Topics: Bookkeeping, Double-entry bookkeeping system, Income statement Pages: 3 (674 words) Published: April 12, 2012
AC 201 Principles of Accounting I Name__________Elizabeth Crabtree___ Park UniversityVersion A Exam 1A- Chapters 1-3 Multiple Choice Questions ( 2 points each) Select the ONE, BEST Answer 1.|External users of accounting information include: A.|Shareholders.|B.|Customers.|C.|Creditors.|D.|Government regulators.|E.|All of the above.||

2.|Accounting certifications include the: A.|Certified Public Accountant.|B.|Certified Management Accountant.|C.|Certified Internal Auditor.|D.|Chartered Financial Analyst.|E.|All of the above.||

3.|The major activities of a business include: A.|Operating.|B.|Financing.|C.|Investing.|D.|All of the above.||
4.|The accounting process begins with: A.|Analysis of business transactions and events.|B.|Preparing financial statements and other reports.|C.|Summarizing the recorded effect of business transactions.|D.|Presentation of financial information to decision-makers.|E.|Preparation of the trial balance.||

5.|A debit is: A.|An increase in an account.|B.|The right-hand side of a T-account.|C.|A decrease in an account.|D.|The left-hand side of a T-account.|E.|An increase to a liability account.||
6.|Of the following accounts, the one that normally has a credit balance is: A.|Cash.|B.|Office Equipment.|C.|Sales Salaries Payable.|D.|Owner, Withdrawals.|E.|Sales Salaries Expense.||
7.|A balance column ledger account is: A.|An account entered on the balance sheet.|B.|An account with debit and credit columns for posting entries and another column for showing the balance of the account after each entry is posted.|C.|Another name for the withdrawals account.|D.|An account used to record the transfers of assets from a business to its owner.|E.|A simple form of account that is widely used in accounting to illustrate the debits and credits...
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