Edexcel A Level Accounting Self
Assessment Questions Ch. 1-5 with
100% Correct Answers
A non-profit organization such as a school does not prepare
reports for external users. - Answer>>False
The quality that assumes that information is reasonably free from
error is - Answer>>idk
Financial accounting involves reporting financial information to -
Answer>>a. external users.
In a proprietorship, - Answer>>There is no legal distinction
between the business and its owner.
b. There is a distinction between the business and its owner for
accounting purposes
The SEC is the rule-making body for generally accepted
accounting principles. - Answer>>False
Managerial accounting is involved in - Answer>>Internal reports
Academic accountants are members of which of the following
associations? - Answer>>AAA
Elvon Incorporated is a large multinational corporation located in
the US. Elvon presents its financial statements in US dollars. This
is an example of - Answer>>Financial Accounting
Stapling Incorporated projects sales revenues will exceed $100
million next year. This is an example of - Answer>>Managerial
Accounting
, Presenting an asset in the balance sheet at its historical cost less
accumulated depreciation is an example of - Answer>>Financial
Accounting
Prepaid items have already been converted to cash and therefore
are the most liquid items in the current assets portion of the
balance sheet. - Answer>>False
The financial position at the end of a period is reflected on the -
Answer>>Balance Sheet
Which of the following is a liability?Select one:
a. Cash
b. Accounts Receivable
c. Inventory
d. None of the above - Answer>>None of the above
The retained earnings account is a part of which of the following
accounts? - Answer>>a. Owners' equity
Dividends are distributions of profits to the owners of a
corporation, and therefore represent an expense to the firm. -
Answer>>False
Current assets are properly listed in order of liquidity on a balance
sheet as shown in the following example: Cash, Accounts
Receivable, Prepaid Insurance, Inventory - Answer>>False
The balance maintained in a checking account (also called a
demand deposit or D.D.A. account) is considered a part of a
company's cash account. - Answer>>True
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