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ACC 556 Chapter 2 Quiz (100% Score)
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Chapter 2 Quiz

Question 1
Cash and supplies are both classified as current assets.
Question 2
Earnings per share measures the net income earned on each share of
common stock.
Question 3
Net cash provided by operating activities takes into account that a
company must invest in capital expenditures just to maintain its
current level of operations.
Question 4
In order for information to be relevant, it must be reported on a
monthly basis.
Question 5
For accounting purposes, business transactions should be kept
separate from the personal transactions of the stockholders of the
business
Question 6