Florida State University

EVR 1001 Exam 1 Study Guide - Chapter 1 questions with answers.

EVR 1001 Final Exam questions with answers

EVR 1001 Final Exam questions with answers

FSU EVR 1001 Final Exam with ANSWERS

Under which of the following do computer programs that limit unauthorized access to certain files fall? - Answer physical controls Which of the following is an effective internal control over cash disbursements? - Answer -The use of pre-numbered checks -The storage of blank checks in a secure place -The separation of authorization of checks and the actual writing of the checks When preparing a bank reconciliation, how are deposits in transit handled? - Answer added to t...

A company accepts a customer's order on December 10. On December 11, the company delivers the goods to the customer with an invoice stating payment is due no later than December 21. The company receives a check from the customer for the full amount due on December 20. The company follows the revenue recognition principle and accrual-basis accounting. On what day should the company recognize revenue for this order? - Answer December 11 Solution: Under the revenue recognition princip...

Accounting is the information system that A. measures business activity. B. communicates the results to decision makers. C. processes information into reports. D. All of the above - Answer all of the above Which of the following is not an external user of a business's financial information? A. Taxing authorities B. Customers C. Employee D. Investors - Answer employee Generally Accepted Accounting Principles (GAAP) are currently formulated by the A. Financia...

What are three factors that contribute to fraudulent activity? - Answer 1. opportunity 2. financial pressure 3. rationalization Sarbanes-Oxley Act - Answer -applies to policy trade U.S. corporations -required to maintain a system of internal control with the help of internal auditors who also monitor its effectiveness continuously Accounts receivable are reported in the current assets section of the balance sheet at: - Answer net realizable value Which statement is ...

Operating activities - Answer the cash activities that create revenues or expenses in the entity's major line of business Inflows: -cash collected from customers -dividends received -interest received Outflows: -cash paid to suppliers -cash paid to employees -cash paid for interest -cash paid for income taxes Operating activities indirect method - Answer use formula Operating activities direct method - Answer use t-accounts Investing activities - Answer...

Periodicity Assumption - Answer - The economic life of a business can be divided into artificial time periods (month, quarter, or year) The revenue recognition principle - Answer - Companies recognize revenue in the accounting period in which the performance obligation is satisfied. - Revenue is recorded when it is earned, not when the cash is received. - So if the firm sells items on credit the firm will need to adjust the financial statements even though cash is not received...