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Question 11.What statement(s) do external and internal users of accounting information rely on?
Question 22.What has technology done to the accounting process?
Question 33.Which company, listed on the New York Stock Exchange would definitely be in breach of the Going Concern Principle?
Question 44.Who investigated Arthur Andersen and Enron?
Question 55.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 66.Adam wants to find out the assets and liabilities of a company. Which financial statement should Adam read to find out this information?
Question 77.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 88.What was the accounting firm that made unethical choices in the Enron scandal?
Question 99.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 1010.Which financial statement is prepared first?
Question 1111.Which of the following is an example of how publicly-traded companies can apply the principle of conservatism with their financial statements?
Question 1212._____ and technology go hand in hand.
Question 1313.What is the name of the first trial balance that must be prepared?
Question 1414.What are the entries called that close temporary accounts?
Question 1515.Which step requires you to prepare financial statements?
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.How many basic accounting principles make up GAAP?
Question 1818.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 1919.How many steps are in the accounting cycle?
Question 2020.Which of the following is an example of external users of accounting information?
Question 2121.Ethics are defined as _____.
Question 2222.GAAP sets the standards for the creation of what?
Question 2323.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 2424.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 2525.Which law was enacted as a direct result of the unethical financial practices of both Enron and Arthur Andersen?
Accounting Practices Chapter Exam Instructions
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