XACC 280 Week 1 CheckPoint 1 Accounting Assumptions Principl

 This file of XACC 280 Entire Course A+ Study Guide contains:


 Financial Accounting Concepts and Principles

Business - Accounting
 ACC 280


    Accountants refer to an economic event as a
 a.   purchase.
 b.   sale.
 c.   transaction.
 d.   change in ownership.

    Communication of economic events is the part of the accounting process that involves
 a.   identifying economic events.
 b.   quantifying transactions into dollars and cents.
 c.   preparing accounting reports.
 d.   recording and classifying information.

    The accounting process is correctly sequenced as
 a.   identification, communication, recording.
 b.   recording, communication, identification.
 c.   identification, recording, communication.
 d.   communication, recording, identification.

  Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process?

 a.   Identification
 b.   Communication
 c.   Recording
 d.   Analysis

    Which list below best describes the major services performed by public accountants?
 a.   Bookkeeping, mergers, budgets
 b.   Employee training, auditing, bookkeeping
 c.   Auditing, taxation, management consulting
 d.   Cost accounting, production scheduling, recruiting

    The use of computers in recording business events
 a.   has made the recording process more efficient.
 b.   does not use the same principles as manual accounting systems.
 c.   has greatly impacted the identification stage of the accounting process.
 d.   is economical only for large businesses.

    Generally accepted accounting principles are
 a.   income tax regulations of the Internal Revenue Service.
 b.   standards that indicate how to report economic events.
 c.   theories that are based on physical laws of the universe.
 d.   principles that have been proven correct by academic researchers.

 The body of theory underlying accounting is not based on
 a.   physical laws of nature.
 b.   concepts.
 c.   principles.
 d.   definitions.

    The private sector organization involved in developing accounting principles is the
 a.   Feasible Accounting Standards Body.
 b.   Financial Accounting Studies Board.
 c.   Financial Accounting Standards Board.
 d.   Financial Auditors' Standards Body.

 The SEC and FASB are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true that
 a.   they are both governmental agencies.
 b.   the SEC is a private organization of accountants.
 c.   the SEC often mandates guidelines when no accounting principles exist.

    GAAP stands for
 a.   Generally Accepted Auditing Procedures.
 b.   Generally Accepted Accounting Principles.
 c.   Generally Accepted Auditing Principles.
 d.   Generally Accepted Accounting Procedures.

 All of the financial statements are for a period of time except the
 a.   income statement.
 b.   retained earnings.
 c.   balance sheet.
 d.   statement of cash flows.

 Auditing is
 a.   the examination of financial statements by a CPA in order to express an opinion on their fairness.
 b.   a part of accounting that involves only recording of economic events.
 c.   an area of accounting that involves such activities as cost accounting, budgeting, and accounting information systems.
 d.   conducted by the Securitie


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