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accounting
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Questions in this quiz (35)
1what is going concern?
- Amaking sure people are doing there job correctly
- Bassumes that a business will continue to operate
- Cmaking sure all the financial documents are correct
2which account is medical equipment categorized under
- Aassets
- Brevenue
- Ccapitals
3what is the mnemonic to remember debits to the left credits to the right
- ADebbie dreads the accounting exam
- Bchildren really like candy
- Cdrive to the right crash on the left
4what is accrual basis accounting?
- Aassets liabilities are recorded
- Brevenue and expenses are recorded when revenue is earned
- Cwhere debits and credits are the same
5what is a draw/drawings
- Awhere money is taken out of account
- Bwhere an auditor comes and takes money out of account
- Cwithdrawals from personal account made by an owner or partner
6what is a proprietorship?
- Aa business that is owned by one person
- Ba business where there are multiple owners
- Ca non-profit organization
7what is a non-profit organization?
- Aa business that doesn't make a profit
- Ba business owned by one person
- Ca business owned by multiple people
8mnemonic to remember debits
- Adrive on the left
- BDebbie dreaded accounting exams
- CDebbie dislikes apples and elbows
9mnemonic to remember credits
- Achildren really love Carmel
- Bchildren really loves cars
- Cchildren really like candy
10the 3 components of accounting
- Aidentifying, recording and communicating
- Bdebits, credits, and revenue
- Ccredits, liabilities, and capitals
11what is the cost principle?
- Athe rounded amount you owe someone
- Bassets, liabilities, and equity investments that must be listed at their original cost.
- Cthe original bill
12what is the difference between short-term and long-term liability
- Ashort -term where someone is hired only for a short while. long-term where someone is hired for a long period of time
- Bshort term can be paid back within a year. long term liability that would take more than a year to pay
- Cshort-term where someone is on short probation.the long term where someone has to go on a longer probation
13what is the definition of relevance, reliability, and consistency
- Afinancial information must be relevant, reliable, and consistent to be useful to its stakeholders
- Ba good worker that knows what there doing.
- Ca company where they are keeping everything in o rder
14what is a monetary assumption?
- Awhere someone just assumes your filling out the bookwork correctly
- Bmeasuring money, money has to be of a stable currency
- Ca school in west virgina
15what is the basic accounting equation?
- A+=g5-g3
- Bassets=liabilities+owners equity
- Cdebits - credits = liabilities
16are moas generally responsible for full-cycle bookkeeping duties?
- Ayes fully responsible
- Bonly part responsible
- Cno
17what is revenue
- Aincome generated from business activites
- Bincome from investments
- Cmoney owed from the company
18examples of an asset
- Ainvestments , accounts payable, money owed from company
- Bbank accounts, accounts receivable, medical equipment and furniture
- Call of the above
19reasons to count petty cash at the start and end of your shift
- Ato make sure it balances, if accused of stealing
- Bto make sure someone didn't steal the money
- Cso you can take the money out at the end of shift
20what does "on account" mean
- Apartial payment of an amount owed
- Bwhere the information shows on the account information
- Cwhere everything is entered properly on the account
21what are accounts payable?
- Awhere the money of the company stays in their bank account
- Bmoney owed from a business to its creditors
22differences between expenses and liabilities
- Aexpenses = cost of a business to operate and generate revenue liabilities= debts a business owes
- Bexpenses are money your making liabilities are money you loose
23in what forms can an owner invest in their business?
- Afurniture, property new equipment
- Bemployees
- Cmaking it non-profit
24who do companies owe hst and ei monies to?
- Agovernment
- Bcorporate
- Cmanager
25what is the purpose in tracking all revenue if all money ends up in the corporate bank account anyway?
- Ato itemize where all the revenue is coming from. when there is a problem
- Bthere is no reason
- Cinventory reasons
26what are some best collection practices?
- Atake money when it comes, payment at times of service
- Bhaving people mail you a cheque
- Chave people call in with credit card numbers
27when you give a patient a receipt what is the document called in accounting terms?
- Aaccounts recievable reciept
- Bpetty cash
- Cdebit
28what type of agreement is a purchase order (in accounting terms)?
- Aaccounts receivable
- Baccounts payable
- Ccredit
29what is the only thing we document in accounting?
- Aletters
- Bpaperwork
- Cmoney
30can the performance of a great employee or a new promising product be accounted for in financial statements?
- Asometimes
- Byes it can
- Cno, it can't
31what types of documentation must you keep access to the accounting department anytime they should need them?
- Arevenue books
- Ball financial documentation
- Cpetty cash records
32how do you collect money? what is your first step in collecting from a patient?
- Awrite a receipt
- Btell them the amount
- Ctell them to wait in the waiting room
33procedure in the event of theft?
- Atell supervisor
- Brun away
- Ctake them down
34debits and credits are a part of double-entry accounting. which type of software uses double-entry accounting?
- Aaccounting software
- Bexcel
- Cword
35what category does unearned income go into?
- Arevenue
- Bliabilities
- Cassets
Information
- Description
- Quiz on accounting, created by Melissa Tomlin on 17/12/2020.
- Author
- Melissa Tomlin
- Language
- English
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