x
Info
x
Warning
x
Danger
 / 
 / 
 / 
MULTIPLE CHOICE 1.Which statement NOT true?  REA resources are:  a.assets b.affected by

Question : MULTIPLE CHOICE 1.Which statement NOT true?  REA resources are:  a.assets b.affected by : 1819515

MULTIPLE CHOICE

1.Which statement is NOT true?  REA resources are: 

a.assets

b.affected by support events

c.scarce

d.under the control of agents

2.The concept of duality means that a REA diagram must consist of:

a.two events, one of them economic the other support

b.two agents, one of them internal and the other external

c.two resources, one increased and the other decreased by the same event

d.none of the above

3.In a REA diagram each economic event is always

a.linked to at least two resource entities

b.linked to two external agents

c.linked to another economic event

d.linked to two internal agents

4.Which of the following are characteristics of economic agents?

a.They participate in economic events, but do not assume control of the resources

b.They are employees of the company whose system is being modeled

c.They participate in economic events, but not in support events

d.All of the above

5.Which of the following is true?

a.REA diagram entities are arranged in constellations by entity class.

b.ER diagrams present a static picture of the underlying business phenomena

c.Events entity  names in REA diagrams are in the verb form

d.All of the above are true statements

6.The ‘R’ in REA stands for

a.ratios

b.relationships

c.resources

d.reserves

7.The ‘E’ in REA stands for

a.events

b.estimates

c.economics

d.entities

8.The ‘A’ in REA stands for

a.assets

b.apportionment

c.allocation

d.agents

9.Which of the following events would be least likely to be modeled in a REA diagram

a.customer inquires

b.posting accounts payable

c.receiving cash

d.sales to a customer

10.All of the following are examples of economic events except

a.receiving raw materials from a supplier

b.checking a customer’s credit prior to processing a sales order

c.disbursing cash for inventories received

d.shipping product to a customer

Solution
5 (1 Ratings )

Solved
Accounting 1 Year Ago 28 Views
This Question has Been Answered!

Related Answers
Unlimited Access Free
Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Instant Access!
Ask an Expert
Our Experts can answer your tough homework and study questions
150233 Accounting Questions Answered!
Post a Question