Question 1

A person who records, sorts, and files accounting information in accounting records may be referred to as a(n)

Accepted Answer

A)  budgeter. 
B)  journalist. 
C)  accounting clerk. 
D)  scribe. 
A)  budgeter. 
B)  journalist. 
C)  accounting clerk. 
D)  scribe.

Question 2

Match the terms with the definitions.
-Entering financial information about events affecting the company into the accounting system.

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 3

A CMA is a Certified Marketing Auditor.

Accepted Answer

A) True 
 B)False

Question 4

Stockholders may have very little influence on business decisions.

Accepted Answer

A) True 
 B)False

Question 5

Match the terms with the definitions.
-Focusing on tax planning, preparing tax returns, and dealing with the Internal Revenue Service and other governmental agencies.

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

Cost accounting is used to develop a financial plan for a company.

Accepted Answer

A) True 
 B)False

Question 7

Match the terms with the definitions.
-A type of ownership structure in which 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

Question 8

Match the terms with the definitions.
-Telling the results of the financial 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 9

Match the terms with the definitions.
-Includes preparing various reports and financial statements and analyzing operating, investing, and financing decisions.

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 10

Since financial information is communicated in accounting terms, accounting is said to be the "language of business."

Accepted Answer

A) True 
 B)False

Question 11

Match the terms with the definitions.
-Reviewing and testing to be certain that proper accounting policies and practices have been followed.

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 12

Cost accountants provide a wide variety of services including

Accepted Answer

A)  designing and implementing accounting information systems. 
B)  auditing reviews. 
C)  performing general accounting services. 
D)  analyzing the cost effectiveness of products produced and services provided. 
A)  designing and implementing accounting information systems. 
B)  auditing reviews. 
C)  performing general accounting services. 
D)  analyzing the cost effectiveness of products produced and services provided.

Question 13

Match the terms with the definitions.
-Deciding the meaning and importance of the information in various reports.

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

Generally accepted accounting principles are procedures and guidelines to be followed in the accounting/reporting process.

Accepted Answer

A) True 
 B)False

Question 15

A corporation is usually managed by

Accepted Answer

A)  stockholders. 
B)  a professional manager. 
C)  a proprietor. 
D)  two or more partners. 
A)  stockholders. 
B)  a professional manager. 
C)  a proprietor. 
D)  two or more partners.

Question 16

Match the terms with the definitions.
-The rules that businesses must follow when preparing financial statements.

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

An internal auditor can achieve professional recognition in internal auditing by receiving which of the following certificates?

Accepted Answer

A)  GAAP 
B)  CIA 
C)  CMA 
D)  CLU 
A)  GAAP 
B)  CIA 
C)  CMA 
D)  CLU

Question 18

Match the terms with the definitions.
-Looking at events that have taken place and thinking about how they affect 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

Question 19

A person who reviews the operating and accounting control procedures adopted by management to make sure the controls are adequate and are being followed may be referred to as a(n)

Accepted Answer

A)  bookkeeper. 
B)  accountant. 
C)  information processor. 
D)  internal auditor. 
A)  bookkeeper. 
B)  accountant. 
C)  information processor. 
D)  internal auditor.

Question 20

Match the terms with the definitions.
-The process in which accountants help managers develop a financial plan.

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

Exam 1: Introduction to Accounting

A person who records, sorts, and files accounting information in accounting records may be referred to as a(n)

Match the terms with the definitions. -Entering financial information about events affecting the company into the accounting system.

A CMA is a Certified Marketing Auditor.

Stockholders may have very little influence on business decisions.

Match the terms with the definitions. -Focusing on tax planning, preparing tax returns, and dealing with the Internal Revenue Service and other governmental agencies.

Cost accounting is used to develop a financial plan for a company.

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

Match the terms with the definitions. -Telling the results of the financial information.

Match the terms with the definitions. -Includes preparing various reports and financial statements and analyzing operating, investing, and financing decisions.

Since financial information is communicated in accounting terms, accounting is said to be the "language of business."

Match the terms with the definitions. -Reviewing and testing to be certain that proper accounting policies and practices have been followed.

Cost accountants provide a wide variety of services including

Match the terms with the definitions. -Deciding the meaning and importance of the information in various reports.

Generally accepted accounting principles are procedures and guidelines to be followed in the accounting/reporting process.

A corporation is usually managed by

Match the terms with the definitions. -The rules that businesses must follow when preparing financial statements.

An internal auditor can achieve professional recognition in internal auditing by receiving which of the following certificates?

Match the terms with the definitions. -Looking at events that have taken place and thinking about how they affect the business.

A person who reviews the operating and accounting control procedures adopted by management to make sure the controls are adequate and are being followed may be referred to as a(n)

Match the terms with the definitions. -The process in which accountants help managers develop a financial plan.

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

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