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Basics of Accounting Final Exam

Free Practice Test Instructions:

Choose your answer to the question and click 'Continue' to see how you did. Then click 'Next Question' to answer the next question. When you have completed the free practice test, click 'View Results' to see your results. Good luck!

Question 1 1. What accounting principle requires having the ability to rely on documented information to record financial data?

Question 2 2. Which of the following is not an accounting activity?

Question 3 3. How many steps are in the accounting cycle?

Question 4 4. What has technology done to the accounting process?

Question 5 5. What is the name of the first trial balance that must be prepared?

Question 6 6. Which of the following is NOT a financial statement?

Question 7 7. What statement(s) do external and internal users of accounting information rely on?

Question 8 8. _____ and technology go hand in hand.

Question 9 9. 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 10 10. What is the best explanation of a source document in bookkeeping?

Question 11 11. What type of accountant must comply with GASB standards?

Question 12 12. Adam wants to find out the assets and liabilities of a company. Which financial statement should Adam read to find out this information?

Question 13 13. Which financial statement is prepared first?

Question 14 14. What does ALOE stand for?

Question 15 15. Which of the following is an example of how publicly-traded companies can apply the principle of conservatism with their financial statements?

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Basics of Accounting Final Free Practice Test Instructions

Choose your answer to the question and click 'Continue' to see how you did. Then click 'Next Question' to answer the next question. When you have completed the free practice test, click 'View Results' to see your results. Good luck!

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