(1) The accounting guideline that requires financial statement information to be supported by independent, unbiased evidence other than someone’s belief or opinion
is the: Question options: a.Business entity principle. b.Monetary unit principle. c.Going-concern principle. d.Cost principle. (2) Nike had income of $350 million
and average invested assets of $2,000 million. Its ROA is: Question options: a.1.8%. b.35%. c.17.5%. d.5.7%. e.3.5%. (3) Which of the following accounting
principles would require that all goods and services purchased be recorded at cost? Question options: a.Going-concern principle. b.Continuing-concern principle.
c.Cost principle. d.Business entity principle. (4)If assets are $99,000 and liabilities are $32,000, then equity equals: Question options: a.$ 32,000. b.$ 67,000.
c.$ 99,000. d.$131,000. e.$198,000. (5)Marian Mosely is the owner of Mosely Accounting Services. Which accounting principle requires Marian to keep her personal
financial information separate from the financial information of Mosely Accounting Services? Question options: a.Monetary unit principle b.Going-concern principle
c.Cost principle d.Business entity principle (6) The accounting principle that requires accounting information to be based on actual cost and requires assets and
services to be recorded initially at the cash or cash-equivalent amount given in exchange, is the: Question options: a.Accounting equation. b.Cost principle.
c.Going-concern principle. d.Realization principle. eBusiness entity principle. (7) Ethics: Question options: a.Are beliefs that separate right from wrong. b.And
law often coincide. c.Help to prevent conflicts of interest. d.Are critical in accounting. e.All of the above. (8) The financial statement that shows the beginning
balance of owner’s equity; the changes in equity that resulted from new investments by the owner, net income (or net loss), and withdrawals; and the ending
balance, is the: Question options: a.Statement of financial position. b.Statement of cash flows. c.Balance sheet. d.Income statement. e.Statement of owner’s
equity. (9) The principle that requires every business to be accounted for separately and distinctly from its owner or owners is known as the: Question options:
a.Objectivity principle. b.Business entity principle. c.Going-concern principle. d.Revenue recognition principle. e.Cost principle. (10) Net income: Question
options: a.Occurs when revenues exceed expenses. b.Is the same as revenue. c.Equals resources owned or controlled by a company. d.Occurs when expenses exceed
assets. e.Represents assets taken from a company for an owner’s personal use. ________________________________________
is the: Question options: a.Business entity principle. b.Monetary unit principle. c.Going-concern principle. d.Cost principle. (2) Nike had income of $350 million
and average invested assets of $2,000 million. Its ROA is: Question options: a.1.8%. b.35%. c.17.5%. d.5.7%. e.3.5%. (3) Which of the following accounting
principles would require that all goods and services purchased be recorded at cost? Question options: a.Going-concern principle. b.Continuing-concern principle.
c.Cost principle. d.Business entity principle. (4)If assets are $99,000 and liabilities are $32,000, then equity equals: Question options: a.$ 32,000. b.$ 67,000.
c.$ 99,000. d.$131,000. e.$198,000. (5)Marian Mosely is the owner of Mosely Accounting Services. Which accounting principle requires Marian to keep her personal
financial information separate from the financial information of Mosely Accounting Services? Question options: a.Monetary unit principle b.Going-concern principle
c.Cost principle d.Business entity principle (6) The accounting principle that requires accounting information to be based on actual cost and requires assets and
services to be recorded initially at the cash or cash-equivalent amount given in exchange, is the: Question options: a.Accounting equation. b.Cost principle.
c.Going-concern principle. d.Realization principle. eBusiness entity principle. (7) Ethics: Question options: a.Are beliefs that separate right from wrong. b.And
law often coincide. c.Help to prevent conflicts of interest. d.Are critical in accounting. e.All of the above. (8) The financial statement that shows the beginning
balance of owner’s equity; the changes in equity that resulted from new investments by the owner, net income (or net loss), and withdrawals; and the ending
balance, is the: Question options: a.Statement of financial position. b.Statement of cash flows. c.Balance sheet. d.Income statement. e.Statement of owner’s
equity. (9) The principle that requires every business to be accounted for separately and distinctly from its owner or owners is known as the: Question options:
a.Objectivity principle. b.Business entity principle. c.Going-concern principle. d.Revenue recognition principle. e.Cost principle. (10) Net income: Question
options: a.Occurs when revenues exceed expenses. b.Is the same as revenue. c.Equals resources owned or controlled by a company. d.Occurs when expenses exceed
assets. e.Represents assets taken from a company for an owner’s personal use. ________________________________________
