Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come
to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will
Click it to see your results. Good luck!
Question 11.What accounting principle requires having the ability to rely on documented information to record financial data?
Question 22.What is the formula for the basic accounting equation?
Question 33.Which of the following statements best defines 'cash flow?'
Question 44.What type of accountant must comply with GASB standards?
Question 55.When a criminal case is tried, the stenographer writes down every word of the proceeding. How does the principle of monetary management differ?
Question 66.Why is accounting important to business?
Question 77.What type of accountant deals with the fund system of accounting?
Question 88.What does ALOE stand for?
Question 99.What type of accountant prepares financial statements for public release and consumption?
Question 1010.Which of the following is not an accounting activity?
Question 1111.Which one of the activities is a bookkeeping activity?
Question 1212.What is the accounting formula?
Question 1313.What term refers to when each transaction has two sides: debit and credit?
Question 1414.If a company sells $20,000 of their inventory for $30,000 in cash, how does owners' equity change?
Question 1515.What must balance in a trial balance?
Question 1616.What type of accountant doesn't typically communicate financial information to people or entities outside his organization?
Question 1717.What accounting principle states that people involved in a transaction should not be personally related?
Question 1818.Which of the following are 'assets?'
Question 1919.What are the rules and regulations that must be followed when reporting all financial data?
Question 2020.Which one of the following documents is not utilized in bookkeeping?
Question 2121.Which of the following is NOT a financial statement?
Question 2222.What type of accountant is hired by a company to verify the accuracy of the financial records of a company?
Question 2323.What does the term 'accounting' mean?
Question 2424.Evan owns his own business running a coffee shop in a downtown area. Which principle must he remember that no matter what he does as a business owner, he must keep his personal dealings completely separate transactions?
Question 2525.What is the best explanation of a source document in bookkeeping?
Fundamentals of Accounting Chapter Exam Instructions
Choose your answers to the questions and click 'Next' to see the next question. You can skip questions if you would like and come back
to them later with the "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will
appear. Click it to see your results. You will lose your work if you close or refresh this page. Good luck!