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

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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...

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©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

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, ©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

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, ©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

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