Time Remaining:1. (TCO 1) – The two types of accounting are: (Points: 2)profit and nonprofit.financial and managerial.internal and external.bookkeeping and decision-oriented.2. (TCO1) Financial statements are: (Points: 2)standard documents issued by outside consultants who are hired to analyze key operations of the business in financial terms.standard documents that tell us how well a business is performing and where it stands in financial terms.reports created by management that states it is responsible for the acts of the corporation.reports issued by outside consultants who are hired to analyze key operations of the business.3. (TCO 1) The Financial Accounting Standards Board is responsible for establishing: (Points: 2)the code of professional conduct for accountants.the Securities and Exchange Commission.generally accepted accounting principles.the American Institute of Certified Public Accountants.4. (TCO1) The stable-monetary-unit concept of accounting: (Points: 2)ensures that accounting records and statements are based on the most reliable data available.holds that the entity will remain in operation for the foreseeable future.maintains that each organization or section of an organization stands apart from other organizations and individuals.enables accountants to ignore the effect of inflation in the accounting records.5. (TCO 1) Revenues are: (Points: 2)decreases in assets resulting from delivering goods or services to customers.increases in liabilities resulting from delivering goods or services to customers.increases in retained earnings resulting from delivering goods or services to customers.decreases in retained earnings resulting from delivering goods or services to customers.6. (TCO2) A company received cash in exchange for issuing stock. This transaction increased assets and: (Points: 2)increased expenses.increased revenues.increased liabilities.increased equity.7. (TCO 2) A company purchased office supplies for cash. This transaction increased assets and: (Points: 2)increased equity.increased liabilities.increased revenues.decreased assets.8. TCO 2 – The left side of a T-account is always the: (Points: 2)increase side.decrease side.debit side.credit side.9. TCO 2 – Which of the following steps comes first in the journalizing process? (Points: 2)Enter the transaction in the journal.Post the transaction to the ledger.Determine what accounts will be affected and whether to debit or credit them.Identify the transaction from source documents and other information.10. TCO 2 – Double-entry accounting means that each transaction: (Points: 2)increases at least one account and decreases at least one account.debits at least one account and credits at least one account.is recorded in both the journal and in the ledger.affects both an income statement account and a balance sheet account.11. (TCO5) If $400,000 at 8% yields interest of $8,000, how long was the note outstanding? (Points: 2)1 month3 months1 year2 years12. (TCO5) All of the following are purposes of internal control EXCEPT: (Points: 2)to enhance the performance of the accounting department.to encourage adherence to company policies.to ensure accurate and reliable accounts records.to safeguard assets.13. TCO 3 – A trial balance is: (Points: 2)prepared before the posting process is completed.a list of all accounts with their balances.a list of balance sheet accounts with their balances.a list of income statement accounts with their balances.14. (TCO1) The objectivity principle of accounting: (Points: 2)holds that the entity will remain in operation for the foreseeable future.enables accountants to ignore the effect of inflation in the accounting records.maintains that each organization or section of an organization stands apart from other organizations and individuals.ensures that accounting records and statements are based on the most reliable data available.15. (TCO5) In a bank reconciliation, a NSF check is: (Points: 2)added to the bank balance.added to the book balance.deducted from the book balance.deducted from the bank balance.16. TCO 3 – Which financial report would the value of total liabilities be found on? (Points: 2)Balance SheetIncome StatementStatement of Cash FlowsTrial Balance17. TCO 3 – Which financial statement could net income/profit be found? (Points: 2)Balance SheetIncome StatementStatement of Internal ControlsTrial Balance18. TCO 3 – Which financial statement would show the amount of cash realized if common stock was issued? (Points: 2)Balance SheetIncome StatementStatement of Cash FlowsTrial Balance19. (TCO 3) Cash for merchandise to be delivered in 2009 is received in 2008. Using the accrual basis of accounting, the revenue should appear on: (Points: 2)the 2008 income statement.the 2009 income statement.neither the 2008 nor the 2009 income statement.both the 2008 and the 2009 income statement.20. TCO 3 – Which section of the Balance Sheet would one find the total amount of debt owed by the business? (Points: 2)AssetsLiabilitiesStockholders EquityNot found on the Balance Sheet.There are 2 pages in this exam. Be sure to complete all pages before submitting the exam.Page: 1 2
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