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Fundamentals of Accounting Chapter Exam

Exam Instructions:

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 back to them later with the yellow "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. Good luck!

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Question 1 1. What type of accountant doesn't typically communicate financial information to people or entities outside his organization?

Question 2 2. Which one of the activities is a bookkeeping activity?

Question 3 3. What are the rules and regulations that must be followed when reporting all financial data?

Question 4 4. What type of accountant deals with the fund system of accounting?

Question 5 5. What does ALOE stand for?

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Question 6 6. What type of accountant must comply with GASB standards?

Question 7 7. 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 8 8. Which of the following is not an accounting activity?

Question 9 9. What type of accountant prepares financial statements for public release and consumption?

Question 10 10. What is the formula for the basic accounting equation?

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Question 11 11. What accounting principle requires having the ability to rely on documented information to record financial data?

Question 12 12. What must balance in a trial balance?

Question 13 13. What does the term 'accounting' mean?

Question 14 14. Why is accounting important to business?

Question 15 15. Which one of the following documents is not utilized in bookkeeping?

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Question 16 16. What is the best explanation of a source document in bookkeeping?

Question 17 17. When a criminal case is tried, the stenographer writes down every word of the proceeding. How does the principle of monetary management differ?

Question 18 18. Which of the following is NOT a financial statement?

Question 19 19. What type of accountant is hired by a company to verify the accuracy of the financial records of a company?

Question 20 20. What accounting principle states that people involved in a transaction should not be personally related?

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!

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