Tentamen (uitwerkingen)

Accounting - Semester 2 - Final Exam Study Guide Questions With Verified Answers

0 keer verkocht

Vak
Accounting

Instelling
Accounting

Accounting - Semester 2 - Final Exam Study Guide Questions With Verified Answers Which of the following refers to a company's moral duty to uphold laws and regulations? - answerEthical Responsibility Which of the following refers to the balance an account is always supposed to have? - answerNo...

[Meer zien]

Voorbeeld 3 van de 26 pagina's

Bekijk voorbeeld

Geupload op 18 november 2024
Aantal pagina's 26
Geschreven in 2024/2025
Type Tentamen (uitwerkingen)
Bevat Vragen en antwoorden

accounting semester 2 final exam study guide q

Volgen

Brightstars Lid sinds 7 maanden 38 documenten verkocht

$12.49

In winkelwagen

Opslaan

100% tevredenheidsgarantie
Direct beschikbaar na je betaling
Lees online óf als PDF
Geen vaste maandelijkse kosten

©BRIGHTSTARS EXAM SOLUTIONS

11/14/2024 12:19 PM

Accounting - Semester 2 - Final Exam Study
Guide Questions With Verified Answers

Which of the following refers to a company's moral duty to uphold laws and regulations? -
answer✔Ethical Responsibility
Which of the following refers to the balance an account is always supposed to have? -
answer✔Normal balance
An expense being reported at the same time as its corresponding revenue is an example of
which of the following principles? - answer✔Matching principle

Which type of business does NOT provide physical goods to a customer? - answer✔Service
business
Which principle states accountants must only record information which can be verified? -
answer✔Reliability principle
Mr. Lewis discovered the mayor of his town was purchasing football tickets with city funds.
Which of the following types of accountant is Mr. Lewis? - answer✔Government accountant
Which of the following statements does NOT describe Generally Accepted Accounting Principles
(GAAP)? - answer✔GAAP is optimal when developing financial reports
Which of the following refers to the time frame when certain accounting transactions occur? -
answer✔Accounting period

Which of the following is NOT an example of an expense? - answer✔Revenue
Which of the following types of accounting produces information for company use and decision
making? - answer✔Management
Which of the following occurs when the amount of money earned is greater than the amount of
money spent? - answer✔Profit

1|Page

, ©BRIGHTSTARS EXAM SOLUTIONS

11/14/2024 12:19 PM

Which of the following would immediately occur if a service business performed a job, but the
customer agreed to pay in one month? - answer✔Accounts receivable would increase
Which of the following terms describes the scenario of a company earning less than the amount
the company spends? - answer✔Loss
Which of the following statements describes how bookkeeping is different from accounting? -
answer✔Bookkeeping is only one part of the accounting process
A company immediately receiving $100 cash for providing a service would record the
transaction by crediting which account? - answer✔Service revenue
Which type of accountant may perform investigations to ensure regulations or taxations are
being followed? - answer✔Government accountant

Which of the following is an example of a stockholder's equity account? - answer✔Retained
earnings

Which of the following describes the Sarbanes-Oxley Act? - answer✔Requires rotation of
corporate auditors
Which of the following accounts would be debited if Babysitter World paid all employees for
their work in April? - answer✔Salaries
Along with retrieving, recording and storing business financial transactions, which of the
following is included in the process of accounting? - answer✔Summarizing
Which of the following account types is closed at the end of the accounting cycle? -
answer✔Temporary accounts
Which type of accounting is used to develop information for outside sources such as investors?
- answer✔Financial accounting

Which of the following is NOT an asset for a clothing store? - answer✔Accounts payable

Which of the following does a debit represent? - answer✔The left side of the accounting
equation
Under which of the following categories would land appear on a balance sheet? -
answer✔Assets
Which of the following financial statements shows how profitable a company is during a certain
accounting period? - answer✔Income statement

2|Page

, ©BRIGHTSTARS EXAM SOLUTIONS

11/14/2024 12:19 PM

Which of the following is the first step of the accounting process? - answer✔Analyze
transactions
Which of the following is a public document which shows a company's assets and liabilities? -
answer✔Balance sheet
Which of the following is an example of a professional accounting certification? -
answer✔Certified Management Accountant
Which of the following accounts would be credited if Babysitter World paid all employees for
their work in April? - answer✔Cash
Which of the following terms refers to people who have interest in a company such as an
investor or an employee? - answer✔Stakeholders

Which of the following is an accounting regulatory agency? - answer✔Securities and Exchange
Commission (SEC)

Which of the following correctly defines the acronym GAAP? - answer✔Generally Accepted
Accounting Principles
Which type of accountant records and analyzes financial information for use within a company?
- answer✔Management accountant

Which of the following helps develop GAAP for review by other bodies? - answer✔Financial
Accounting Standards Board (FASB)
Diamond Threads Alterations received $200 in cash for altering a wedding dress. Which of the
following accounts is credited? - answer✔Service revenue
Which of the following is NOT an example of a company being socially responsible? -
answer✔Warring Railroad Co. paid a local government $1 million to build a railroad through the
oldest zoo in the city
Which type of accountant is able to work with multiple clients in different industries? -
answer✔Public accountant
Which of the following refers to additional costs beyond normal business costs due to an
activity or policy? - answer✔Social cost

Which former auditing company was involved in the Enron scandal? - answer✔Arthur Andersen

3|Page

Dit zijn jouw voordelen als je samenvattingen koopt bij Stuvia:

Bewezen kwaliteit door reviews

Studenten hebben al meer dan 850.000 samenvattingen beoordeeld. Zo weet jij zeker dat je de beste keuze maakt!

In een paar klikken geregeld

Geen gedoe — betaal gewoon eenmalig met iDeal, Bancontact of creditcard en je bent klaar. Geen abonnement nodig.

Focus op de essentie

Studenten maken samenvattingen voor studenten. Dat betekent: actuele inhoud waar jij écht wat aan hebt. Geen overbodige details!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.