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Which of the following is true of accrual basis accounting and cash basis accounting? A. Accrual accounting records revenue only when it is earned. B. Cash basis accounting records all transactions. C. Accrual accounting is not allowed under GAAP. D. All of the above are true. Answer: A. Accrual accounting records revenue only when it…

Which nation has a communist command economy? a. North Korea b. Cuba c. South Korea d. United States Answer: a. North Korea A communist command economy is a type of economic system in which the state, via central planning, controls the principal levers of the economy which comprises production, distribution and pricing of commodities and…

Which of the following is not an example of a source document that provides evidence of a transaction? a. A cancelled check b. A sales slip c. A trial balance d. A cash register tape Answer: c. A trial balance A source document can be defined as an original report that contains information as proof…

Two clerks sharing the same cash register is a violation of which internal control principle? A. Establish responsibilities. B. Maintain adequate records. C. Insure the assets. D. Bond key employees. E. Apply technological controls. Answer: A. Establish responsibilities. This position is a violation of the principle of assignment of responsibilities in internal control systems; two…

Which statement best describes a mixed market economy? A) Consumer intervention in economic choices is strictly forbidden. B) The government determines economic choices and makes most decisions. C) The decisions made by producers and consumers drive all economic choices. D) Producers and consumers make some economic choices while the government makes others. Answer: D) Producers…

Which domain contains both the plant and animal kingdom? A. Protista B. Archaea C. Eukarya D. Bacteria Answer: C. Eukarya Organisms that possess eukaryotic cells are grouped under the domain Eukarya since these are cells that contain a nucleus enclosed within a membrane and organelles that are also enclosed by membranes. This domain comprises plants,…

Which of these is not one of the facial bones? A) frontal B) maxilla C) vomer D) mandible E) zygomatic Answer: A) frontal The frontal bone is mentioned as an element of the cranial bones, although it is commonly attached to the facial bones list. It forms the forehead and the upper eyelids as well…

Which of the following is an advantage of starting a business? a. lower stress level b. avoidance of unpleasant work tasks c. financial security d. opportunity to gain an understanding of all aspects of a business Answer: d. opportunity to gain an understanding of all aspects of a business Entrepreneurship is an excellent chance for…

Which of the following represents a case in which you are not accelerating? 1) Driving 60 miles per hour around a curve. 2) Going from 0 to 60 miles per hour in 10 seconds. 3) Slamming on the brakes to come to a stop at a stop sign. 4) Driving in a straight line at…

Question:- According to Thomas Hobbes, what is the purpose of government control over citizens? Answer: In the context of political thinking, control as exercised by government over citizens is with a view to bringing order instead of strife as propounded by Thomas Hobbes. According to Hobbes, people in the state of nature are far from…