1. Which of the following is the most appropriate and moderndefinition of accounting?
2. Which of the following groups uses accounting informationprimarily to insure the entity is operating within prescribedrules?
3. Which of the following would not be considered an internal userof accounting data for a company?
4. Stockholders’ equity is increased by
5. The left side of an account is
6. Which one of the following is not a part of an account?
7. The right side of an account
8. The normal balance of any account is the
9. The double-entry system requires that each transaction must berecorded
10. A credit is not the normal balance for which account listedbelow?
11. A credit is not the normal balance for which account listedbelow?
12. Which accounts normally have debit balances?
13. If year one equals $800, year two equals $840, and year threeequals $880, the percentage to be assigned for year three in atrend analysis, assuming that year 1 is the base year, is
14. External users want answers to all of the following questionsexcept
15. Borrowing money is an example of a(n)
16. Debt securities sold to investors that must be repaid at aparticular date some years in the future are called
17. Debt and obligations of a business are referred to as
18. The financial statement that summarizes the changes in retainedearnings for a specific period of time is the
19. To show how successfully your business performed during aperiod of time, you would report its revenues and expense inthe
20. Net income results when
21. Net income will result during a time period when:
22. Retained earnings at the end of the period is equal to
23. Which of the following financial statements is concerned withthe company at a point in time?
24. The retained earnings statement would not show
25. The accounting equation may be expressed as:
26. A balance sheet shows
27. Under the accrual basis of accounting
28. Using accrual accounting, expenses are recorded and reportedonly
29. Which statement is correct?
30. Which one of the following is not a tool in financial statementanalysis?
If year one equals $800, year two equals $840, and year threeequals $880, the percentage to be assigned for year three in atrend analysis, assuming that year 1 is the base year, is
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