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Acct280- Final Exam Study Guide

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Acc 280 Final Exam
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1. Accountants refer to an economic event as a
A.transaction.
B.purchase.
C.sale.
D.change in ownership.
2. Bookkeeping differs from accounting in that bookkeeping primarily involves which part of
the accounting process?
A. Recording
B. Identification
C. Communication
D. Analysis
3. Communication of economic events is the part of the accounting process that involves
A. preparing accounting reports.
B. identifying economic events.
C. quantifying transactions into dollars and cents.
D. recording and classifying information.
4. The use of computers in recording business events
A. has greatly impacted the identification stage of the accounting process.
B. has made the recording process more efficient.
C. does not use the same principles as manual accounting systems.
D. is economical only for large businesses.
5. The private sector organization involved in developing accounting principles is the
A. Feasible Accounting Standards Body.
B. Financial Accounting Studies Board.
C. Financial Auditors' Standards Body.
D. Financial Accounting Standards Board.
6. The body of theory underlying accounting is not based on
A. physical laws of nature.
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B. concepts.
C. definitions.
D. principles.
7. All of the financial statements are for a period of time except the
A. income statement.
B. retained earnings.
C. statement of cash flows.
D. balance sheet.
8. Auditing is
A. the examination of financial statements by a CPA in order to express an opinion on
their fairness.
B. a part of accounting that involves only recording of economic events.
C. conducted by the Securities and Exchange Commission to ensure that registered
financial statements are presented fairly.
D. an area of accounting that involves such activities as cost accounting, budgeting, and
accounting information systems.
9. 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. the company's bank.
B. stockholders' equity.
C. financial statements.
D. ledger accounts.
10. Posting
A. should be performed in account number order.
B. accumulates the effects of journalized transactions in the individual accounts.
C. is accomplished by examining ledger accounts and seeing which ones need updating.
D. involves transferring all debits and credits on a journal page to the trial balance.
11. Which of the following statements is true?
A. Credits decrease assets and increase liabilities.
B. Debits increase assets and increase liabilities.
C. Credits decrease assets and decrease liabilities.
D. Debits decrease liabilities and decrease assets.
12. An account will have a credit balance if the
A. debits exceed the credits.
B. credits exceed the debits.
C. first transaction entered was a credit.
D. last transaction entered was a credit.
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Acc 280 Final Exam Click Here for Answers A + Tutorial Guaranteed 1. Accountants refer to an economic event as a A.transaction. B.purchase. C.sale. D.change in ownership. 2. Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process? A. Recording B. Identification C. Communication D. Analysis 3. Communication of economic events is the part of the accounting process that involves A. preparing accounting reports. B. identifying economic events. C. quantifying transactions into dollars and cents. D. recording and classifying information. 4. The use of computers in recording business events A. has greatly impacted the identification stage of the accounting process. B. has made the recording process more efficient. C. does not use the same principles as manual accounting systems. D. is economical only for large businesses. 5. The private sector organization involved in developing accounting principles is the A. Feasible Accounting Standards Body. B. Financial Accounting Studies Board. C. Financial Auditors' Standards Body. D. Financial Accounting Standards Board. 6. The body of theory underlying accounting is not based on A. physical laws of nature. B. concepts. C. definitions. D. principles. 7. All of the financial statements are for a period of time except the A. income statement. B. retained earnings. C. statement of cash flows. D. balance sheet. 8. Auditing is A. the examination of financial statements by a CPA i ...
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I was having a hard time with this subject, and this was a great help.

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