Question 1

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

Question 2

A corporation is usually managed by

Accepted Answer

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

Question 3

Match the terms with the definitions.

-The rules that businesses must follow when preparing financial statements.

Accepted Answer

A)  accountant 
B)  accounting 
C)  accounting derk 
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 4

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 derk 
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.

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

Accepted Answer

A)  accountant 
B)  accounting 
C)  accounting derk 
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

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.

Question 7

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 derk 
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.

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

Accepted Answer

A)  accountant 
B)  accounting 
C)  accounting derk 
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.

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

Accepted Answer

A)  accountant 
B)  accounting 
C)  accounting derk 
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 accountant who oversees the entire accounting process and is the principal accounting officer of the company is called the ____________________.

Accepted Answer

The answer of The accountant who oversees the entire accounting...

Question 11

Stockholders may have very little influence on business decisions.

Accepted Answer

A) True 
 B)False

Question 12

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 derk 
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

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

Accepted Answer

A) True 
 B)False

Question 14

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 derk 
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 15

____________________ is the aggregation of many similar events to provide information that is easy to understand.

Accepted Answer

The answer of ____________________ is the aggregation of many similar...

Question 16

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 derk 
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

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

Accepted Answer

A) True 
 B)False

Question 18

A(n)____________________ is owned by two or more people who assume the risks for the business and whose assets may be taken to pay creditors.

Accepted Answer

The answer of A(n)____________________ is owned by two or more...

Question 19

Accountants design accounting information systems and analyze and interpret information.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

Exam 1: Introduction to Accounting

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

A corporation is usually managed by

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

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

The accounting function of classifying is

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

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

The accountant who oversees the entire accounting process and is the principal accounting officer of the company is called the ____________________.

Stockholders may have very little influence on business decisions.

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

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

____________________ is the aggregation of many similar events to provide information that is easy to understand.

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

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

A(n)____________________ is owned by two or more people who assume the risks for the business and whose assets may be taken to pay creditors.

Accountants design accounting information systems and analyze and interpret information.

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