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- 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
- For downloading more course tutorials visit - https://bitly.com/12CaoDJ
- Do not purchase coffee each morning. The cost really adds up! Make coffee at home. It might have the convenience of getting coffee on the run, but you will keep a lot more of your money. A quality coffee machine is a great investment that will save you money in the future.
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