COLLEGE ACCOUNTING UPDATED
ACTUAL QUESTIONS AND CORRECT
ANSWERS COMPLETE STUDY GUIDE
●● Accounting
Answer: (4) A system of gathering financial information about a
business and reporting this information to users.
●● accounting clerk
Answer: (8) Records, sorts, and files accounting information.
●● accounting information systems
Answer: (10) Accountants in this area design and implement manual and
computerized accounting systems.
●● Accounting Standards Update
Answer: (6) A standard issued by the Financial Accounting Standards
Board. These standards must be followed when preparing financial
statements. The updates are included in the FASB Accounting Standards
Codification.
●● analyzing (5)
, Answer: Looking at events that have taken place and thinking about how
they affect the business.
●● auditing (9)
Answer: Reviewing and testing to be certain that proper accounting
policies and practices have been followed
●● bookkeeper (8)
Answer: Generally supervises the work of accounting clerks, helps with
daily accounting work, and summarizes accounting information.
●● budgeting (10)
Answer: The process in which accountants help managers develop a
financial plan.
●● Certified Fraud Examiner (CFE) (9)
Answer: A forensic accountant who has passed the exam offered by the
Association ofCertified Fraud Examiners.
●● Certified Internal Auditor (CIA)
Answer: (10) An internal auditor who has achieved professional
recognition by passing the uniform examination offered by the Institute
of Internal Auditors.
ACTUAL QUESTIONS AND CORRECT
ANSWERS COMPLETE STUDY GUIDE
●● Accounting
Answer: (4) A system of gathering financial information about a
business and reporting this information to users.
●● accounting clerk
Answer: (8) Records, sorts, and files accounting information.
●● accounting information systems
Answer: (10) Accountants in this area design and implement manual and
computerized accounting systems.
●● Accounting Standards Update
Answer: (6) A standard issued by the Financial Accounting Standards
Board. These standards must be followed when preparing financial
statements. The updates are included in the FASB Accounting Standards
Codification.
●● analyzing (5)
, Answer: Looking at events that have taken place and thinking about how
they affect the business.
●● auditing (9)
Answer: Reviewing and testing to be certain that proper accounting
policies and practices have been followed
●● bookkeeper (8)
Answer: Generally supervises the work of accounting clerks, helps with
daily accounting work, and summarizes accounting information.
●● budgeting (10)
Answer: The process in which accountants help managers develop a
financial plan.
●● Certified Fraud Examiner (CFE) (9)
Answer: A forensic accountant who has passed the exam offered by the
Association ofCertified Fraud Examiners.
●● Certified Internal Auditor (CIA)
Answer: (10) An internal auditor who has achieved professional
recognition by passing the uniform examination offered by the Institute
of Internal Auditors.
