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ACC 3385 Final Questions with Correct Answers |
Updated (100% Correct Answers)
What is the name of the organization that offers the Certified Management
Accountant?
A) Institute of Management Accountants
B) Texas State Board of Public
C) Accounting
Management Accountants Association Answer: A
Is the CPA in Texas awarded by a government entity or a professional
organization? Answer: Government entity
What is the name of the organization from which a CPA is obtained in the state
of Florida? Answer: Florida Board of Accountancy regulates the CPA and it is
administered by the Florida Department of Business and Professional Regulation.
What is the name of the organization that offers the Certified Fraud Examiner
certification? Answer: ACFE
If someone wants to obtain a designation that indicates they have special
training in the area of "income tax" what is the name of that designation and
what is the source? Answer: Enrolled agent or CPA; IRS
Which of the following would contain the total cost of all inventory owned by an
organization?
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,2
A) general ledger
B) source document
C) cash budget Answer: A
Which of the following is most likely to be a general ledger control account?
A) accounts receivable
B) petty cash
C) prepaid rent
D) retained earnings Answer: A
Which of the following documents is most likely to be used in the expenditure
cycle?
A) receiving report
B) sales order
C) credit memo
D) customer payment Answer: A
How should the chart of accounts list general ledger accounts?
A) in the order in which they appear in financial statements
B) alphabetical order
© 2026 All rights reserved
,3
C) chronological order
D) dollar amount of the balance, smallest to largest Answer: A
Recording and processing information about a transaction at the time it takes
place is referred to as which of the following?
A) real-time processing
B) batch processing
C) captured transaction processing
D) market value processing Answer: A
In order to assure that financial results are reported accurately, it is essential that
transactions are entered correctly into the accounting system relative to all
attributes. If the information is not correct, it creates a problem that is sometimes
referred to as:
A) garbage-in, garbage-out
B) GAAP
C) GAAS
D) unfortunate processing Answer: A
In a manual AIS, a ledger is used to group records and store cumulative
information about accounts. In a computer-based AIS, cumulative information is
grouped and stored in a:
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, 4
A) master file
B) subsidiary ledger
C) account ledger Answer: A
Because of technological advances, including the internet and cryptocurrencies,
another new development called "blockchain" has been implemented to provide
a new way for financial transactions to be recorded, processed, and stored. Which
of the following is a correct statement regarding blockchain?
A) It is a new way to process, store, share, and search information.
B) It is only a database.
C) Blockchain transactions cannot be audited.
D) It requires third-party verification. Answer: A
Enterprise Resource Planning (ERP) systems were developed to provide more
efficient processing of transactions. One (or more) of the advantages of an ERP
system is:
A) All of these are correct.
B) ERP systems use a modular design which makes it easier to add or deletge
modules.
C) Data is captured & keyed once and eliminates the need to download data
from one system to another.
© 2026 All rights reserved
ACC 3385 Final Questions with Correct Answers |
Updated (100% Correct Answers)
What is the name of the organization that offers the Certified Management
Accountant?
A) Institute of Management Accountants
B) Texas State Board of Public
C) Accounting
Management Accountants Association Answer: A
Is the CPA in Texas awarded by a government entity or a professional
organization? Answer: Government entity
What is the name of the organization from which a CPA is obtained in the state
of Florida? Answer: Florida Board of Accountancy regulates the CPA and it is
administered by the Florida Department of Business and Professional Regulation.
What is the name of the organization that offers the Certified Fraud Examiner
certification? Answer: ACFE
If someone wants to obtain a designation that indicates they have special
training in the area of "income tax" what is the name of that designation and
what is the source? Answer: Enrolled agent or CPA; IRS
Which of the following would contain the total cost of all inventory owned by an
organization?
© 2026 All rights reserved
,2
A) general ledger
B) source document
C) cash budget Answer: A
Which of the following is most likely to be a general ledger control account?
A) accounts receivable
B) petty cash
C) prepaid rent
D) retained earnings Answer: A
Which of the following documents is most likely to be used in the expenditure
cycle?
A) receiving report
B) sales order
C) credit memo
D) customer payment Answer: A
How should the chart of accounts list general ledger accounts?
A) in the order in which they appear in financial statements
B) alphabetical order
© 2026 All rights reserved
,3
C) chronological order
D) dollar amount of the balance, smallest to largest Answer: A
Recording and processing information about a transaction at the time it takes
place is referred to as which of the following?
A) real-time processing
B) batch processing
C) captured transaction processing
D) market value processing Answer: A
In order to assure that financial results are reported accurately, it is essential that
transactions are entered correctly into the accounting system relative to all
attributes. If the information is not correct, it creates a problem that is sometimes
referred to as:
A) garbage-in, garbage-out
B) GAAP
C) GAAS
D) unfortunate processing Answer: A
In a manual AIS, a ledger is used to group records and store cumulative
information about accounts. In a computer-based AIS, cumulative information is
grouped and stored in a:
© 2026 All rights reserved
, 4
A) master file
B) subsidiary ledger
C) account ledger Answer: A
Because of technological advances, including the internet and cryptocurrencies,
another new development called "blockchain" has been implemented to provide
a new way for financial transactions to be recorded, processed, and stored. Which
of the following is a correct statement regarding blockchain?
A) It is a new way to process, store, share, and search information.
B) It is only a database.
C) Blockchain transactions cannot be audited.
D) It requires third-party verification. Answer: A
Enterprise Resource Planning (ERP) systems were developed to provide more
efficient processing of transactions. One (or more) of the advantages of an ERP
system is:
A) All of these are correct.
B) ERP systems use a modular design which makes it easier to add or deletge
modules.
C) Data is captured & keyed once and eliminates the need to download data
from one system to another.
© 2026 All rights reserved
