You passed this Milestone
1
Transferring $12,000 in revenue and $8,000 in expenses into equity would be
performed during which phase of the accounting cycle?
Journalize
Close
Report
Adjust
2
Which of the following is a responsibility of the FASB?
Overseeing publicly-traded companies
Developing rules for security laws
Developing and controlling the U.S. GAAP.
Investigating the use of public funds
3
Which of the following is responsible for conducting an independent examination
of a company's financial statements and records?
Stakeholder
Bookkeeper
Controller
Auditor
4
Which of the following account groups has a natural debit balance?
Equity
Assets
Revenue
Liabilities
5
If Tom earned $1,890 in revenue from selling running shoes at last weekend's triathlon expo.
Where would this accounting event be recorded?
$1,890 would be marked on the debit side of the accounts payable.
$1,890 would be marked on the debit side of the revenue account.
This study source was downloaded by 100000824189183 from CourseHero.com on 03-09-2022 10:41:03 GMT -06:00
https://www.coursehero.com/file/58876987/Unit-1-Milestone-1-with-answersdocx/
, $1,890 would be marked on the credit side of the revenue account.
$1,890 would be marked on the credit side of the accounts payable.
6
What is the name of the accounting system documented in the 15th century by
Luca Pacioli?
Monetary unit
Cost
Managerial
Double-entry
7
Instances of fraud and misconduct caused the government to implement which
piece of legislation?
Sarbanes-Oxley Act
International Financial Reporting Standards
General Accepted Accounting Principles
Miller-Townsend Act
8
Money borrowed from a bank to purchase new machinery would be considered
which of the following?
Liabilities
Assets
Revenue
Equity
9
Which of the following is responsible for the creation and governance of
accounting standards in the United States?
Sarbanes-Oxley Act
Financial Standards Accounting Board (FASB)
Generally Accepted Accounting Principles (GAAP)
Securities and Exchange Commission (SEC)
10
Which of the following is NOT a permanent account?
This study source was downloaded by 100000824189183 from CourseHero.com on 03-09-2022 10:41:03 GMT -06:00
https://www.coursehero.com/file/58876987/Unit-1-Milestone-1-with-answersdocx/
1
Transferring $12,000 in revenue and $8,000 in expenses into equity would be
performed during which phase of the accounting cycle?
Journalize
Close
Report
Adjust
2
Which of the following is a responsibility of the FASB?
Overseeing publicly-traded companies
Developing rules for security laws
Developing and controlling the U.S. GAAP.
Investigating the use of public funds
3
Which of the following is responsible for conducting an independent examination
of a company's financial statements and records?
Stakeholder
Bookkeeper
Controller
Auditor
4
Which of the following account groups has a natural debit balance?
Equity
Assets
Revenue
Liabilities
5
If Tom earned $1,890 in revenue from selling running shoes at last weekend's triathlon expo.
Where would this accounting event be recorded?
$1,890 would be marked on the debit side of the accounts payable.
$1,890 would be marked on the debit side of the revenue account.
This study source was downloaded by 100000824189183 from CourseHero.com on 03-09-2022 10:41:03 GMT -06:00
https://www.coursehero.com/file/58876987/Unit-1-Milestone-1-with-answersdocx/
, $1,890 would be marked on the credit side of the revenue account.
$1,890 would be marked on the credit side of the accounts payable.
6
What is the name of the accounting system documented in the 15th century by
Luca Pacioli?
Monetary unit
Cost
Managerial
Double-entry
7
Instances of fraud and misconduct caused the government to implement which
piece of legislation?
Sarbanes-Oxley Act
International Financial Reporting Standards
General Accepted Accounting Principles
Miller-Townsend Act
8
Money borrowed from a bank to purchase new machinery would be considered
which of the following?
Liabilities
Assets
Revenue
Equity
9
Which of the following is responsible for the creation and governance of
accounting standards in the United States?
Sarbanes-Oxley Act
Financial Standards Accounting Board (FASB)
Generally Accepted Accounting Principles (GAAP)
Securities and Exchange Commission (SEC)
10
Which of the following is NOT a permanent account?
This study source was downloaded by 100000824189183 from CourseHero.com on 03-09-2022 10:41:03 GMT -06:00
https://www.coursehero.com/file/58876987/Unit-1-Milestone-1-with-answersdocx/
