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1. Accounting is an information and measurement system that: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Helps people make better decisions. E) All of the above. 2. The primary objective of financial accounting is: A) To serve the decision-making needs of internal users. B) To provide financial statements to help external users analyze an organization's activities. C) To monitor and control company activities. D) To provide information on both the costs and benefits of looking after products and services. E) To know what, when, and how much to produce. 3. The area of accounting aimed at serving the decision making needs of internal users is: A) Financial accounting. B) Managerial accounting. C) External auditing. D) SEC reporting. E) Bookkeeping. 4. Ethical behavior requires: A) That auditors' pay not depend on the figures in the client's reports. B) Auditors to invest in businesses they audit. C) Analysts to report information favorable to their companies. D) Managers to use accounting information to benefit themselves. E) All of the above. 5. The accounting guideline that requires financial statement information to be supported by independent, unbiased evidence other than someone's belief or opinion is the: A) Business entity principle. B) Monetary unit principle. C) Going-concern principle. D) Cost principle. E) Objectivity principle. 6. Businesses can take the following form(s): A) Sole proprietorship. B) Common stock. C) Partnership. D) A and C only. E) All of the above. 7. A corporation: A) Is a legal entity separate and distinct from its owners. B) Is controlled by the FASB. C) Has shareholders who have unlimited liability for the acts of the corporation. D) Is the same as a limited liability partnership. E) All of the above. 8. The rules adopted by the accounting profession as guides in preparing financial statements are: A) Comprised of both general and specific principles. B) Known as generally accepted accounting principles. C) Abbreviated as GAAP. D) Intended to make information in financial statements relevant, reliable, and comparable. E) All of the above. 9. The principle that requires every business to be accounted for separately and distinctly from its owner or owners is known as the: A) Objectivity principle. B) Business entity principle. C) Going-concern principle. D) Revenue recognition principle. E) Cost principle. 10. The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: A) Going-concern principle. B) Business entity principle. C) Objectivity principle. D) Cost Principle. Bili Monctary unit orinciolo. 10. The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: A) Going-concern principle. B) Business entity principle. C) Objectivity principle. D) Cost Principle. E) Monetary unit principle. 11. The accounting process begins with: A) Analysis of business transactions and events. B) Preparing financial statements and other reports. C) Summarizing the recorded effect of business transactions. D) Presentation of financial information to decision-makers. E) Preparation of the trial balance. 12. A sales invoice: A) Is a type of source document. B) Is used by sellers for recording purposes. C) Is used by buyers for recording purchases. D) Gives rise to an entry in the accounting process. E) All of the above. 13. A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is a(n) : A) Journal. B) Posting. C) Trial balance. D) Account. 14. An account used to record the owner's investments in the business is called a(n): A) Withdrawals account. B) Capital account. C) Revenue account. D) Expense account. E) Liability account. 15. The account used to record the transfers of assets from a business to its owner is: A) A revenue account. B) The owner's withdrawals account. C) The owner's capital account. D) An expense account. E) A liability account. 16. Unearned revenues are: A) Revenues that have been earned and received in cash. B) Revenues that have been earned but not yet collected in cash. C) Liabilities created when a customer pays in advance for products or services before the revenue is earned. D) Recorded as an asset in the accounting records. E) Increases to owners' capital. 17. A collection of all accounts and their balances used by a business is called a: A) Journal. B) Book of original entry. C) General Journal. D) Balance column journal. E) Ledger. 18. A ledger is: A) A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item. B) A journal in which transactions are first recorded. C) A collection of documents that describe transactions and events entering the accounting process. D) A list of all accounts with their debit balances at a point in time. E) A record containing all accounts and their balances used by a company. 19. A debit is: A) An increase in an account. B) The right-hand side of a T-account. C) A decrease in an account. D) The left-hand side of a T-account. E) An increase to a liability account. 20. The right side of a T-account is a(n): A) Debit. B) Increase. 21. The 12-month period that ends when a company's activities are at their lowest point is called the: A) Fiscal year. B) Calendar year. C) Natural business year. D) Accounting period. E) Interim period. 22. The accounting prineiple that requires revenue to be reported when eamed is the: A) Matching principle. B) Revenue recognition principle. C) Time period principle. D) Accrual reporting principle. E) Going-concem principle. 23. Adjusting entries: A) Affect only income statement accounts. B) Affect only balance sheet accounts. C) Affect both income statement and balance sheet accounts. D) Affect only cash flow statement accounts. E) Affect only equity accounts. 24. The main purpose of adjusting entries is to: A) Record external transictions and events: B) Record internal transactions and events. C) Recognize assets purchased during the period. 25. The broad principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses is the: A) Recognition principle. B) Cost principle. C) Cash basis of accounting. D) Matching principle. E) Time period principle. 26. Which of the following statements is incorrect? A) Prepaid expenses, depreciation, and unearned revenues involve previously recorded assets and liabilities. B) Accrued expenses and accrued revenues involve assets and liabilities that had not previously been recorded. C) Adjusting entries can be used to record both accrued expenses and accrued revenues. D) Prepaid expenses, depreciation, and unearned revenues often require adjusting entries to record the effects of the passage of time. E) Adjusting entries affect the cash account. 27. An adjusting entry could be made for each of the following except: A) Prepaid expenses. B) Depreciation. C) Owner withdrawals. D) Unearned revenues. E) Accrued revenues. 28. If a company mistakenly forgot to record depreciation on office equipment at the end of an accounting period, the financial statements prepared at that time would show: A) Assets overstated and equity understated. B) Assets and equity both understated. C) Assets overstated, net income understated, and equity overstated. D) Assets, net income, and equity understated. E) Assets, net income, and equity overstated. 29. If a company failed to make the end-of-period adjustment to remove from the Uneamed Management Fees account the amount of management fees that were carned, this omission would cause: A) An overstatement of net income. B) An overstatement of assets. C) An overstatement of liabilities. D) An overstatement of equity. E) An understatement of liabilities. 30. Accrued revenues: A) At the end of one accounting period often result in cash receipes from customers in the next period. B) At the end of one accounting period often result in cash payments in the next period. C) Are also called unearned revenues