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Question 11.Dan's organization stores their software applications and other information on a group of external computers known as virtual network servers. Employees often refer to this storage space as the _____.
Question 22.In our ever-evolving world there have been many advances that have made accounting processes easier to complete; all of the following are examples of technology that have impacted the accounting industry except
Question 33.The accounts payable role is responsible for:
Question 44.The accounting department is responsible for recording and reporting the _____, both in and out, of a company.
Question 55.What are the entries called that close temporary accounts?
Question 66.Monica reads in the newspaper that in the year ended December 31, 2015, Profit For Two Inc made $1 million profit. Monica wants to confirm for herself that this is really the case. What financial statement of Profit For Two Inc should Monica read to confirm the newspaper report?
Question 77.Which step requires you to prepare financial statements?
Question 88.How many basic accounting principles make up GAAP?
Question 99.The accounts receivable role is responsible for:
Question 1010.What is the name of the first trial balance that must be prepared?
Question 1111.Which company, listed on the New York Stock Exchange would definitely be in breach of the Going Concern Principle?
Question 1212.Which of the following is an example of external users of accounting information?
Question 1313.With accounting software, Bob is able to complete five times as many transactions as he can manually; this supports the explanation of technology as
Question 1414.Djokovic is the Chief Information Officer for InfoTech Inc. Murray is the Chief Lending Officer at the Bank where InfoTech has a large bank loan. Which statement is true for both Djokovic and Murray, in connection with InfoTech?
Question 1515.Michael, the majority shareholder of a company, decided to produce the company's balance sheet whose cash balance included the cash in his own bank account. Would Michael be allowed to do this by GAAP?
Question 1616.Which law was enacted as a direct result of the unethical financial practices of both Enron and Arthur Anderson?
Question 1717.What was the accounting firm that made unethical choices in the Enron scandal?
Question 1818.To maintain proper financial controls, the person that records cash receipts should NOT also _____.
Question 1919.How many steps are in the accounting cycle?
Question 2020.Adam wants to find out the assets and liabilities of a company. Which financial statement should Adam read to find out this information?
Question 2121.Ethics are defined as _____.
Question 2222.Who investigated Arthur Anderson and Enron?
Question 2323._____ and technology go hand in hand.
Question 2424.What statement(s) do external and internal users of accounting information rely on?
Question 2525.Which financial statement is prepared first?
Question 2626.The accounting department prepares financial reports for _____ and _____ users.
Question 2727.Which of the following is an example of how publicly-traded companies can apply the principle of conservatism with their financial statements?
Question 2828.What has technology done to the accounting process?
Question 2929.Bob is the CEO of ABC Hydraulics. Bob is committed to ethical business practices. He ensures that his investors are kept well-informed of the state of the company. As part of his commitment to transparency and ethical practices, he prefers that the top level executives don't see the inner workings of the company's financials so that they aren't tempted to try and defraud the company by embezzling. Is this complying with SOX (Sarbanes-Oxley Act)?
Question 3030.GAAP sets the standards for the creation of what?
Accounting Practices Chapter Exam Instructions
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