Accounting 1301 Chapter 1-4 Review Questions and Answers Already Passed
A limited liability company may choose to be taxed as a partnership or corporation. - Answers
True
Accounting is called: - Answers 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. - Answers False- They
are needed
All of the following are goals of internal control except: - Answers 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: - Answers the
average value of homes in your neighborhood
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. - Answers True
The names of three accounting jobs include all but: - Answers Logistics manager
ARE accounting jobs- accounts payable clerk, accountant, bookkeeper
One requirement for becoming a CPA is to pass the: - Answers 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. - Answers true
Financial statements are: - Answers accumulated financial data summarized in periodic reports.
All of the following are users of accounting information except: - Answers search engines on a
website
The Certified Bookkeeper exam includes all the parts below except: - Answers Business law
ARE- inventory, payroll and depreciation, adjustments and error corrections
, You plan to open a business with two of your friends. You would like to form a corporation, but
your friends prefer the partnership form of business. All of the following are advantages of the
corporation except: - Answers the corporation's earnings are only taxed once.
An organization that has two or more owners who are legally responsible for the debts and
taxes of the business is a: - Answers partnership.
A nonprofit organization such as a public school is a(n): - Answers social entity.
To become a Certified Bookkeeper, one must meet all requirements below except: - Answers
Pass a criminal background check.
ARE- sign a code of ethics, pass the national certified bookkeeper exam, submit evidence that
you satisfy the experience requirements for the designation
The CPA designation stands for: - Answers Certified Public Accountant
Generally accepted accounting principles are developed by the Financial Accounting Standards
Board (FASB) through proposed statements and solicitation of feedback from interested
individuals, groups, and companies. Subsequently, the FASB evaluates the opinions received
and votes on the statements. - Answers True.
The organization that has the final say on financial accounting issues faced by publicly owned
corporations is the: - Answers Securities and Exchange Commission.
Amounts that a business must pay in the future are known as: - Answers accounts payable.
What information is contained in the income statement? - Answers revenues and expenses for a
period.
Oriental Rugs has no liabilities. The assets and owner's equity balances are as follows.
What is the balance of Supplies? - Answers Cash$150,000
Office Equipment$50,000
Supplies ????
Johnny Johnson, Capital$230,000
A limited liability company may choose to be taxed as a partnership or corporation. - Answers
True
Accounting is called: - Answers 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. - Answers False- They
are needed
All of the following are goals of internal control except: - Answers 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: - Answers the
average value of homes in your neighborhood
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. - Answers True
The names of three accounting jobs include all but: - Answers Logistics manager
ARE accounting jobs- accounts payable clerk, accountant, bookkeeper
One requirement for becoming a CPA is to pass the: - Answers 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. - Answers true
Financial statements are: - Answers accumulated financial data summarized in periodic reports.
All of the following are users of accounting information except: - Answers search engines on a
website
The Certified Bookkeeper exam includes all the parts below except: - Answers Business law
ARE- inventory, payroll and depreciation, adjustments and error corrections
, You plan to open a business with two of your friends. You would like to form a corporation, but
your friends prefer the partnership form of business. All of the following are advantages of the
corporation except: - Answers the corporation's earnings are only taxed once.
An organization that has two or more owners who are legally responsible for the debts and
taxes of the business is a: - Answers partnership.
A nonprofit organization such as a public school is a(n): - Answers social entity.
To become a Certified Bookkeeper, one must meet all requirements below except: - Answers
Pass a criminal background check.
ARE- sign a code of ethics, pass the national certified bookkeeper exam, submit evidence that
you satisfy the experience requirements for the designation
The CPA designation stands for: - Answers Certified Public Accountant
Generally accepted accounting principles are developed by the Financial Accounting Standards
Board (FASB) through proposed statements and solicitation of feedback from interested
individuals, groups, and companies. Subsequently, the FASB evaluates the opinions received
and votes on the statements. - Answers True.
The organization that has the final say on financial accounting issues faced by publicly owned
corporations is the: - Answers Securities and Exchange Commission.
Amounts that a business must pay in the future are known as: - Answers accounts payable.
What information is contained in the income statement? - Answers revenues and expenses for a
period.
Oriental Rugs has no liabilities. The assets and owner's equity balances are as follows.
What is the balance of Supplies? - Answers Cash$150,000
Office Equipment$50,000
Supplies ????
Johnny Johnson, Capital$230,000
