Question 1

Private accountants are accountants who are not employees of business enterprises.

Accepted Answer

A) True 
 B)False

Question 2

Which list below best describes the major services performed by public accountants?

Accepted Answer

A) Bookkeeping, mergers, budgets. 
B) Employee training, auditing, bookkeeping. 
C) Auditing, taxation, management consulting. 
D) Cost accounting, production scheduling, recruiting. 
A) Bookkeeping, mergers, budgets. 
B) Employee training, auditing, bookkeeping. 
C) Auditing, taxation, management consulting. 
D) Cost accounting, production scheduling, recruiting.

Question 3

Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process?

Accepted Answer

A) Identification. 
B) Communication. 
C) Recording. 
D) Analysis. 
A) Identification. 
B) Communication. 
C) Recording. 
D) Analysis.

Question 4

The monetary unit assumption requires that all dollar amounts be rounded to the nearest dollar.

Accepted Answer

A) True 
 B)False

Question 5

IFRS, compared to GAAP, tends to be more

Accepted Answer

A) detailed. 
B) rules-based. 
C) principles-based. 
D) full of disclosure requirements. 
A) detailed. 
B) rules-based. 
C) principles-based. 
D) full of disclosure requirements.

Question 6

The study of accounting will be useful only if a student is interested in working for a profit-oriented business firm.

Accepted Answer

A) True 
 B)False

Question 7

At October 1, Arcade Fire Enterprises reported stockholders' equity of $70,000. During October, no stock was issued and the company earned net income of $18,000. If stockholders' equity at October 31 totals $78,000, what amount of dividends were paid during the month?

Accepted Answer

A) $0 
B) $8,000 
C) $10,000 
D) $26,000 
A) $0 
B) $8,000 
C) $10,000 
D) $26,000

Question 8

If total liabilities increased by $8,000, then

Accepted Answer

A) assets must have decreased by $8,000. 
B) stockholders' equity must have increased by $8,000. 
C) assets must have increased by $8,000, or stockholders' equity must have decreased by $8,000. 
D) assets and stockholders' equity each increased by $4,000. 
A) assets must have decreased by $8,000. 
B) stockholders' equity must have increased by $8,000. 
C) assets must have increased by $8,000, or stockholders' equity must have decreased by $8,000. 
D) assets and stockholders' equity each increased by $4,000.

Question 9

Which of the following techniques are not used by accountants to interpret and report financial information?

Accepted Answer

A) Graphs. 
B) Special memos for each class of external users. 
C) Charts. 
D) Ratios. 
A) Graphs. 
B) Special memos for each class of external users. 
C) Charts. 
D) Ratios.

Private accountants are accountants who are not employees of business enterprises.

Which list below best describes the major services performed by public accountants?

Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process?

The monetary unit assumption requires that all dollar amounts be rounded to the nearest dollar.

IFRS, compared to GAAP, tends to be more

The study of accounting will be useful only if a student is interested in working for a profit-oriented business firm.

At October 1, Arcade Fire Enterprises reported stockholders' equity of $70,000. During October, no stock was issued and the company earned net income of $18,000. If stockholders' equity at October 31 totals $78,000, what amount of dividends were paid during the month?

If total liabilities increased by $8,000, then

Which of the following techniques are not used by accountants to interpret and report financial information?

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Stock Transactions, Dividends, and Retained Earnings

Investments

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 1: Accounting in Action

Private accountants are accountants who are not employees of business enterprises.

Which list below best describes the major services performed by public accountants?

Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process?

The monetary unit assumption requires that all dollar amounts be rounded to the nearest dollar.

IFRS, compared to GAAP, tends to be more

The study of accounting will be useful only if a student is interested in working for a profit-oriented business firm.

At October 1, Arcade Fire Enterprises reported stockholders' equity of $70,000. During October, no stock was issued and the company earned net income of $18,000. If stockholders' equity at October 31 totals $78,000, what amount of dividends were paid during the month?

If total liabilities increased by $8,000, then

Which of the following techniques are not used by accountants to interpret and report financial information?

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Stock Transactions, Dividends, and Retained Earnings

Investments

Statement of Cash Flows

Financial Statement Analysis

Filters