ACC 280 Final Exam (6th Set) 30 Questions.docx
ACC 280 Final Exam (6th Set) 30 Questions.docx PRG211
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Date Created: 11/16/15
ACC 280 Final Exam PS 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 909 s epp les mpp vsv 9995quot 969 s 903939 Accountants refer to an economic event as a purchase sale transaction change in ownership The use of computers in recording business events has made the recording process more efficient does not use the same principles as manual accounting systems has greatly impacted the identification stage of the accounting process is economical only for large businesses Which of the following is an external user of accounting information Labor union Finance directors Company officers Managers The origins of accounting are generally attributed to the work of Christopher Columbus Abner Doubleday Luca Pacioli Leonardo da Vinci Generally accepted accounting principles are income tax regulations of the Internal Revenue Service standards Mt indicate how to report economic events theories that are based on physical laws of the universe principles that have been proven correct by academic researchers Which one of the following is not a part of an account Credit side Trial balance Debit side Title Credits decrease both assets and liabilities decrease assets and increase liabilities increase both assets and liabilities increase assets and decrease liabilities 90393 A debit to an asset account indicates an error a credit was made to a liability account a decrease in the asset an increase in the asset 9199 The normal balance of any account is the left side right side side which increases that account side which decreases that account 99693 10 The doubleentry system requires that each transaction must be recorded in at least two different accounti in two sets of books in a journal and in a ledger first as a revenue and then as an expense 999 s 11 An accounting time period that is one year in length but does not begin on January 1 is referred to as a a fiscal year b an interim period c the time period assumption 1 a reporting period 12 Management usually desires financial statements and the IRS requires all businesses to file tax returns a annual annual b monthlv annuzl c quarterly monthly 1 monthly monthly 13 Which of the following time periods would not be referred to as an interim period a Monthly b Quarterly c Semiannually d Annually 14 Which of the following are in accordance with generally accepted accounting principles a Accrual basis accounting b Cash basis accounting 0 Both accrual basis and cash basis accounting 1 Neither accrual basis nor cash basis accounting 15 The matching principle states that expenses should be matched with revenues Another way of stating the principle is to say that a assets should be matched with liabilities efforts should be matched with accomplishments dividends to stockholders should be matched with stockholders39 investments cash payments should be matched with cash receipts 905 16 The information for preparing a trial balance on a worksheet is obtained from a financial statements b general ledger accounti 0 general journal entries 1 business documents 17 Closing entries are necessary for a permanent accounts only b temporary accounts only 0 both permanent and temporary accounts 1 permanent or real accounts only 18 A postclosing trial balance will show a only permanent account bailnces b only temporary account balances 0 zero balances for all accounts 1 the amount of net income or loss for the period 19 The step in the accounting cycle that is performed on a periodic basis ie monthly quarterly is a analyzing transactions b journalizing and posting adiusting entries 0 preparing a postclosing trial balance d posting to ledger accounts 20 A current asset is a the last asset purchased by a business b an asset which is currently being used to produce a product or service c usually found as a separate classification in the income statement 1 an asset that a company expects to convert to cash or use up within one veaL 21 The standards and rules that are recognized as a general guide for nancial reporting are called a generally accepted accounting standards b generally accepted accounting principles c operating guidelines d standards of financial reporting 22 quotGenerally acceptedquot in the phrase generally accepted accounting principles means that the principles a are proven theories of accounting b hgve substantial authoritative support c have been approved by the Internal Revenue Service d have been approved for use by the managements of business firms 23 The conceptual framework developed by the Financial Accounting Standards Board a was approved by a vote of all accountants b are rules that all accountants must follow c is viewed as providing a constitution for setting accounting standards for nancial reporting d is legally binding on all accountants 24 Accounting principles must be a proven and tested b hypothesized and theorized c deve10ped or decreed d universally accepted 25 FASB has had the responsibility for developing accounting principles since the early a 1900s b 1920s c 1940s 1 1970s 26 Which one of the following is primarily interested in the liquidity of a company a Federal government b Stockholders 0 Longterm creditors d Shortterm creditors 27 Which one of the following is not a characteristic generally evaluated in analyzing financial statements a Liquidity b Profitability c Marketabilitv d Solvency 28 In analyzing the financial statements of a company a single item on the financial statements a should be reported in boldface type is more meaningful if compared to other financial information is significant only if it is large should be accompanied by a footnote 90 29 Shortterm creditors are usually most interested in evaluating a solvency b liquiditv c marketability d profitability 30 Longterm creditors are usually most interested in evaluating a liquidity and solvency b solvency and marketability c liquidity and profitability d profitability and solvencv
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