ACC 280 UOP Class Notes

Apr 18th, 2015
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ACC/280 Final ExamTrue/False Questions: Each answer is worth .25 points for a total of 3 points.1. Accounting information is used only by external users with a financial interestin a business enterprise.A.) TrueB.) False2. The dividends account is a subdivision of the returned earnings account andappears as an expense on the income statement.A.) TrueB.) False3. Information is relevant if it provides a basis for predicting future earnings.A.) TrueB.) False4. The safeguarding of assets is an objective of a company's system of internalcontrol.A.) TrueB.) False5. The ledger is merely a bookkeeping device and therefore does not providemuch useful data for management.A.) TrueB.) False6. The basic accounting equation is in balance when the creditor and ownershipclaims against the business equal the assets.A.) TrueB.) False7. Comparisons of company data with industry averages can provide someinsight into the company's relative position in the industry.A.) TrueB.) False8. The book value of a depreciable asset is always equal to its market valuebecause depreciation is a valuation technique.A.) TrueB.) False9. Adjusting entries are an optional bookkeeping procedure.A.) TrueB.) False10. Internal control consists of the plan of organization and all of the relatedmethods and measures adopted within a business to (a) safeguard its assets,and (b) enhance the accuracy and reliability of its accounting records.A.) TrueB.) False11. Generally accepted a

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