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BUS 508 Week 9 Chapter 15 Practice Quiz

BUS 508 Week 9 Chapter 15 Practice Quiz

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BUS 508 Week 9 Chapter 15 Practice Quiz -

Question 1

________ are used to prepare the financial statements, which summarize financial  transactions.

Answer

  • Booklet
  • Accounting software
  • Receivable
  • Ledgers

 

Question 2

A ________ is a planning and controlling tool that reflects the firm’s expected sales revenues, operating expenses, and cash receipts and outlays.

Answer

  • Account
  • Record
  • Budget
  • Statement

 

Question 3

Accountants play fundamental roles not only in business but also in other aspects of society.

Answer

  • True
  • False

 

Question 4

Accounting software programs are not used widely in both large and small businesses today.

Answer

  • True
  • False

Question 5

An accountant employed by a business other than a public accounting firm is called a ________.

Answer

  • Certified management accountant
  • Certified fraud examiner
  • Management accountant
  • Forensic accountant

 

Question 6

A fiscal year has to coincide with the calendar year, and companies set different fiscal years.

Answer

  • True
  • False

 

Question 7

The ________ feature describes recent developments in the accounting profession in China and Hong Kong.

Answer

  • Accounting
  • Technology
  • Short-term accounting
  • Hit & Miss

 

Question 8

The ________ carefully monitors changing business conditions, enacting new rules and modifying existing rules when necessary.

Answer

  • GAA
  • CMA
  • SOX
  • FASB

 

Question 9

The final figure on the income statement is the so-called ________.

Answer

  • Profit-and-loss
  • Accounting equation
  • Bottom line
  • Controlling cost

 

Question 10

Liabilities and owners’ equity indicate the sources of the firm’s assets and are listed in the order in which they are due.

Answer

  • True
  • False

 

Question 11

Ratios do not assist managers by interpreting actual performance and making comparisons to what should have happened.

Answer

  • True
  • False

 

Question 12

 ________ is the process of measuring, interpreting, and communicating financial information to enable people inside and outside the firm to make informed decisions.

Answer

  • Operating
  • Accounting
  • Investing
  • Practicing

 

Question 13

Accounting professionals fulfill important responsibilities beyond preparing financial statements.

Answer

  • True
  • False

 

Question 14

________ is the process by which accounting transactions are recorded.

Answer

  • Double-entry bookkeeping
  • Accounting equation
  • Single-entry bookkeeping
  • Offsetting transaction

 

Question 15

________ recognizes revenues and costs when they occur, not when actual cash changes hands.

Answer

  • Open accounting
  • Forensic accounting
  • Management accounting
  • Accrual accounting

 

Question 16

________ represents the flow of resources that reveals the performance of the organization over a specific time period.

Answer

  • Income statement
  • Balance sheet
  • Ledger
  • Profit-and-loss

 

Question 17

A ________ of a business is anything owed to creditors—that is, the claims of a firm’s creditors.

Answer

  • Liability
  • Asset
  • Owners’ equity
  • Accounting equation

 

Question 18

________ are principles that encompass the conventions, rules, and procedures for determining acceptable accounting practices at a particular time.

Answer

  • Generally accepted accounting principles
  • Financial Accounting Standards Board
  • Forensic accounting
  • Certified accounting

 

Question 19

One of the most important budgets prepared by firms is the ________.

Answer

  • Financial budget
  • Cash budget
  • Basic budget
  • Open budget

Question 20

The procedure by which accountants convert data about individual transactions to financial statements is called the ________.

Answer

  • Payment
  • Record
  • Credit purchase
  • Accounting cycle

 

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