Accounting Exam graded A+ 2023 with answers 100% verified

Which of the following is not a step in the accounting process? - verification The first activity of the accounting process is - identification Ethics are the standards of conduct by which one's actions are judged as - honest or dishonest, right or wrong, fair or unfair, and honest or dishonest. Generally Accepted Accounting Principles are - standards that indicate how to report economic events. The primary accounting standard-setting body in the United States is the - Financial Accounting Standards Board. If a business purchases advertising expected to be used during the current period on account, then - stockholders' equity will decrease Net income will result during a time period when -assets exceed liabilities. -assets exceed revenues. -expenses exceed revenues. -revenues exceed expenses. - revenues exceed expenses. The financial statement that reports assets, liabilities, and stockholders' equity is the -statement of cash flow. -balance sheet. -income statement. -statement of stockholders' equity. - balance sheet. Revenues and expenses are reported on the -statement of stockholders' equity. -balance sheet. -income statement. -statement of cash flows. - income statement. An account is a part of the financial information system and is described by all except which of the following? -An account has a title. -An account is a source document. -An account may be part of a manual or a computerized accounting system. -An account has a debit and credit side. - An account is a source document. The left side of an account -may represent the debit side or the credit side. -is always the debit side. -is always the credit side. -is always the balance side. - is always the debit side. Which of the following statements about an account is true? -In its simplest form, an account consists of two parts. -The left side of an account is the credit or decrease side. -An account is an individual accounting record of increases and decreases in specific asset, liability, and stockholders' equity items. -There are separate accounts for specific assets and liabilities but only one account for stockholders' equity items. - An account is an individual accounting record of increases and decreases in specific asset, liability, and stockholders' equity items.