Accounting Ivy Software Final Review questions
with answers
Academic accountants are members of which of the following association? -
CORRECT ANSWERS ✔✔AAA
Elson Inc. estimated the useful life of a patent and amortized it over its useful life.
the GAAP is known as - CORRECT ANSWERS ✔✔Matching
Preparing a production plan would be an example of - CORRECT ANSWERS
✔✔Managerial Accounting
Owners in corporations are liable only for the amount they have invested and no
more. TorF - CORRECT ANSWERS ✔✔TRUE
The quality that assumes that information is reasonably free from error - CORRECT
ANSWERS ✔✔Faithful representation
A nonprofit organization such as a school does not prepare reports for external users
- CORRECT ANSWERS ✔✔FALSE
Presenting an asset in the balance sheet as its historical cost less accumulated
depreciation is an example of - CORRECT ANSWERS ✔✔Financial Accounting
Stapling Inc. projects sales revenues will exceed 100 million next year. this is an
example of - CORRECT ANSWERS ✔✔Managerial Accounting
, In periods of rising prices which of the following generally excepted accounting
principles is violated - CORRECT ANSWERS ✔✔Monetary concept
Current assets are properly listed in order of liquidy on a balance sheet as shown in
the following example cash, accounts receivable, pre-paid insurance, inventory. -
CORRECT ANSWERS ✔✔False
The balance maintained in the checking account also called a demand deposit or
DDA account is considered a part of a companies cash account - CORRECT
ANSWERS ✔✔True
Which of the following accounts represents the market valuation of the company? A.
Assets B. Liabilities C. Net assets D. Retained earnings E. NOA - CORRECT
ANSWERS ✔✔E. None of the above
The capital stock account combined with the retain earnings account reflect
evaluation the open market places on the company - CORRECT ANSWERS ✔✔False
The retained earnings account is a part of which of the following accounts -
CORRECT ANSWERS ✔✔Owners Equity
Capital stock represent the markets value of the company - CORRECT ANSWERS
✔✔False
Investments representing short term holding of securities would appear on the
balance sheet as - CORRECT ANSWERS ✔✔Current assets
with answers
Academic accountants are members of which of the following association? -
CORRECT ANSWERS ✔✔AAA
Elson Inc. estimated the useful life of a patent and amortized it over its useful life.
the GAAP is known as - CORRECT ANSWERS ✔✔Matching
Preparing a production plan would be an example of - CORRECT ANSWERS
✔✔Managerial Accounting
Owners in corporations are liable only for the amount they have invested and no
more. TorF - CORRECT ANSWERS ✔✔TRUE
The quality that assumes that information is reasonably free from error - CORRECT
ANSWERS ✔✔Faithful representation
A nonprofit organization such as a school does not prepare reports for external users
- CORRECT ANSWERS ✔✔FALSE
Presenting an asset in the balance sheet as its historical cost less accumulated
depreciation is an example of - CORRECT ANSWERS ✔✔Financial Accounting
Stapling Inc. projects sales revenues will exceed 100 million next year. this is an
example of - CORRECT ANSWERS ✔✔Managerial Accounting
, In periods of rising prices which of the following generally excepted accounting
principles is violated - CORRECT ANSWERS ✔✔Monetary concept
Current assets are properly listed in order of liquidy on a balance sheet as shown in
the following example cash, accounts receivable, pre-paid insurance, inventory. -
CORRECT ANSWERS ✔✔False
The balance maintained in the checking account also called a demand deposit or
DDA account is considered a part of a companies cash account - CORRECT
ANSWERS ✔✔True
Which of the following accounts represents the market valuation of the company? A.
Assets B. Liabilities C. Net assets D. Retained earnings E. NOA - CORRECT
ANSWERS ✔✔E. None of the above
The capital stock account combined with the retain earnings account reflect
evaluation the open market places on the company - CORRECT ANSWERS ✔✔False
The retained earnings account is a part of which of the following accounts -
CORRECT ANSWERS ✔✔Owners Equity
Capital stock represent the markets value of the company - CORRECT ANSWERS
✔✔False
Investments representing short term holding of securities would appear on the
balance sheet as - CORRECT ANSWERS ✔✔Current assets
