Exam (elaborations)
Bookkeeping Certification Questions and Answers 100% Solved
- Course
- Institution
Bookkeeping Certification
[Show more]
Content preview
Bookkeeping CertificationThe review of financial statements to assess their fairness and adherence to GAAP is -
answer auditing
An independent accountant who performs financial audits is a - answer Certified Public
Accountant (CPA)
To become a CPA, an individual - answer must have a certain number of college credits
in accounting courses.
pass the Uniform CPA Examination.
fulfill the experience requirements of the state of practice.
Which of the following is not a service typically provided by a public accounting firms? –
answer Investing services
The entity that has final authority over the financial reporting of publicly owned
corporations is the - answerSecurities and Exchange Commission (SEC).
Which of the following is not a provision of the Sarbanes-Oxley Act? - answer The
Sarbanes-Oxley Act allows accountants from offering a broad range of consulting
services to publicly traded companies that they audit.
The following are all government agencies except - answerAmerican Institute of
Certified Public Accountants (AICPA).
The following are all characteristics of a sole proprietorship except: - answerA sole
proprietorship is legally separate from its owner.
The financial statements submitted by a corporation to the SEC include the auditor's
report. The auditor's report: - answerconfirms that the financial information is prepared
in conformity with generally accepted accounting principles.
The group of accounting educators who perform research to determine the possible
effects on financial reporting and the economy and then offer their opinions about
proposed FASB statements is the - answerAmerican Accounting Association (AAA).
When J. Simmons, the owner, invests in her business, the transaction would be entered
on the - answerright side of the J. Simmons, Capital T account.
, Modern products paid cash to a creditor. To record this transaction, the accountant
would - answerdebit Accounts Payable and credit Cash.
The normal balance of an account is the - answerincrease side of the account.
Which of the following types of accounts normally have debit balances? -
answerExpenses and assets
Which of the following groups contain only accounts that normally have credit balances?
- answerFees Income and John Smith, Capital
Which of the following decreases owner's equity? - answerExpenses
If the trial balance totals are not equal, the error may have been caused by a
transposition if the difference is divisible by - answer9
The three financial statements are linked together because the - answernet income from
the income statement is used on the statement of owner's equity and the ending
balance of the capital account, computed on the statement of owner's equity, is used on
the balance sheet.
Which of the following accounts is not a permanent account? - answerSalaries Expense
The Net Income amount from the Income Statement is used as a line item on which
statement? - answerthe statement of owner's equity
Amounts that a business must pay in the future are known as - answeraccounts payable
The balance sheet is also called - answerthe statement of financial position
When the owner invests cash in a business, - answerassets and owner's equity
increase.
When equipment is purchased on credit, - answerassets and liabilities increase.
When a business sells services on credit - answerassets increase and revenues
increase.
When a business collects an account receivable - answertotal assets do not change.
When the firm pays its utility bill upon receipt of that bill - answerassets decrease and
expenses increase.
When the owner withdraws cash for personal use - answerassets decrease and owner's
equity decreases.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Dreamer252. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now