Question 1

Accountants design accounting information systems and analyze and interpret information.

Accepted Answer

A) True 
 B)False

Question 2

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 3

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 4

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 5

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 6

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

Accepted Answer

A) True 
 B)False

Question 7

Stockholders own which type of business?

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 8

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 9

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 10

A partnership is owned by stockholders or shareholders.

Accepted Answer

A) True 
 B)False

Question 11

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 12

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 13

Reviewing the events that have taken place and determining how this affects the business is called interpreting.

Accepted Answer

A) True 
 B)False

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

The person who reviews the operating and accounting control procedures adopted by management to make sure the controls are adequate 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 16

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 17

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

Accepted Answer

A) True 
 B)False

Question 18

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 19

Match the terms with the definitions.
-A business that buys 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 20

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

Accountants design accounting information systems and analyze and interpret information.

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

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

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

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

Stockholders own which type of business?

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

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

A partnership is owned by stockholders or shareholders.

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

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

Reviewing the events that have taken place and determining how this affects the business is called interpreting.

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

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

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

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

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

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

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

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: 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 a Professional Service Business: The Combination Journal

Filters

Exam 1: Introduction to Accounting

Accountants design accounting information systems and analyze and interpret information.

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

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

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

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

Stockholders own which type of business?

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

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

A partnership is owned by stockholders or shareholders.

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

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

Reviewing the events that have taken place and determining how this affects the business is called interpreting.

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

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

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

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

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

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

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

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: 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 a Professional Service Business: The Combination Journal

Filters