Accounting Sophia Course :
Unit 1:
● Which of the following groups of accounts have a natural credit balance?
○ Liabilities, equity, and revenue
● Which of the following is a violation of Sarbanes-Oxley Act?
○ Not reporting financial information about a business
● Which of the following is true regarding temporary account?
○ After closing at the end of a period, these accounts are reopened at the
beginning of the next period.
● Erin owns a heating and cooling company. He routinely inspects a food storage
warehouse. Eric is paid a future of $299 for replacing a worn belt the next time he
inspects the warehouse. Which of the following correctly shows Ericʼs entry for this
transactions?
● Transferring $12,000 in revenue and $8000 in expenses into equity would be
performed during which phase of the accounting cycle?
○ Close
● Which of the following is responsible for the creation and governance of
accounting standards in the United States?
○ Financial Standards Accounting Board ( FASB )
● Which image below correctly shows a general ledger?
○
, ● Which of the purpose of the 1120 form?
○ To calculate a corporationʼs invoice tax responsibility.
● An auditorʼs role is which of the following?
○ To objectively analyze a companyʼs accounting data.
● Permanent Accounts are accounts in which balances carry over from one
accounting period to the next accounting period.
● MacMillan Supply recently purchased $7,500 worth of new office furniture from
Furniture Plus. They made a 20% down payment, with the balance due toFurniture
Plus in 30 days.
○ Debit Office Furniture : $7,500/
Credit Cash: $1,500
Credit Accounts Payable: $6,000
● Which of the following correctly describes the difference between an LLP andLLC?
○ Partners of an LLC are NOT responsible for liabilities, while partners of aLLP
are responsible for their investment amount.
● The ovens, refrigerators and cookware at Deanʼs BBQ shack restaurant are
considered which of the following?
○ Assets.
● Accounting has itʼs roots in the 15th century, when which of the following
groups of people used the double entry accounting system?
○ Italian Merchants
● Which of the following is NOT an example of the purchase of accounting?
○ Victor calculated how much it would cost him to file a tax return for his
clients company.
● Money borrowed from a bank to purchase new machinery would be
considered which of the following?
Unit 1:
● Which of the following groups of accounts have a natural credit balance?
○ Liabilities, equity, and revenue
● Which of the following is a violation of Sarbanes-Oxley Act?
○ Not reporting financial information about a business
● Which of the following is true regarding temporary account?
○ After closing at the end of a period, these accounts are reopened at the
beginning of the next period.
● Erin owns a heating and cooling company. He routinely inspects a food storage
warehouse. Eric is paid a future of $299 for replacing a worn belt the next time he
inspects the warehouse. Which of the following correctly shows Ericʼs entry for this
transactions?
● Transferring $12,000 in revenue and $8000 in expenses into equity would be
performed during which phase of the accounting cycle?
○ Close
● Which of the following is responsible for the creation and governance of
accounting standards in the United States?
○ Financial Standards Accounting Board ( FASB )
● Which image below correctly shows a general ledger?
○
, ● Which of the purpose of the 1120 form?
○ To calculate a corporationʼs invoice tax responsibility.
● An auditorʼs role is which of the following?
○ To objectively analyze a companyʼs accounting data.
● Permanent Accounts are accounts in which balances carry over from one
accounting period to the next accounting period.
● MacMillan Supply recently purchased $7,500 worth of new office furniture from
Furniture Plus. They made a 20% down payment, with the balance due toFurniture
Plus in 30 days.
○ Debit Office Furniture : $7,500/
Credit Cash: $1,500
Credit Accounts Payable: $6,000
● Which of the following correctly describes the difference between an LLP andLLC?
○ Partners of an LLC are NOT responsible for liabilities, while partners of aLLP
are responsible for their investment amount.
● The ovens, refrigerators and cookware at Deanʼs BBQ shack restaurant are
considered which of the following?
○ Assets.
● Accounting has itʼs roots in the 15th century, when which of the following
groups of people used the double entry accounting system?
○ Italian Merchants
● Which of the following is NOT an example of the purchase of accounting?
○ Victor calculated how much it would cost him to file a tax return for his
clients company.
● Money borrowed from a bank to purchase new machinery would be
considered which of the following?
