Updated: Jun 23, 2026
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1. A __________ is a day-by-day, or chronological, record of transactions.
A) Ledger
B) Journal
C) Checkbook
D) Asset
2. "Anticipate possible losses and omit potential profits", this results in:
A) Bearing accounting
B) Symmetrical accounting
C) Playing accounting
D) Asymmetrical accounting
3. Employees with the authority to grant discounts in order to skim revenues may use which authority?
A) Recording a discount on sale procedure
B) False discounts
C) None of the above
D) Internal discount sales audits
4. By what accountant means that the financial figures presented by the company are at least as much as reflected in the statements, if not more.
A) Misappropriations
B) Matching
C) Fraudulent statement
D) Conservatism
5. The difference between assets and liabilities is called:
A) Equity
B) Revenue
C) Income statement
D) Expense
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: A |
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