1. Which of the following is not a function performed by an accountant?
a. measure economic events in financial terms
b. report economic events in financial statements
c. record economic activities of a business
d. observe events.
2. Which financial statement explains the changes in retained earnings between two dates?
a. balance sheet
b. statement of retained earnings
c. income statement
d. statement of cash flows
3. Which of the following is a category of accountants on a classified balance sheet?
a. Cash
b. Accounts Payable
c. Long-term assets
d. Retained Earnings
4. Of the following principles which one allows a companies to prepare only one set of financial statements.
a. consistency
b. double entry
c. general purpose financial statements
d. business entity