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Question 11.What accounting principle requires having the ability to rely on documented information to record financial data?
Question 22.Which of the following is not an accounting activity?
Question 33.How many steps are in the accounting cycle?
Question 44.What has technology done to the accounting process?
Question 55.What is the name of the first trial balance that must be prepared?
Question 66.Which of the following is NOT a financial statement?
Question 77.What statement(s) do external and internal users of accounting information rely on?
Question 88._____ and technology go hand in hand.
Question 99.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 1010.What is the best explanation of a source document in bookkeeping?
Question 1111.What type of accountant must comply with GASB standards?
Question 1212.Adam wants to find out the assets and liabilities of a company. Which financial statement should Adam read to find out this information?
Question 1313.Which financial statement is prepared first?
Question 1414.What does ALOE stand for?
Question 1515.Which of the following is an example of how publicly-traded companies can apply the principle of conservatism with their financial statements?
Question 1616.Which one of the activities is a bookkeeping activity?
Question 1717.How many basic accounting principles make up GAAP?
Question 1818.Which company, listed on the New York Stock Exchange would definitely be in breach of the Going Concern Principle?
Question 1919.What does the term 'accounting' mean?
Question 2020.Which law was enacted as a direct result of the unethical financial practices of both Enron and Arthur Andersen?
Question 2121.What type of accountant prepares financial statements for public release and consumption?
Question 2222.Ethics are defined as _____.
Question 2323.Why is accounting important to business?
Question 2424.What accounting principle states that people involved in a transaction should not be personally related?
Question 2525.What type of accountant doesn't typically communicate financial information to people or entities outside his organization?
Question 2626.What was the accounting firm that made unethical choices in the Enron scandal?
Question 2727.What are the entries called that close temporary accounts?
Question 2828.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 2929.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 3030.GAAP sets the standards for the creation of what?
Question 3131.What type of accountant deals with the fund system of accounting?
Question 3232.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)?
Question 3333.What must balance in a trial balance?
Question 3434.When a criminal case is tried, the stenographer writes down every word of the proceeding. How does the principle of monetary management differ?
Question 3535.Which of the following is an example of external users of accounting information?
Question 3636.Which one of the following documents is not utilized in bookkeeping?
Question 3737.What type of accountant is hired by a company to verify the accuracy of the financial records of a company?
Question 3838.Who investigated Arthur Andersen and Enron?
Question 3939.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 4040.What is the formula for the basic accounting equation?
Question 4141.What are the rules and regulations that must be followed when reporting all financial data?
Question 4242.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 4343.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 4444.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 4545.Which step requires you to prepare financial statements?
Basics of Accounting Final Exam Instructions
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