Question 1

Match the terms with the definitions.
-A type of ownership structure in which more than one person owns the business.

Accepted Answer

A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting 
A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting T

Question 2

Accountants design accounting information systems and analyze and interpret information.

Accepted Answer

A) True 
 B)False  True

Question 3

A business that makes a product to sell is called a manufacturing business.

Accepted Answer

A) True 
 B)False  True

Question 4

Match the terms with the definitions.
-Generally supervises the work of accounting clerks, helps with daily accounting work, and summarizes accounting information.

Accepted Answer

A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting 
A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting

Question 5

Match the terms with the definitions.
-Sorting and grouping similar items together rather than merely keeping a simple, diary-like record of numerous events.

Accepted Answer

A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting 
A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting

Question 6

Match the terms with the definitions.
-Bringing various items of information together to determine a result.

Accepted Answer

A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting 
A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting

Question 7

The Financial Accounting Standards Board develops generally accepted accounting principles to provide some assurance that companies are reporting business activities in a similar manner.

Accepted Answer

A) True 
 B)False

Question 8

Match the terms with the definitions.
-Reviewing the operating and accounting control procedures adopted by management to make sure the controls are adequate and being followed; assuring that accurate and timely information is provided.

Accepted Answer

A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting 
A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting

Question 9

​Interpreting refers to reviewing events that have taken place and determining how they affect a business.
​

Accepted Answer

A) True 
 B)False

Question 10

Which of the following types of businesses is owned by stockholders?

Accepted Answer

A)  proprietorship 
B)  corporation 
C)  partnership with more than ten partners 
D)  partnership with only two partners 
A)  proprietorship 
B)  corporation 
C)  partnership with more than ten partners 
D)  partnership with only two partners

Question 11

A partnership is owned by stockholders or shareholders and is managed by them.

Accepted Answer

A) True 
 B)False

Question 12

The purpose of accounting is to provide financial information about the current operations and financial conditions of a business to individuals and organizations.

Accepted Answer

A) True 
 B)False

Question 13

Match the terms with the definitions.
-A system of gathering financial information about a business and reporting this information to users.

Accepted Answer

A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting 
A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting

Question 14

Public accountants do NOT offer which of the following services?

Accepted Answer

A)  auditing 
B)  tax preparation 
C)  management consulting 
D)  marketing analysis 
A)  auditing 
B)  tax preparation 
C)  management consulting 
D)  marketing analysis

Question 15

Bringing together various items of information to determine or explain a result is

Accepted Answer

A)  summarizing. 
B)  interpreting. 
C)  recording. 
D)  classifying. 
A)  summarizing. 
B)  interpreting. 
C)  recording. 
D)  classifying.

Question 16

Match the terms with the definitions.
-Specializes in cash, payroll, accounts receivable, accounts payable, inventory, or purchases.

Accepted Answer

A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting 
A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting

Question 17

A business that purchases a product from another business to sell to customers is called a

Accepted Answer

A)  service business. 
B)  manufacturing business. 
C)  merchandising business. 
D)  nonprofit business. 
A)  service business. 
B)  manufacturing business. 
C)  merchandising business. 
D)  nonprofit business.

Question 18

Match the terms with the definitions.
-A business that buys a product from another business to sell to customers. ​

Accepted Answer

A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting 
A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting

Question 19

Match the terms with the definitions.
-A business that provides a service.

Accepted Answer

A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting 
A) accountant 
B) accounting 
C) accounting clerk 
D) analyzing 
E) auditing
F)bookkeeper
G)budgeting
H)Certified Public Accountant
I)classifying
J)controller
K)corporation
L)cost accounting
M)financial accounting
N)generally accepted accounting principles
O)internal auditing
P)interpreting
Q)manufacturing business
R)merchandising business
S)para-accountant
T)partnership
U)recording
V)reporting
W)service business
X)sole proprietorship
Y)summarizing
Z)tax accounting

Question 20

A public accountant can achieve professional recognition as a Certified Public Accountant by meeting certain educational and experience requirements as determined by each state.

Accepted Answer

A) True 
 B)False

Exam 1: Introduction to Accounting

Match the terms with the definitions. -A type of ownership structure in which more than one person owns the business.

Accountants design accounting information systems and analyze and interpret information.

A business that makes a product to sell is called a manufacturing business.

Match the terms with the definitions. -Generally supervises the work of accounting clerks, helps with daily accounting work, and summarizes accounting information.

Match the terms with the definitions. -Sorting and grouping similar items together rather than merely keeping a simple, diary-like record of numerous events.

Match the terms with the definitions. -Bringing various items of information together to determine a result.

The Financial Accounting Standards Board develops generally accepted accounting principles to provide some assurance that companies are reporting business activities in a similar manner.

Match the terms with the definitions. -Reviewing the operating and accounting control procedures adopted by management to make sure the controls are adequate and being followed; assuring that accurate and timely information is provided.

​Interpreting refers to reviewing events that have taken place and determining how they affect a business. ​

Which of the following types of businesses is owned by stockholders?

A partnership is owned by stockholders or shareholders and is managed by them.

The purpose of accounting is to provide financial information about the current operations and financial conditions of a business to individuals and organizations.

Match the terms with the definitions. -A system of gathering financial information about a business and reporting this information to users.

Public accountants do NOT offer which of the following services?

Bringing together various items of information to determine or explain a result is

Match the terms with the definitions. -Specializes in cash, payroll, accounts receivable, accounts payable, inventory, or purchases.

A business that purchases a product from another business to sell to customers is called a

Match the terms with the definitions. -A business that buys a product from another business to sell to customers. ​

Match the terms with the definitions. -A business that provides a service.

A public accountant can achieve professional recognition as a Certified Public Accountant by meeting certain educational and experience requirements as determined by each state.

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Accounting for Sales and Cash Receipts

Accounting for Purchases and Cash Payments

Special Journals

Accounting for Merchandise Inventory

Adjustments and the Work Sheet for a Merchandising Business

Financial Statements and Year-End Accounting for a Merchandising Business

Accounting for Accounts Receivable

Accounting for Notes and Interest

Accounting for Long-Term Assets

Accounting for Partnerships

Corporations: Organization and Capital Stocks

Corporations: Earnings, Taxes, Distributions, and the Retained Earnings Statement

Corporations: Bonds

Statement of Cash Flows

Analysis of Financial Statements

Departmental Accounting

Manufacturing Accounting: The Job Order Cost System

Manufacturing Accounting: The Work Sheet and Financial Statements

Filters

Interpreting refers to reviewing events that have taken place and determining how they affect a business.

Match the terms with the definitions. -A business that buys a product from another business to sell to customers.