Fundamentals of Accounting 2023 Chapter Test Answers_Fundamentals of Accounting Superstar Erga Answers
Item 1 Quiz
1 Single Choice Question
Funds put in by investors and funds put in by creditors are invested in a business to form the (C) of the business.
A Costs
B Expenses
C Assets
D Liabilities2 Single Choice Questions
The following are accounting elements that reflect the financial position of a business (B).
A Income
B Owners' Equity
C Expenses
D Profit3 Single Choice Question
The following equation is incorrect (B).
A Assets = Liabilities + Owners' Equity = Equity
B Ending Assets = Ending Liabilities + Beginning Owners' Equity
C Ending Assets = Ending Liabilities + Beginning Owners' Equity + Owners' Equity Increased in the Period
D Creditors' Equity + Owners' Equity = Liabilities + Owners' Equity4 Single-Choice Question
The following is correct. (D).
A All manufacturing costs can be charged directly to the cost of products
B Manufacturing costs are period costs
C Natural disaster losses are expenses
D Expenses are manifested as a decrease in a firm's assets or an increase in its liabilities, or both, which ultimately results in a decrease in a firm's owner's equity.5 Single Choice Questions
Of the following items that are part of the owner's equity items is (C).
A Long-term equity investments
B Long-term accounts payable
C Surplus reserves
D Fixed assets6 Single-choice questions
Of the following items, it is (A) the main business income of a business.
A Revenue from the sale of goods
B Revenue from the sale of materials
C Revenue from the transfer of the right to use intangible assets
D Revenue from the leasing of packages.7 Single Choice Questions
Of the following economic operations, (B) will not occur.
A increase in assets and increase in equity
B decrease in assets and increase in equity
C no change in equity and increase or decrease in assets
D no change in assets and increase or decrease in equity.8 Single Choice Questions
Of the following bases, the one that is not an element of an asset is (B).
A Accounts receivable
B Advance receipts
C Bonds
D Patents9 Single Choice Questions
The following operations occurring in a business do not affect its operating profit (D).
A Income from the sale of materials
B Loss on decline in value of inventories
C Income from the price of leased intangible assets
D Net loss on disposal of fixed assets10 Single Choice Questions
Of the following, the one that can cause simultaneous changes in both total assets and total owners' equity is (C).
A actual payment of cash dividends to shareholders in accordance with the approved profit distribution plan
B purchase of a piece of medical equipment for the welfare department of the enterprise
C settlement of debt with cash less than the book value of the debt
D conversion of convertible bonds payable into shares as required11 Single-choice questions
An enterprise should recognize the accounting for an asset based on an actual transaction or events as the basis for accounting recognition, measurement and reporting, truthfully reflect the accounting elements and other relevant information that meet and measurement requirements, to ensure that the accounting information is true and reliable . The content is complete. This reflects the quality requirements of accounting (D).
A Timeliness
B Understandability
C Relevance
D Reliability12 Single Choice Questions
The accounting information provided by an enterprise should help the users of the financial accounting report to make an evaluation of the enterprise's past, present or future situation. Present or future situation to make an evaluation or forecast, which reflects the quality requirements of accounting is (A).
A Relevance
B Reliability
C Understandability
D Comparability13 Multiple Choice Questions
According to the Accounting Standards for Business Enterprises (ASBEs), accounting periods can be categorized into (ABCD).
A Monthly
B Annual
C Semi-Annual
D Quarterly14Multi-Choice Questions
For an industrial enterprise, the income from main business is (ABC).
A Revenue from sale of products
B Revenue from sale of self-made semi-finished products
C Revenue from industrial labor
D Revenue from sale of materials15Multiple Choice Questions
Of the following items, the following items are classified as owner's equity (ABC).