Which of the following kinds of
companies would use a 990 tax form?
Sole
proprietorship
LLC
Non-profit
LLP
CONCEPT
2
Greg is an employee who records and
organizes a company’s transactions.
What is his role?
Accountant
Auditor
Controller
Bookkeeper
CONCEPT
3
Because Mike is only accountable for
the $20,000 he invested in his friend Matt's company, the two have created
which of the following business types?
Limited Liability Partnership
Dual
Proprietor Structure
Limited
Liability Company
Private
Corporation
CONCEPT
4
Instances of fraud and misconduct
caused the government to implement which piece of legislation?
International
Financial Reporting Standards
General
Accepted Accounting Principles
Sarbanes-Oxley Act
Miller-Townsend
Act
CONCEPT
5
Which of the following is
responsible for the creation and governance of accounting standards in the
United States?
Financial Standards Accounting Board (FASB)
Securities
and Exchange Commission (SEC)
Sarbanes-Oxley
Act
Generally
Accepted Accounting Principles (GAAP)
CONCEPT
6
Which of the following is NOT true
of a natural balance?
Each
account group has a natural balance.
An account increase occurs on the opposite side of the account's
natural balance.
Each
account is associated with only one account group.
Each
individual account has a natural balance.
CONCEPT
7
Transferring $12,000 in revenue and
$8,000 in expenses into equity would be performed during which phase of the
accounting cycle?
Close
Journalize
Report
Adjust
CONCEPT
8
In early December, the Snowland
Resort was paid $1,600 by a company to host its holiday party that month.
In addition to receiving the cash, the $1,600 is considered which of the
following?
Revenue
Profit
Expense
Equity
CONCEPT
9
Brian discussing the financial
position of his company with Mike, who is interested in acquiring Brian's
company, is an example of which of the following?
Financial accounting
Managerial
accounting
Investment
accounting
External
accounting
CONCEPT
10
Which image below correctly shows a
general ledger?
- Second option is correct
CONCEPT
11
The bookkeeper for Dr. Mark Scholz,
DVM, informed the veterinarian that the business' revenue for the day was
$18,920.
Which statement below best describes how the bookkeeper would record
this?
$18,920
would be recorded on the credit side of the cash account.
$18,920
would be recorded on the debit side of the owner's equity account.
$18,920
would be recorded on the debit side of the purchases account.
$18,920 would be recorded on the credit side of the revenue
account.
CONCEPT
12
Which of the following is NOT a
permanent account?
Equity
Revenue
Liabilities
Assets
CONCEPT
13
Which of the following is
a responsibility of the FASB?
Overseeing
publicly-traded companies
Developing and controlling the U.S. GAAP.
Investigating
the use of public funds
Developing
rules for security laws
CONCEPT
14
The ____________ provides a
numerical label for each account, so that activity can easily be tracked for a
given account.
Book-Entry
Accounting
Model
Double-Entry
Accounting
Chart of Accounts
CONCEPT
General Journal and General Ledger
15
Which illustration below correctly
shows Jen opening her frozen yogurt store with a monetary investment of $5,000?
- Second option is correct
CONCEPT
16
What is the name of the accounting
system documented in the 15th century by Luca Pacioli?
Managerial
Monetary
unit
Double-entry
Cost
CONCEPT
17
Which of the following is NOT a good
use of a T-account?
Analyzing
a complicated transaction, prior to recording the event in the general journal
Prior
to recording an entry, to see the effect of the debits and credits on each
account
To
make sure the debits and credits in each transaction are equal
Transferring final balances of accounts to the company's
financial records
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