Bookkeeping Certification UPDATED ACTUAL Exam Questions and CORRECT Answer
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Course
Bookkeeping
Institution
Bookkeeping
Bookkeeping Certification UPDATED
ACTUAL Exam Questions and CORRECT
Answers
The review of financial statements to assess their fairness and adherence to GAAP is -
CORRECT ANSWER - auditing
An independent accountant who performs financial audits is a - CORRECT ANSWER -
Certified Public Accou...
Bookkeeping Certification UPDATED
ACTUAL Exam Questions and CORRECT
Answers
The review of financial statements to assess their fairness and adherence to GAAP is -
CORRECT ANSWER - auditing
An independent accountant who performs financial audits is a - CORRECT ANSWER -
Certified Public Accountant (CPA)
To become a CPA, an individual - CORRECT 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? -
CORRECT ANSWER - Investing services
The entity that has final authority over the financial reporting of publicly owned corporations is
the - CORRECT ANSWER - Securities and Exchange Commission (SEC).
Which of the following is not a provision of the Sarbanes-Oxley Act? - CORRECT
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 - CORRECT ANSWER - American
Institute of Certified Public Accountants (AICPA).
The following are all characteristics of a sole proprietorship except: - CORRECT
ANSWER - A 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: - CORRECT ANSWER - confirms 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 - CORRECT ANSWER - American Accounting Association (AAA).
When J. Simmons, the owner, invests in her business, the transaction would be entered on the -
CORRECT ANSWER - right side of the J. Simmons, Capital T account.
Modern products paid cash to a creditor. To record this transaction, the accountant would -
CORRECT ANSWER - debit Accounts Payable and credit Cash.
The normal balance of an account is the - CORRECT ANSWER - increase side of the
account.
Which of the following types of accounts normally have debit balances? - CORRECT
ANSWER - Expenses and assets
Which of the following groups contain only accounts that normally have credit balances? -
CORRECT ANSWER - Fees Income and John Smith, Capital
Which of the following decreases owner's equity? - CORRECT ANSWER - Expenses
If the trial balance totals are not equal, the error may have been caused by a transposition if the
difference is divisible by - CORRECT ANSWER -9
The three financial statements are linked together because the - CORRECT ANSWER -
net income from the income statement is used on the statement of owner's equity and the ending
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