1
Accounting 1301 Chapter 1-4 Review
Questions with Correct Answers | Updated
(100% Correct Answers)
A limited liability company may choose to be taxed as a partnership
or corporation. Answer: True
Accounting is called: Answer: the language of business
Generally accepted accounting principles are not needed to ensure
that financial information is fairly presented in the operating results
and financial positions of firms. Answer: False- They are needed
All of the following are goals of internal control except: Answer:
encourage noncompliance with management policies and applicable
laws
the goals are to encourage compliance with management policies
and applicable laws, prevent fraud, ensure reliability of accounting
data, policies and procedures to safeguard assets
As the owner of a small business, you have decided to apply for a
loan to expand your locations. Information that you most likely will
need to provide to the lender include all but: Answer: the average
value of homes in your neighborhood
© 2025 All rights reserved
, 2
Fraud is intentional or reckless acts that result in the confiscation of
a firm's assets or the misrepresentation of the firm's accounting
data. Answer: True
The names of three accounting jobs include all but: Answer:
Logistics manager
ARE accounting jobs- accounts payable clerk, accountant,
bookkeeper
One requirement for becoming a CPA is to pass the: Answer:
Uniform CPA exam
Generally accepted accounting principles are accounting standards
that are changed and refined in response to changes in the
environment in which businesses operate. Answer: true
Financial statements are: Answer: accumulated financial data
summarized in periodic reports.
All of the following are users of accounting information except:
Answer: search engines on a website
The Certified Bookkeeper exam includes all the parts below except:
Answer: Business law
ARE- inventory, payroll and depreciation, adjustments and error
corrections
© 2025 All rights reserved
Accounting 1301 Chapter 1-4 Review
Questions with Correct Answers | Updated
(100% Correct Answers)
A limited liability company may choose to be taxed as a partnership
or corporation. Answer: True
Accounting is called: Answer: the language of business
Generally accepted accounting principles are not needed to ensure
that financial information is fairly presented in the operating results
and financial positions of firms. Answer: False- They are needed
All of the following are goals of internal control except: Answer:
encourage noncompliance with management policies and applicable
laws
the goals are to encourage compliance with management policies
and applicable laws, prevent fraud, ensure reliability of accounting
data, policies and procedures to safeguard assets
As the owner of a small business, you have decided to apply for a
loan to expand your locations. Information that you most likely will
need to provide to the lender include all but: Answer: the average
value of homes in your neighborhood
© 2025 All rights reserved
, 2
Fraud is intentional or reckless acts that result in the confiscation of
a firm's assets or the misrepresentation of the firm's accounting
data. Answer: True
The names of three accounting jobs include all but: Answer:
Logistics manager
ARE accounting jobs- accounts payable clerk, accountant,
bookkeeper
One requirement for becoming a CPA is to pass the: Answer:
Uniform CPA exam
Generally accepted accounting principles are accounting standards
that are changed and refined in response to changes in the
environment in which businesses operate. Answer: true
Financial statements are: Answer: accumulated financial data
summarized in periodic reports.
All of the following are users of accounting information except:
Answer: search engines on a website
The Certified Bookkeeper exam includes all the parts below except:
Answer: Business law
ARE- inventory, payroll and depreciation, adjustments and error
corrections
© 2025 All rights reserved
