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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. Accountants refer to an economic event as a
a. purchase.
b. sale.
c. transaction.
d. change in ownership.
2. The use of computers in recording business events
a. has made the recording process more efficient.
b. does not use the same principles as manual accounting systems.
c. has greatly impacted the identification stage of the accounting process.
d. is economical only for large businesses.
3. Which of the following is an external user of accounting information?
a. Labor unions
b. Finance directors
c. Company officers
d. Managers
4. The origins of accounting are generally attributed to the work of
a. Christopher Columbus.
b. Abner Doubleday.
c. Luca Pacioli.
d. Leonardo da Vinci.
5. Generally accepted accounting principles are
a. income tax regulations of the Internal Revenue Service.
b. standards that indicate how to report economic events.
c. theories that are based on physical laws of the universe.
d. principles that have been proven correct by academic researchers.
6. Which one of the following is not a part of an account?
a. Credit side
b. Trial balance
c. Debit side
d. Title
7. Credits
a. decrease both assets and liabilities.

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b. decrease assets and increase liabilities.
c. increase both assets and liabilities.
d. increase assets and decrease liabilities.
8. A debit to an asset account indicates
a. an error.
b. a credit was made to a liability account.
c. a decrease in the asset.
d. an increase in the asset.
9. The normal balance of any account is the
a. left side.
b. right side.
c. side which increases that account.
d. side which decreases that account.
10. The double-entry system requires that each transaction must be recorded
a. in at least two different accounts.
b. in two sets of books.
c. in a journal and in a ledger.
d. first as a revenue and then as an expense.
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.
d. a reporting period.
12. Management usually desires ________ financial statements and the IRS
requires all businesses to file _________ tax returns.
a. annual, annual
b. monthly, annual
c. quarterly, monthly
d. monthly, monthly
13. Which of the following time periods would not be referred to as an interim
period?
a. Monthly
b. Quarterly
c. Semi-annually
d. Annually
14. Which of the following are in accordance with generally accepted
accounting principles?
a. Accrual basis accounting

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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.          Accountants refer to an economic event as a a.     purchase. b.     sale. c.     transaction. d.     change in ownership. 2.          The use of computers in recording business events a.     has made the recording process more efficient. b.     does not use the same principles as manual accounting systems. c.     has greatly impacted the identification stage of the accounting process. d.     is economical only for large businesses. 3.          Which of the following is an external user of accounting information? a.     Labor unions b.     Finance directors c.     Company officers d.     Managers 4.          The origins of accounting are generally attributed to the work of a.     Christopher Columbus. b.     Abner Doubleday. c.     Luca Pacioli. d.     Leonardo da Vinci. 5.          Generally accepted accounting principles are a.     income tax regulations of the Internal Revenue Service. b.     standards that indicate how to report economic events. c.     theories that are based on physical laws of the universe. d.     princi ...
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