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Question 11.Which of the following pieces of legislation is the result of the Enron scandal?
Question 22.The Committee on Accounting Procedure is part of which organization?
Question 33.Accountants record expenses in the same time period in which they occurred. This is called:
Question 44.While auditing a company, you find that several of its employees are not satisfied with their jobs. You decide not to write this in the report because of which of the following reasons?
Question 55.Who is LEAST likely to use accounting reports for decision making?
Question 66.Where will you find the total amount that is owed to your business by customers?
Question 77.You have invested $30,000 of your money into your company. In what part of the financial statements would you find this information?
Question 88.Which of the following is part of the accounting process?
Question 99.Which type of external user would most commonly use audited financial statements?
Question 1010.Which report in the financial statement would compare the assets to the sum of the liabilities and equity?
Question 1111.Which of the following would be the most significant contribution of technology to accounting?
Question 1212.While creating a disaster plan, AccountInc decides that it needs off-site data storage. Which of the following would they use to store the information?
Question 1313.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 1414.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 1515.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 1616.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 1717.What statement(s) do external and internal users of accounting information rely on?
Question 1818.Adam wants to find out the assets and liabilities of a company. Which financial statement should Adam read to find out this information?
Question 1919.Who investigated Arthur Andersen and Enron?
Question 2020.Ethics are defined as _____.
Question 2121.Which law was enacted as a direct result of the unethical financial practices of both Enron and Arthur Andersen?
Question 2222.Which company, listed on the New York Stock Exchange would definitely be in breach of the Going Concern Principle?
Question 2323.Which of the following is an example of how publicly-traded companies can apply the principle of conservatism with their financial statements?
Question 2424.How many basic accounting principles make up GAAP?
Question 2525.Which of the following is NOT a financial statement?
Question 2626.What is the formula for the basic accounting equation?
Question 2727.Why is accounting important to business?
Question 2828.What has technology done to the accounting process?
Question 2929.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 3030.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 to defraud the company by embezzling. Is this complying with SOX (Sarbanes-Oxley Act)?
Introduction to Accounting Chapter Exam Instructions
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