Accounting 002 - Intro Accounting II » Spring 2023 » General Knowledge and Accounting Quiz

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Question #1
Which is the smallest?
A.   7/9
B.   3/4
C.   4/5
D.   2/2
E.   2/3
F.   7/10
Question #2
How did the Romans add the values V, XXIII, II, VII and IX?
A.   It was impossible.
B.   With an abacus.
C.   With pencil and paper.
D.   All of the choices.
E.   With their toes.
F.   It was not important.
Question #3
The month of "October" comes from which number?
A.   12.
B.   7
C.   9
D.   10
E.   All of the choices.
F.   8
Question #4
If an automobile business during a month started with 10 cars in the inventory, bought 14 cars, and ended 4 cars, how many cars did it sell during the month?
A.   Nobody cares.
B.   None of the selections.
C.   12
D.   20
E.   All of the choices (except none).
F.   14
Question #5
Accountants like precision, so how frequent is a "leap year"? (Warning: Don't guess or assume.)
A.   Every 3 years.
B.   Every 5 years.
C.   Every 4 years.
D.   None of the selections.
E.   Every 100 years.
Question #6
From the usual economic point of view, when would you rather have $10,000 in currency?
A.   All of the choices.
B.   Between the two dates of 5 years from now and now--in 2 1/2 years.
C.   Now.
D.   Never, I don't trust myself with money.
E.   I will never have $10,000.
F.   Five years from now.
Question #7
In accounting, and in business, we often use the word "accrue." To accrue means?
A.   To ascertain.
B.   To grow or bring in.
C.   The term is not used.
D.   To pay in cash.
E.   To write-off.
F.   To forgive.
Question #8
How old is the practice of accounting?
A.   Since the release of the International Financial Reporting Standards (IFRS).
B.   Since the founding of the Italian republic,
C.   Since the founding of the Eva Perón Foundation in Argentina.
D.   Since the founding of the American Institute of Certified Public Accountants (AICPA).
E.   Since developed by Professor Woodworm.
F.   Older than trade in the "Silk Road."

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