0item(s), Subtotal:  $ 0

Loading

slogan

Accounting for Non-Accountants Quiz 2

1. Consistency is when two or more accounting practices appear to be equally suitable to the transaction under consideration.

True
False

 

2. The going concern principle assumes that a company will continue in business into the future.

True
False

 

3. What is the professional organization that has the responsibility to set the ethics regulations for the accounting profession, and for writing and grading the Uniform Certified Public Accountant Examination?

Securities and Exchange Commission (SEC)
Financial Accounting Standards Board (FASB)
Generally Accepted Accounting Principles (GAAP)
American Institute of Certified Public Accountants (AICPA)

 

4. Which organization sets the accounting standards to be followed for the preparation of financial statements?

Securities and Exchange Commission (SEC)
Financial Accounting Standards Board (FASB)
Generally Accepted Accounting Principles (GAAP)
American Institute of Certified Public Accountants (AICPA)

 


Answers

Use the answers below to figure out your score, and see how well you understand the material of the first chapter. If you scored less than an 80% you should read over the chapter again before moving on.

Question 1: True
Question 2: True
Question 3: AICPA
Question 4: FASB

logo-2

1935 Brookdale Road | Suite 139
Naperville, IL 60563
(800) 432-7444 or 800-43Bright (toll-free)
(630) 961-3900 (phone)
(630) 961-2168 (fax)

sign up to receive sourcebooks newsletters