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Accounting Exam 1 Practice questions
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Accounting Exam 1 Practice questions
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KACCOUNTING EXAM 1 PRACTICEQUESTIONS & VERIFIED RATIONALIZED
ANSWERS 100% GUARANTEED PASS
What is a correct form of the Accounting Equation? - Assets - Liabilities = Stockholder's Equity
What financial statement is typically prepared first? - Income Statement
What is the equation for Retained Earnings? - Net Income - Dividends
What financial statement is prepared for just a point in time? - Balance Sheet
What group is known as the "enforcer" in regards to accounting standards for public companies? - SEC
What "PCAOB" stand for? - Public Company Accounting Oversight Board
What was NOT one of the notable changes to the accounting profession as a result of SOX?
a. Established the Committee on Accounting Procedure
b. Required audit partners to rotate every 5 years
c. CEO & CFO sign off on financial statements
d. Established the PCAOB - Established the Committee on Accounting Procedure
When was the AAA established? - 1916
Receiving cash from a previously billed customer would include: - A credit to accounts receivable
, When a company issues common stock to investors, what will occurs? - An increase to the company's
common stock balance
Purchasing inventory on account would include: - A credit to accounts payable
The "Cost of Goods Sold" account shows up in what financial statement? - income statement
What is the "normal balance" for expenses? - Debit
Which of the following is NOT a temporary account?
a. Dividends
b. Rent Expense
c. Cash
d. Service Revenue - c. Cash
Which of the following is a permanent account?
a. Sales revenue
b. prepaid rent
c. cost of goods sold
d. wages expense - prepaid rent
Deferred revenue shows up in what financial statement? - Balance Sheet
Paying for advertising for the current period would include: - A debit to advertising expense
Which of the following is NOT an accounting assumption?
a. Monetary unit
b. Historical Cost
c. going concern
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