1.00
The standards, conventions, and rules that accountants follow to prepare financial reports are known as:
What is Generally Accepted Accounting Principles?
Jamie is an accountant. She knows that she is expected to produce accurate financial reports from her audit. She knows when she submits her report to her superiors, her friend will suffer consequences for misappropriation of funds. Jamie submits an accurate report and follows which key principle for ethics in accounting?
What is objectivity?
. Mariah Smith, Capital and Mariah Smith, Drawing are both classified as:
What is Owners Equity?
Which type of business buys raw materials and transforms them into finished products?
What is Manufacturing?
The Accounting Equation is?
What is
Assets = Liabilities + Owner's Equity
Data can be entered into a cell as a numeric label (used to identify or name information) by first entering which character?
What is an ‘ (apostrophe)?
Jason demonstrates accuracy and truthfulness when he works with his accounting clients. This is an example of which key principle for ethics in accounting?
What is Integrity?
The correct journal entry for the transaction PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY is:
What is DEBIT Accounts Payable/Avis Supply Company and CREDIT Cash?
In which type of business ownership structure does each owner in the group risk losing his/her personal property even though responsibilities are shared?
What is a partnership?
John has applied for a position as chief financial officer for a Fortune 500 company. He listed as his qualifications that he is a problem-solver, has the ability to plan, and can resolve issues. These are classified as which skills?
What is 21st Century Skills?
. Samantha needs to total the values in cells A1 to A10. What is the most efficient method to find the answer?
What is a Function?
Lisa is applying for a position in a small insurance agency. The company wants to hire an individual that can convert its manual accounting system to a computerized system. She listed on her application that she has an accounting degree as well as an emphasis in computerized systems. These qualifications represent which type of skills?
What are Workplace Skills?
In the transaction BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY COMPANY, the source document is a/an:
What is an Invoice?
Which term refers to the owner having full responsibility for company debts and obligations?
What is Unlimited Liability?
John, a certified public accountant, recently learned that a new set of principle-based standards, interpretations, and frameworks have been adopted by the United States and other countries. To better prepare himself, John should learn about what?
What is the IFRS?
The accounting assumption that a business is expected to survive and operate indefinitely is called?
What is the Going Concern?
Daniel Davis, CPA, only prepares tax returns in his business. He is asked to prepare an audit for Watauga Medical Center. Davis refuses to accept the engagement based on his past experience. Which general standard is being followed?
What is Professional Competence?
Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result represent?
The Total Assets should equal Total Liabilities plus Owner's Equity.
In which type of business are operations and production usually unaffected when ownership is transferred?
What is a Corporation?
The correct journal entry for the transaction RECEIVED CASH FROM OWNER DANA JACKSON AS INVESTMENT is:
What is DEBIT Cash; CREDIT Dana Jackson, Capital?
Tameka wants to change the orientation of her spreadsheet from landscape to portrait. On which tab of the Excel ribbon will this command be found?
What is Page Layout?
Harley's Hog BBQ owns and operates several barbecue restaurants. In 20XX, Harley, the owner, took out a loan for his business in the amount of $100,000. The loan will be completely paid off within 6 months. When preparing the financial statements of the business, Harley opted not to list the loan because it was so close to maturity. Which principle did Harley's Hog BBQ violate?
What is the Full disclosure Principle?
The transaction BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE would result in the journal entry:
What is DEBIT Supplies and CREDIT Accounts Payable/Davis Supply Store?
Bob Martin, CPA, delivers training workshops for CPA exam candidates. In acquiring resources for his workshops, he offers each candidate $100 to provide him information on questions from the exam. Which specific rule of conduct is Martin violating?
What is Acts Discreditable?
What is the common term for a retirement savings plan sponsored by employers that will allow workers to save and invest from their paychecks before taxes?
What is a 401(k) savings plan?