Question 1

Match the terms with the definitions.
-A business that makes products to sell.

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 2

Which of the following does NOT use nonprofit accounting guidelines and procedures?

Accepted Answer

A)  proprietorships 
B)  hospitals 
C)  educational institutions 
D)  churches 
A)  proprietorships 
B)  hospitals 
C)  educational institutions 
D)  churches

Question 3

Since financial information is communicated in accounting terms and is the eyes and ears of management, accounting is said to be

Accepted Answer

A)  the language of business. 
B)  public. 
C)  private. 
D)  nonprofit. 
A)  the language of business. 
B)  public. 
C)  private. 
D)  nonprofit.

Question 4

Examining a transaction or event to determine its fundamental significance to the business so that the relevant information may be properly processed is called

Accepted Answer

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

Question 5

Writing or using one of the latest technological advances to enter a transaction in the accounting records is called summarizing.

Accepted Answer

A) True 
 B)False

Question 6

The principal accounting officer of a company is called a public accountant.

Accepted Answer

A) True 
 B)False

Question 7

The six major steps of the accounting process are analyzing, recording, classifying, summarizing, reporting, and interpreting.

Accepted Answer

A) True 
 B)False

Question 8

Match the terms with the definitions.
-Determining the cost of producing specific products or providing services and analyzing for cost effectiveness.

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.
-A type of ownership structure in which there are many owners who usually employ professional managers.

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

The accounting function of classifying is

Accepted Answer

A)  thinking about how events affect the business. 
B)  gathering similar events to provide information that is easy to understand. 
C)  sorting and grouping similar items together. 
D)  deciding the meaning and importance of the information in various reports. 
A)  thinking about how events affect the business. 
B)  gathering similar events to provide information that is easy to understand. 
C)  sorting and grouping similar items together. 
D)  deciding the meaning and importance of the information in various reports.

Match the terms with the definitions. -A business that makes products to sell.

Which of the following does NOT use nonprofit accounting guidelines and procedures?

Since financial information is communicated in accounting terms and is the eyes and ears of management, accounting is said to be

Examining a transaction or event to determine its fundamental significance to the business so that the relevant information may be properly processed is called

Writing or using one of the latest technological advances to enter a transaction in the accounting records is called summarizing.

The principal accounting officer of a company is called a public accountant.

The six major steps of the accounting process are analyzing, recording, classifying, summarizing, reporting, and interpreting.

Match the terms with the definitions. -Determining the cost of producing specific products or providing services and analyzing for cost effectiveness.

Match the terms with the definitions. -A type of ownership structure in which there are many owners who usually employ professional managers.

The accounting function of classifying is

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

Exam 1: Introduction to Accounting

Match the terms with the definitions. -A business that makes products to sell.

Which of the following does NOT use nonprofit accounting guidelines and procedures?

Since financial information is communicated in accounting terms and is the eyes and ears of management, accounting is said to be

Examining a transaction or event to determine its fundamental significance to the business so that the relevant information may be properly processed is called

Writing or using one of the latest technological advances to enter a transaction in the accounting records is called summarizing.

The principal accounting officer of a company is called a public accountant.

The six major steps of the accounting process are analyzing, recording, classifying, summarizing, reporting, and interpreting.

Match the terms with the definitions. -Determining the cost of producing specific products or providing services and analyzing for cost effectiveness.

Match the terms with the definitions. -A type of ownership structure in which there are many owners who usually employ professional managers.

The accounting function of classifying is

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