10/7/22, 6:42 PM Prelim Quiz 2: Attempt review

Started on Friday, 7 October 2022, 6:37 PM

State Finished
Completed on Friday, 7 October 2022, 6:42 PM
Time taken 4 mins 41 secs
Marks 9.00/10.00
Grade 90.00 out of 100.00

Question 1

Correct

Mark 1.00 out of 1.00

At the end of a financial period, all expense and revenue accounts are closed to a summarizing account.

Select one:
a. Balance Sheet
b. Income Summary
c. Credit Balances
d. Income Statement

Question 2
Correct

Mark 1.00 out of 1.00

Include the cost of goods sold, operating expenses, and non-operating expenses.

Select one:
a. Expenses
b. Revenues
c. Financial Accounting
d. Stockholder's Equity

Question 3
Correct

Mark 1.00 out of 1.00

Presents the changes, which have taken place in owner's equity over the period.

Select one:
a. Accounts Receivable
b. Statement of owner's equity
c. Accounting Cycle
d. Accounts Payable

semestral.amaes.com/2212/mod/quiz/review.php?attempt=93410&cmid=24207 1/4
10/7/22, 6:42 PM Prelim Quiz 2: Attempt review

Question 4

Correct

Mark 1.00 out of 1.00

What are the basic elements of the accounting equation?

Select one:
a. Bookkeeping, balance, income
b. Asset's liabilities, owner's equity
c. No correct answer
d. All of the given choices are correct

Question 5
Correct

Mark 1.00 out of 1.00

Lists the changes in stockholders' equity for the same period as the income statement and the cash flow statement.

Select one:
a. Statement of Cash Flows
b. Statement of Stockholder's Equity
c. Managerial/Management Accounting
d. Financial Accounting

Question 6
Correct

Mark 1.00 out of 1.00

Practice as individuals or as members of an accounting firm and are subject to strict government regulations and requirements, which are
determined by each individual state where a license is granted.

Select one:
a. Income Statement
b. Accounting
c. Balance Sheet
d. Public Accountants

semestral.amaes.com/2212/mod/quiz/review.php?attempt=93410&cmid=24207 2/4
10/7/22, 6:42 PM Prelim Quiz 2: Attempt review

Question 7

Incorrect

Mark 0.00 out of 1.00

Which of these are rules for increasing and decreasing accounts?

Select one:
a. Liability accounts normally have credit balances and are decreased by credits.
b. No correct answer
c. Both of the given choices are correct 
d. Asset accounts normally have debit balances and are increased by debits.

Question 8
Correct

Mark 1.00 out of 1.00

It was established in 1984 to provide standards for state and local governments.

Select one:
a. Statement of Cash Flows
b. Double-entry
c. Government Accounting Standards Board
d. Financial Accounting Standards Board

Question 9
Correct

Mark 1.00 out of 1.00

What are the categories of the accounting professions?

Select one:
a. Both private and public accounting
b. Public accounting
c. No correct answer
d. Private accounting

semestral.amaes.com/2212/mod/quiz/review.php?attempt=93410&cmid=24207 3/4
10/7/22, 6:42 PM Prelim Quiz 2: Attempt review

Question 10

Correct

Mark 1.00 out of 1.00

Represents money owed to the business from customer account sales.

Select one:
a. Accounts Receivable
b. Accounting Cycle
c. Accounts Payable
d. Statement of owner's equity

semestral.amaes.com/2212/mod/quiz/review.php?attempt=93410&cmid=24207 4/4