Exam (elaborations)

C213 Accounting Review Questions & Answers

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C213 Accounting

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C213 Accounting

C213 Accounting Review Questions & Answers 1. What is IASB? a. International Accounting Standards Board (based in London). 2. What does the IASB do? a. Create and regulate the accounting rules around the world (except US). 3. Who creates and regulates the accounting rules for the US? a. Fin...

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lomoarcpsd c213 accounting review questio

Institution C213 Accounting
Course C213 Accounting

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C213 Accounting Review Questions & Answers

1. What is IASB?

a. International Accounting Standards Board (based in London).

2. What does the IASB do?

a. Create and regulate the accounting rules around the world

(except US).

3. Who creates and regulates the accounting rules for the US?

a. Financial Accounting Standards Board (FASB) *(based in NY)

4. How does management accounting differ from financial accounting?

a. Management accounting is used primarily for internal planning,

control, and evaluation.

5. What is the SEC?

a. Securities and Exchange Commission

6. What does the SEC do?

a. Ensures financial (external) statement users are provided with

reliable information

b. U.S government agency

c. Legal authority to set financial accounting rules

7. What is the AICPA?

a. American Institute of Certified Public Accountants

8. What is a CPA?

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a. Certified Public Accountant

9. What can ONLY a CPA do?

a. Sign audit report

10. What is SOX?

a. Sarbanes – Oxley Act

11. What is PCAOB?

a. Public Company Accounting Oversight Board

12. What does the PCAOB do?

a. Inspections, Investigations, Government standard for audits;

Under the SEC, it appoints members and approves actions.

13. What does management accounting provide?

a. The insight that management needs so that the business can

perform more effectively.

b. The detailed data that managers need to make decisions that will

give the business a competitive edge.

14. Which of the following is NOT one of the three primary financial

statements?

a. Statement of Retained Earnings

15. Which of the following financial statements reports a company’s

resources, obligations, and owner’s equity?

a. Balance Sheet

16. Which of the following financial statements reports the excess of

a company’s revenues over its expense?

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a. Statement of Cash Flows c. Statement of Retained

Earnings

b. Income Statement d. Balance Sheet

17. Which of the following financial statements reports the amount

of cash collected and paid out by a company?

a. Statement of Cash Flows c. Statement of Retained

Earnings

b. Income Statement d. Balance Sheet

18. What is GAAP?

a. Generally Accepted Accounting Principles

19. A corporation has total liabilities of $300 million, total owner’s

equity of $100 million, and current assets of $50 million. What is the

value of long – term assets?

a. $350 million

20. Which term is defined as the residual interest in the net assets

of a company?

a. Owner’s Equity

21. What two items of information are revealed on the balance

sheet? (Choose 2).

a. Ownership & Debt

22. Which account is seen on the balance sheet of a manufacturing

company but not on a balance sheet of a service – oriented company?

a. Inventory

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23. What is a cost that will change in the future based upon the

decision made?

a. Differential Cost

24. Which two examples are period costs?

a. Administrative Expenses

b. Selling Expenses

25. A company manufactures custom – built wooden bookshelves.

Which two costs would company classify as period costs?

a. Salary Cost of Receptionist

b. Advertising Cost

26. What role do ethical standards have in management accounting?

a. To guide the resolution to possible ethical dilemmas that the

managerial accountant may encounter.

27. Which two costs are included when calculating inventory costs?

a. Direct Labor

b. Overhead

28. The organization that develops worldwide accounting standards

is the:

a. International Accounting Standards Board (IASB).

29. Standards established by the International Accounting Standards

Board are referred to as:

a. International Financial Reporting Standards

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