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

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

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