Acct280- Final Exam Study Guide

Apr 22nd, 2015
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Accountants refer to an economic event as a? Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process? Communication of economic events is the part of the accounting process that involves?

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Acc 280 Final Exam Click Here for Answers A + Tutorial Guaranteed1. Accountants refer to an economic event as aA.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. RecordingB. IdentificationC. CommunicationD. Analysis3. Communication of economic events is the part of the accounting process that involvesA. 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 eventsA. 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 theA. 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 onA. physical laws of nature.B. concepts.C. definitions.D. principles.7. All of the financial statements are for a period of time except theA. income statement.B. retained earnings.C. statement of cash flows.D. balance sheet.8. Auditing isA. the examination of financial statements by a CPA i

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