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1) Which list below best describes the major services performed by public accountants? A. B. C. D. Bookkeeping, mergers, budgets Employee training, auditing, bookkeeping Cost accounting, production scheduling, recruiting Auditing, taxation, management consulting 2) Communication of economic events is the part of the accounting process that involves A. B. C. D. identifying economic events. quantifying transactions into dollars and cents. recording and classifying information. preparing accounting reports. 3) Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process? A. B. C. D. Identification Communication Analysis Recording 4) The SEC and FASB are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true that A. B. C. D. they are both governmental agencies. the SEC is a private organization of accountants. the SEC and FASB rarely cooperate in developing accounting standards. the SEC often mandates guidelines when no accounting principles exist. 5) The private sector organization involved in developing accounting principles is the A. B. C. D. Feasible Accounting Standards Body. Financial Accounting Standards Board. Financial Auditors' Standards Body. Financial Accounting Studies Board. 6) The body of theory underlying accounting is not based on A. B. C. D. physical laws of nature. principles. definitions. concepts. 7) All of the financial statements are for a period of time except the A. B. C. D. income statement. balance sheet. statement of cash flows. retained earnings. 8) After a business transaction has been analyzed and entered in the book of original entry, the next step in the recording process is to transfer the information to A. B. C. D. the company's bank. ledger accounts. financial statements. stockholders' equity. 9) The first step in the recording process is to A. B. C. D. prepare financial statements. post to a journal. prepare a trial balance. analyze each transaction for its effect on the accounts. 10) The dividends account A. B. C. D. appears on the income statement along with the expenses of the business. is increased with debits and decreased with credits. is not a proper subdivision of stockholders' equity. must show transactions every accounting period. 11) Posting A. should be performed in account number order. B. involves transferring all debits and credits on a journal page to the trial balance. C. is accomplished by examining ledger accounts and seeing which ones need updating. D. accumulates the effects of journalized transactions in the individual accounts. 12) An account will have a credit balance if the A. B. C. D. credits exceed the debits. last transaction entered was a credit. debits exceed the credits. first transaction entered was a credit. 13) On August 13, 2008, Dudbury Enterprises purchased office equipment for $1,000 and office supplies of $200 on account. Which of the following journal entries is recorded correctly and in the standard format? A. Office Equipment 1,00 1,200 Account Payable 200 Office Supplies B. Office Equipment 1,000 200 Office Supplies 1,200 Accounts Payable C. Accounts Payable 1,200 1,000 Office Equipment 200 Office Supplies D. 1,000 Office Equipment 200 Office Supplies Account Payable 1,200 14) On June 1, 2008 Leno Inc. buys a copier machine for its business and finances this purchase with cash and a note. When journalizing this transaction, the company's accountant will A. B. C. D. use two journal entries. list the credit entries first, which is proper form for this type of transaction. make a simple entry. make a compound entry. 15) After journal entries are posted, the reference column A. B. C. D. of the general journal will be blank. of the general ledger will show account numbers. of the general journal will show "Dr" or "Cr". of the general ledger will show journal page numbers. 16) Accounts often need to be adjusted because A. B. C. D. there are never enough accounts to record all the transactions. management can't decide what they want to report. there are always errors made in recording transactions. many transactions affect more than one time period. 17) Adjusting entries are required A. because some costs expire with the passage of time and have not yet been journalized. B. when revenues are recorded in the period in which they are earned. C. when expenses are recorded in the period in which they are incurred. D. when the company's profits are below the budget. 18) The preparation of adjusting entries is A. B. C. D. straight forward because the accounts that need adjustment will be out of balance. optional when financial statements are prepared. only required for accounts that do not have a normal balance. often an involved process requiring the skills of a professional. 19) An adjusted trial balance A. is prepared after the financial statements are completed. B. proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made. C. cannot be used to prepare financial statements. D. is a required financial statement under generally accepted accounting principles. 20) If prepaid expenses are initially recorded in expense accounts and have not all been used at the end of the accounting period, then failure to make an adjusting entry will cause A. B. C. D. assets to be understated. assets to be overstated. contra-expenses to be overstated. expenses to be understated. 21) The adjusted trial balance is prepared A. after financial statements are prepared. B. before the trial balance. C. after adjusting entries have been journalized and posted. D. to prove the equality of total assets and total liabilities. 22) The adjustments entered in the adjustments columns of a worksheet are A. B. C. D. not journalized. posted to the ledger but not journalized journalized before the worksheet is completed. not journalized until after the financial statements are prepared. 23) A worksheet is a multiple column form that facilitates the A. B. C. D. identification of events. measurement process. analysis process. preparation of financial statements. 24) Preparing a worksheet involves A. B. C. D. two steps. three steps. five steps. four steps. 25) The income summary account A. B. C. D. is a permanent account. appears on the balance sheet. is a temporary account. appears on the income statement. 26) The net income (or loss) for the period A. is found by computing the difference between the income statement credit column and the balance sheet credit column on the worksheet. B. is found by computing the difference between the income statement columns of the worksheet. C. cannot be found on the worksheet. D. is found by computing the difference between the trial balance totals and the adjusted trial balance totals. 27) Closing entries are made A. in order to terminate the business as an operating entity. B. in order to transfer net income (or loss) and dividends to the retained earnings account. C. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the next accounting period starts. A. in order to terminate the business as an operating entity. D. so that financial statements can be prepared. 28) In preparing closing entries A. B. C. D. each revenue account will be credited. the retained earnings account will be debited if there is net income for the period. each expense account will be credited. the dividends account will be debited. 29) In order to close the dividends account, the A. B. C. D. income summary account should be debited. retained earnings account should be credited. income summary account should be credited. retained earnings account should be debited. 30) Closing entries may be prepared from all but which one of the following sources? A. Adjusted balances in the ledger B. Balance sheet C. Income statement and balance sheet columns of the worksheet D. Income and Stockholders' equity statements 31) Which one of the following is not a tool in financial statement analysis? A. B. C. D. Horizontal analysis Vertical analysis Circular analysis Ratio analysis 32) Horizontal analysis is also called A. B. C. D. linear analysis. common size analysis. vertical analysis. trend analysis. 33) In ratio analysis, the ratios are never expressed as a A. rate. B. simple proportion. C. negative figure. D. percentage. 34) Internal controls are not designed to safeguard assets from A. B. C. D. natural disasters. unauthorized use. employee theft. robbery. 35) The importance of a good system of internal controls was recognized with the passage of A. B. C. D. the Securities and Exchange Act of 1933. the Sarbanes-Oxley Act of 2002. the Securities and Exchange Act of 1994. the Blue Sky Laws. 36) Internal controls are concerned with A. B. C. D. only manual systems of accounting. preparing income tax returns. the extent of government regulations. safeguarding assets. 37) Companies that are subject to, but fail to comply with, the Sarbanes-Oxley Act of 2002 A. B. C. D. may do so legally by obtaining an exemption. may be forced to sell their foreign subsidiaries. will be automatically dissolved. may be subject to fines and officer imprisonment. 38) The primary body in the US that has responsibility for Generally Accepted Accounting Principles is: A. B. C. D. The Federal Financial Accounting Standards Board The Government Accounting Office The Securities and Exchange Commission The Internal Revenue Service 39) The entity responsible for setting International Accounting Standards is: A. B. C. D. The International Monetary Fund The Financial Accounting Standards Board The International Accounting Standards Board The Financial Accounting Foundation 40) The principles of internal control include all of the following except A. B. C. D. combining of duties. establishment of responsibility. physical, mechanical, and electronic controls. independent internal verification. 41) If employees are bonded A. B. C. D. they have worked for the company for at least 10 years. it means that they are not allowed to handle cash. they have been insured against misappropriation of assets. it is impossible for them to steal from the company. 42) Allowing only the treasurer to sign checks is an example of A. B. C. D. segregation of duties. documentation procedures. other controls. establishment of responsibility