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FSU - ACG 2021 - ACG 2021 - Exam 2 Study Guide - Study Guide

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FSU - ACG 2021 - ACG 2021 - Exam 2 Study Guide - Study Guide

School: Florida State University
Department: Accounting
Course: Financial Accounting
Professor: Ronald Pierno
Term: Summer 2015
Tags:
Name: ACG 2021 - Exam 2 Study Guide
Description: This exam covers chapters 1 - 5
Uploaded: 02/18/2018
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background image ACG 2021 – Exam 1 Study Guide (this exam covers chapters 1­5) 1. Which of these is not an advantage of a proprietorship  a. Simple to establish
b. Tax advantages
c. Owner control
d. Limited liability
2. All of the following are external users of a company’s accounting information, except a. Banks
b. Investors
c. Management 
d. All of these are external users
3. The Sarbanes­Oxley Act was created to discourage accounting scandals. The effects  include all except a. Top management has to sign off/certify the accuracy of financial information b. Penalties on fraud increased
c. Independence of auditors increased
d. All of these are effects of the Sarbanes­Oxley Act
4. What is the best opinion an auditor can give? a. Qualified
b. Unqualified
c. Disclaimer
d. Adverse 5.  Which of the following is a financing activity? a. Borrowing b. Issuing shared
c. Neither is a financing activity
d. They are both financing activities
6. Which is not a fundamental quality of useful accounting information? a. Relevance b. Faithful representation 
c. Neutrality
d. Verifiability 
7. Which financial statement equation is used in transactions to maintain equality on both  sides?
background image a. Income: Revenues – Expenses = Net Income
b. Balance Sheet: Assets = Liabilities + Stockholders’ Equity
c. Retained Earnings: Beginning RE + Net Income – Dividends = Ending RE
d. None of these are used
8. Debits do not have to equal credits. a. True 
b. False
9.  Which of the following are not classified as property? a. Prepaid insurance
b. A delivery truck
c. Land
d. All of these are property
10. Debits are _______, and credits are _______. a. Left; right
b. Right: left
c. Up; down
d. Down; up
11. Paying dividends is classified as a(n) a. Operating activity
b. Investing activity
c. Financing activity
d. Journalized activity
12. A list of a company’s accounts is a journal. a. True 
b. False 
13. The revenue recognition principle is where  a. Revenue is recognized when the money is transferred
b. Revenue is recognized when a service is preformed
c. Neither of these is correct
14. ______ based accounting is most accepted by GAAP (generally accepted accounting  principles). a. Accrual
b. Cash
c. Revenue
d. Expense
15. Accrual accounting is broken up into two categories: deferrals and accruals.

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School: Florida State University
Department: Accounting
Course: Financial Accounting
Professor: Ronald Pierno
Term: Summer 2015
Tags:
Name: ACG 2021 - Exam 2 Study Guide
Description: This exam covers chapters 1 - 5
Uploaded: 02/18/2018
5 Pages 39 Views 31 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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