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Bookkeeper Practice Test|30 Questions and Answers
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Bookkeeper Practice Test|30 Questions and Answers
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Bookkeeper Practice Test|30Questions and Answers
Laws passed by congress in 1933 and 1934 gave the SEC final say on
matters of financial reporting by publicly owned corporations.
True/False - -True
-Tax planning is any activity associated with the preparation of tax returns
and the audit of those returns.
True/False - -False
-All financial statements submitted to the SEC by publicly owned
corporations must include an auditor's report prepared by
a) an internal auditor
b) the firm's managerial accountant
c) an independent certified public accountant
d) anyone in the accounting department - -c
-Amounts that a business must pay in the future are known as
a) accounts receivable
b) accounts payable
c) capital
d) expenses - -b
-If during the year total assets increased by $75,000 and total liabilities
decreased by $16,000 by how much did the owner's equity increase?
a) $91,000
b) $59,000
c) $75,000 - -a
-When equipment is purchased for cash,
a) assets decrease and expenses increase
b) one asset increases and another asset decreases
c) assets and owner's equity increase
d) assets increase and liabilities decrease - -b
-On a typical chart of accounts, the accounts are arranged in the same order
as they appear in the trial balance.
True/False - -True
-The Income Statement is prepared first because the Net Income amount is
a line item on the Balance Sheet.
True/False - -False
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