New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

ACC 280 Final Exam (3rd Set) 42 Questions.doc

by: Topseller Notetaker

ACC 280 Final Exam (3rd Set) 42 Questions.doc PRG211

Marketplace > Ashford University > Computer Programming > PRG211 > ACC 280 Final Exam 3rd Set 42 Questions doc
Topseller Notetaker
GPA 3.9

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

ACC 280 Final Exam (3rd Set) 42 Questions.doc
Study Guide
50 ?




Popular in

Popular in Computer Programming

This 8 page Study Guide was uploaded by Topseller Notetaker on Monday November 16, 2015. The Study Guide belongs to PRG211 at Ashford University taught by in Fall 2015. Since its upload, it has received 35 views. For similar materials see in Computer Programming at Ashford University.

Similar to PRG211 at AU

Popular in Computer Programming


Reviews for ACC 280 Final Exam (3rd Set) 42 Questions.doc


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 11/16/15
ACC 280 Final Exam. P.S. Your questions will be chosen randomly from a large set of questions. Nobody can guarantee that  these questions will cover completely your exam. If I helped you please leave “A” feedback (I need it  very much). Thank you and good luck. 1) Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process?  A.  Analysis B.  Identification C.  Communication                D .           Recording 2) Which list below best describes the major services performed by public accountants?  A.  Cost accounting, production scheduling, recruiting B.  Bookkeeping, mergers, budgets C.  Employee training, auditing, bookkeeping                D .           Auditing, taxation, management consulting 3) Which of the following is an external user of accounting information?  A.  Managers                B .           Labor unions C.  Finance directors D.  Company officers 4) The SEC and FASB are two organizations that are primarily responsible for establishing  generally accepted accounting principles. It is true that  A.  the SEC and FASB rarely cooperate in developing accounting standards. B.  they are both governmental agencies. C.  the SEC is a private organization of accountants.                D .           the SEC often mandates guidelines when no accounting principles exist. 5) Generally accepted accounting principles are  A.  principles that have been proven correct by academic researchers. B.  income tax regulations of the Internal Revenue Service.                C .           standards that indicate how to report economic events. D.  theories that are based on physical laws of the universe. 6) The private sector organization involved in developing accounting principles is the  A.  Financial Auditors' Standards Body. B.  Feasible Accounting Standards Body.                C .           Financial Accounting Studies Board. D.  Financial Accounting Standards Board. 7) All of the financial statements are for a period of time except the  A.  retained earnings.                B .           balance sheet. C.  income statement. D.  statement of cash flows. 8) After a business transaction has been analyzed and entered in the book of original entry, the  next step in the recording process is to transfer the information to  A.  stockholders’ equity.                B .           ledger accounts. C.  the company's bank. D.  financial statements. 9) Auditing is  A.  a part of accounting that involves only recording of economic events. B.  an area of accounting that involves such activities as cost accounting, budgeting, and  accounting information systems.                C .           the examination of financial statements by a CPA in order to express an opinion  on their fairness. D.  conducted by the Securities and Exchange Commission to ensure that registered  financial statements are presented fairly. 10) Posting                 A .           accumulates the effects of journalized transactions in the individual accounts. B.  involves transferring all debits and credits on a journal page to the trial balance. C.  should be performed in account number order. D.  is accomplished by examining ledger accounts and seeing which ones need updating. 11) The dividends account  A.  must show transactions every accounting period.                B .           is increased with debits and decreased with credits. C.  appears on the income statement along with the expenses of the business. D.  is not a proper subdivision of stockholders' equity. 12) An account will have a credit balance if the  A.  first transaction entered was a credit. B.  debits exceed the credits.                C .           credits exceed the debits. D.  last transaction entered was a credit. 13) On June 1, 2008 Leno Inc. buys a copier machine for its business and finances this purchase  with cash and a note. When journalizing this transaction, the company's accountant will                 A .           make a compound entry. B.  make a simple entry. C.  use two journal entries. D.  list the credit entries first, which is proper form for this type of transaction. 14) After journal entries are posted, the reference column  A.  of the general ledger will show journal page numbers. B.  of the general journal will show "Dr" or "Cr". C.  of the general journal will be blank. D.  of the general ledger will show account numbers. 15) On August 13, 2008, Dudbury Enterprises purchased office equipment for $1,000 and office  supplies of $200 on account. Which of the following journal entries is recorded correctly and in  the standard format?  A)  Office Equipment       1,000               Account Payable             1,200    Office Supplies       200       B)  Office Equipment             1,000    Office Supplies       200               Account Payable       1,200       C)  Accounts Payable       1,200               Office Equipment            1,000         Office Supplies             200 D)  Office Equipment       1,000          Office Supplies       200               Accounts Payable            1,200                A .           D B.  C C.  B D.  A 16) An adjusting entry  A.  is always a compound entry.                B .           affects a balance sheet account and an income statement account. C.  affects two income statement accounts. D.  affects two balance sheet accounts. 17) Adjusting entries are required  A.  when revenues are recorded in the period in which they are earned. B.  when expenses are recorded in the period in which they are incurred. C.  when the company's profits are below the budget. D.  because some costs expire with the passage of time and have not yet been journalized. 18) Adjusting entries are required                 A .           every time financial statements are prepared. B.  monthly. C.  quarterly. D.  yearly. 19) An adjusted trial balance  A.  cannot be used to prepare financial statements. B.  is a required financial statement under generally accepted accounting principles. C.  proves the equality of the total debit balances and total credit balances of ledger  accounts after all adjustments have been made. D.  is prepared after the financial statements are completed. 20) If unearned revenues are initially recorded in revenue accounts and have not all been earned  at the end of the accounting period, then failure to make an adjusting entry will cause  A.  revenues to be understated. B.  revenues to be overstated.                C .           accounts receivable to be overstated. D.  liabilities to be overstated. 21) Financial statements are prepared directly from the  A.  ledger. B.  trial balance.                C .           adjusted trial balance. D.  general journal. 22) If the total debit column exceeds the total credit column of the income statement columns on  a worksheet, then the company has  A.  an error because debits do not equal credits.                B .           suffered a net loss for the period. C.  to make an adjusting entry. D.  earned net income for the period. 23) A worksheet is a multiple column form that facilitates the  A.  measurement process.                B .           preparation of financial statements. C.  analysis process. D.  identification of events. 24) Preparing a worksheet involves                 A .           three steps. B.  four steps. C.  five steps. D.  two steps. 25) The net income (or loss) for the period  A.  cannot be found on the worksheet. B.  is found by computing the difference between the income statement columns of the  worksheet. C.  is found by computing the difference between the trial balance totals and the adjusted  trial balance totals.                D .           is found by computing the difference between the income statement credit column  and the balance sheet credit column on the worksheet. 26) Closing entries are made  A.  so that all assets, liabilities, and Stockholders' equity accounts will have zero balances  when the next accounting period starts.                B .           in order to transfer net income (or loss) and dividends to the retained earnings  account. C.  so that financial statements can be prepared. D.  in order to terminate the business as an operating entity. 27) The worksheet does not show  A.  the ending balance in the retained earnings account. B.  the trial balance before adjustments. C.  revenue and expense account balances.                D .           net income or loss for the period. 28) Closing entries  A.  cause the revenue and expense accounts to have zero balances.                B .           summarize the activity in every account. C.  reduce the number of permanent accounts. D.  are prepared before the financial statements. 29) In preparing closing entries  A.  the retained earnings account will be debited if there is net income for the period. B.  the dividends account will be debited.                C .           each expense account will be credited. D.  each revenue account will be credited. 30) Which of the following is a true statement about closing the books of a corporation?                 A .           Revenues and expenses are closed to the Income Summary account. B.  Revenues, expenses, and the dividends account are closed to the Income Summary  account. C.  Only revenues are closed to the Income Summary account. D.  Expenses are closed to the Expense Summary account. 31) Vertical analysis is also known as  A.  perpendicular analysis.                B .           common size analysis. C.  trend analysis. D.  straight­line analysis. 32) Which one of the following is not a tool in financial statement analysis?  A.  Horizontal analysis                B .           Circular analysis C.  Vertical analysis D.  Ratio analysis 33) Horizontal analysis is also called  A.  linear analysis. B.  vertical analysis.                C .           trend analysis. D.  common size analysis. 34) Internal controls are not designed to safeguard assets from                 A .           natural disasters. B.  employee theft. C.  robbery. D.  unauthorized use. 35) Internal control is defined, in part, as a plan that safeguards  A.  all balance sheet accounts.                B .           assets. C.  liabilities. D.  capital stock. 36) Having one person post entries to accounts receivable subsidiary ledger and a different  person post to the Accounts Receivable Control account in the general ledger is an example of  A.  inadequate internal control. B.  duplication of effort. C.  external verification.                D .           segregation of duties. 37) Companies that are subject to, but fail to comply with, the Sarbanes­Oxley Act of 2002  A.  may do so legally by obtaining an exemption. B.  will be automatically dissolved.                C .           may be subject to fines and officer imprisonment. D.  may be forced to sell their foreign subsidiaries. 38) Certified Public Accounting firms which audit public companies are reviewed by:                 A .           The Public Company Accounting Oversight Board B.  The American Institute of Certified Public Auditors C.  The Securities and Exchange Commission D.  The Financial Auditing Standards Board 39) The importance of a good system of internal controls was recognized with the passage of  A.  the Blue Sky Laws. B.  the Securities and Exchange Act of 1994. C.  the Securities and Exchange Act of 1933.                D .           the Sarbanes­Oxley Act of 2002. 40) The principles of internal control include all of the following except  A.  physical, mechanical, and electronic controls. B.  combining of duties.                C .           establishment of responsibility. D.  independent internal verification. 41) An employee authorized to sign checks should not record                 A .           cash disbursement transactions. B.  mail receipts. C.  owner cash contributions. D.  sales transactions. 42) Joe is warehouse custodian and also maintains the accounting record of the inventory held at  the warehouse. An assessment of this situation indicates                 A .           segregation of duties is violated. B.  independent internal verification is violated. C.  documentation procedures are violated. D.  establishment of responsibility is violated.


Buy Material

Are you sure you want to buy this material for

50 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Anthony Lee UC Santa Barbara

"I bought an awesome study guide, which helped me get an A in my Math 34B class this quarter!"

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.