TO: vcact00g@csun.edu
Subject: Quiz # 1

 1. The GOAL  of any orgainzation must be to:
 A. Make a profit.
 B. Render some kind of Service.
 C. Satisfy some kind of need.
 D. B and C above.
 E. All of the above.
 F. None of the above.
 ANSWER  IS D           YOUR ANSWER WAS     [1]
 2. For GOALS to be accomplished we must have:
 A. We must have a PLAN.
 B. We must have a METHOD.
 C. We must have a SYSTEM.
 D. We must have the ability to ANALYZE information.
 E. We must have have CONTROLS to determine if we are 
    realizing our goals.
 F. all of the above.
 ANSWER IS  F          YOUR ANSWER WAS     [2]
 3. Accounting may be defined as:
 A. The designing of information systems.
 B. The Analyzing of information.
 C. The reporting of information.
 D. The auditing of information.
 E. all of the above.
 F. none of the above.
 ANSWER IS  E         YOUR ANSWER WAS     [3]
 4. Which of the following is NOT  as ASSET?
 A. INVENTORY
 B. ACCOUNTS RECEIVABLE
 C. SUPPLIES
 D. INCOME
 E. none of the above
 ANSWER IS  D         YOUR ANSWER WAS     [4]
 5 Which of the following is NOT a CURRENT ASSET?
 A. CASH
 B. INVENTORY
 C. EQUIPMENT
 D. ACCOUNTS RECEIVABLE
 E. all of the above
 F. none of the above
 ANSWER IS  C         YOUR ANSWER WAS     [5]
 6 Which of the following is NOT  a NON-CURRENT ASSET?
 A. INVENTORY
 B. EQUIPMENT
 C. BUILDINGS
 D. LAND
 E. none of the above
 F. all of the obove
 ANSWER IS  A         YOUR ANSWER WAS    [6]
 7 Which of the following is NOT a CURRENT LIABILITY?
 A. ACCOUNTS PAYABLE
 B. TAXES PAYABLE
 C. WAGES PAYABLE
 D. MORTGAGE PAYABLE
 E. all of the above
 F. none of the above
 ANSWER IS  D         YOUR ANSWER WAS    [7]
 8 Which of the following statements is correct?
 A. Profits are the results of income less all expenses.
 B. If income is greater than expenses, retained earnings
 will have a net increase.
 C. A change in retained earnings represents a change in owners
 equity.
 D. Expenses decrease owner's equity, where as. income will
 increase owner's equity.
 E. all of the above
 F. none of the above
 ANSWER IS E         YOUR ANSWER WAS    [8]
 9 Which of the following statements is correct?
 A. Depreciation is an expense.
 B. Depreciation is the consumption of an asset.
 C. Depreciation is the cost of an asset (less scrap value)
 spread over the life of the asset.
 D. Depreciation does not represent a cash expenditure.
 E. all of the above.
 F. none of the above.
 ANSWER IS E          YOUR ANSWER WAS   [9]
 10 Which of the following statements is NOT correct?
 A. Cash inflow from operating activities is equal to the net
 net income of the business.
 B. Cash may also be provide by financial activities.
 C. Cash may be provided by additional investment by
  stockholders.
 D. all of the above.
 E. none of the above.
 ANSWER IS A          YOUR ANSWER WAS  [10]