amount of equity?

$200,000.

https://lms.westernsydney.edu.vn/courses/744/quizzes/10071?headless=1 Trang 3 / 6
Revision Quizzes 1: Principles of Accounting-T123WSB-9 19:19, 02/02/2023

Correct!
$500,000.

$700,000.

$900,000.

Question 7 10 / 10 pts

All of the following are external users of accounting information

except:

customers.

Internal Revenue Service.

Correct! human resource managers.

shareholders.

Question 8 10 / 10 pts

The Superior Company acquired a building for $500,000. The

building was appraised at a value of $575,000. The seller had paid
$300,000 for the building 6 years ago. Which accounting principle
would require Superior to record the building on its records at
$500,000?

Going-concern assumption.

https://lms.westernsydney.edu.vn/courses/744/quizzes/10071?headless=1 Trang 4 / 6
Revision Quizzes 1: Principles of Accounting-T123WSB-9 19:19, 02/02/2023

Monetary unit assumption.

Business entity assumption.

Correct! Measurement (Cost. Principle).

Question 9 10 / 10 pts

Decreases in equity from costs of providing products or services to

customers are called:

Equity.

Liabilities.

Withdrawals.

Correct!
Expenses.

Question 10 10 / 10 pts

Revenue is properly recognized:

Only if the transaction creates an account receivable.

At the end of the accounting period.

Correct!
When goods or services are provided to customers and at
the amount expected to be received from the customer.

https://lms.westernsydney.edu.vn/courses/744/quizzes/10071?headless=1 Trang 5 / 6
Revision Quizzes 1: Principles of Accounting-T123WSB-9 19:19, 02/02/2023

When the customer makes an order.

Quiz Score: 100 out of 100

https://lms.westernsydney.edu.vn/courses/744/quizzes/10071?headless=1 Trang 6 / 6