Question 1

The principal accounting officer of a company is called a public accountant.

Accepted Answer

A) True 
 B)False

Question 2

The six major steps of the accounting process are analyzing, recording, classifying, summarizing, reporting, and interpreting.

Accepted Answer

A) True 
 B)False

Question 3

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 clerk
D)  analyzing
E)  auditingF) bookkeeperG) budgetingH) Certified Public AccountantI) classifyingJ) controllerK) corporationL) cost accountingM) financial accountingN) generally accepted accounting principlesO) internal auditingP) interpretingQ) manufacturing businessR) merchandising businessS) para-accountantT) partnershipU) recordingV) reportingW) service businessX) sole proprietorshipY) summarizingZ) tax accounting[) N) and Y)
\) I) and K)

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 clerk
D)  analyzing
E)  auditingF) bookkeeperG) budgetingH) Certified Public AccountantI) classifyingJ) controllerK) corporationL) cost accountingM) financial accountingN) generally accepted accounting principlesO) internal auditingP) interpretingQ) manufacturing businessR) merchandising businessS) para-accountantT) partnershipU) recordingV) reportingW) service businessX) sole proprietorshipY) summarizingZ) tax accounting[) E) and K)
\) A) and S)

Question 5

Match the terms with the definitions.
-A business that makes products to sell.

Accepted Answer

A)  accountant
B)  accounting
C)  accounting clerk
D)  analyzing
E)  auditingF) bookkeeperG) budgetingH) Certified Public AccountantI) classifyingJ) controllerK) corporationL) cost accountingM) financial accountingN) generally accepted accounting principlesO) internal auditingP) interpretingQ) manufacturing businessR) merchandising businessS) para-accountantT) partnershipU) recordingV) reportingW) service businessX) sole proprietorshipY) summarizingZ) tax accounting[) E) and S)
\) B) and U)

Question 6

Since financial information is communicated in accounting terms and is the eyes and ears of management, accounting is said to be

Accepted Answer

A)   the language of business.
B)   public.
C)   private.
D)   nonprofit.E) A) and C)
F) B) and D)

Question 7

Examining a transaction or event to determine its fundamental significance to the business so that the relevant information may be properly processed is called

Accepted Answer

A)   recording.
B)   analyzing.
C)   classifying.
D)   interpreting.E) A) and D)
F) C) and D)

Question 8

Which of the following does NOT use nonprofit accounting guidelines and procedures?

Accepted Answer

A)   proprietorships
B)   hospitals
C)   educational institutions
D)   churchesE) A) and C)
F) B) and C)

Question 9

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.E) B) and D)
F) B) and C)

Question 10

Writing or using one of the latest technological advances to enter a transaction in the accounting records is called summarizing.

Accepted Answer

A) True 
 B)False

Exam 1: Introduction to Accounting

The principal accounting officer of a company is called a public accountant.

Correct Answer
verified

Which of the following does NOT use nonprofit accounting guidelines and procedures?

Correct Answer
verified

Match the terms with the definitions. -A business that makes products to sell.

Correct Answer
verified

Since financial information is communicated in accounting terms and is the eyes and ears of management, accounting is said to be

Correct Answer
verified

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

Correct Answer
verified

Match the terms with the definitions. -A type of ownership structure in which there are many owners who usually employ professional managers.

Correct Answer
verified

Examining a transaction or event to determine its fundamental significance to the business so that the relevant information may be properly processed is called

Correct Answer
verified

The six major steps of the accounting process are analyzing, recording, classifying, summarizing, reporting, and interpreting.

Correct Answer
verified

The accounting function of classifying is

Correct Answer
verified

Writing or using one of the latest technological advances to enter a transaction in the accounting records is called summarizing.

Correct Answer
verified

Exam 1: Introduction to Accounting

The principal accounting officer of a company is called a public accountant.

Correct AnswerverifiedShow Answer

Which of the following does NOT use nonprofit accounting guidelines and procedures?

Correct AnswerverifiedShow Answer

Match the terms with the definitions. -A business that makes products to sell.

Correct AnswerverifiedShow Answer

Since financial information is communicated in accounting terms and is the eyes and ears of management, accounting is said to be

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Match the terms with the definitions. -A type of ownership structure in which there are many owners who usually employ professional managers.

Correct AnswerverifiedShow Answer

Examining a transaction or event to determine its fundamental significance to the business so that the relevant information may be properly processed is called

Correct AnswerverifiedShow Answer

The six major steps of the accounting process are analyzing, recording, classifying, summarizing, reporting, and interpreting.

Correct AnswerverifiedShow Answer

The accounting function of classifying is

Correct AnswerverifiedShow Answer

Writing or using one of the latest technological advances to enter a transaction in the accounting records is called summarizing.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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