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Accounting Test Questions And Answers Already Passed.
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The two main qualities of accounting are - Answer Relevance and reliability The largest organization of professional accountants - Answer AICPA The FASB is responsible for establishing - Answer GAAP The owners interest in the assets of a corporation - Answer Stockholders equity...

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  • October 3, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Accounting Test Questions And
Answers Already Passed.
The two main qualities of accounting are - Answer Relevance and reliability



The largest organization of professional accountants - Answer AICPA



The FASB is responsible for establishing - Answer GAAP



The owners interest in the assets of a corporation - Answer Stockholders equity



Stockholders equity increases as a result of - Answer owner investments, and net income during a
period



The term double entry accounting indicates that the accountant - Answer uses at least two accounts to
record a transaction, two columns to record changes in each account



when a company receives cash for issuing stock - Answer increases assets and increases equity



When a company performs services for a company on account the transaction: - Answer increases
assets and increases revenues



what is not a component of stockholders equity - Answer Accounts Payable



Accounting transactions are originally recorded in the - Answer journal or database



the process of posting in traditional bookkeeping - Answer transferring data from the journal to the
ledger

, the two primary methods used to account for transactions - Answer cash basis and accural basis



An accrual refers to an event that - Answer when an expense or revenue is recorded before the cash
settlement



which account is credited in the adjusting entry to record insurance expired during the current period -
Answer Prepaid insurance



what is not a purpose of internal control - Answer to promote operational inefficiency



Who has the primary responsibility for ensuring internal control - Answer The companies top
management



what should be added to a bank balance in the bank reconciliation - Answer deposits in transit



in merchandising business gross profit is equal to sales revenue minus - Answer cost of goods sold



the perpetual inventory system - Answer provides a continuous record of inventory on hand



under the allowance method for estimating uncollectible accounts the entry to record bad debt expense
- Answer shows a reduction in net income



when a company has a contingent loss and a reasonably possible chance of occurrence the FASB requires
that - Answer it should be reported in the notes of the financial statement



the interest rate that investors demand for loaning their money is called - Answer effective rate of
interest



if a bond is issued at a smaller percentage than the market rate it is a - Answer discount

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