ACCOUNTING 1 UNIT 1 EXAM
QUESTIONS AND ANSWERS
Martha is a payroll clerk at a company that has over 2,000 employees. While working
she ensures that social security, address and benefits information for the employees
are kept private. Which key principle of ethics in accounting is Martha
demonstrating? - Answer-Confidentiality
Susan is responsible for planning and managing financial resources and maintaining
the records and information related to the business. In what department does Susan
work? - Answer-Accounting
Businesses would not be able to determine if they are meeting their financial goals
without accurate: - Answer-accounting systems
Valerie prepared a report to accurately share data and pertinent information
regarding her company's financial situation. She demonstrated which type of 21st
Century skill? - Answer-communication
Leslie is applying for a position in a small company. The company wants to hire an
individual that can convert its manual accounting system to a computerized system.
She listed on her application that she has an accounting degree as well as an
emphasis in computer programming. These qualifications represent which type of
skills? - Answer-workplace skills
Martha has applied for a position as a payroll clerk for a local company. She listed as
her qualifications that she is a critical thinker and can work productively with others.
These are classified as which type of skills? - Answer-21st century skills
Javier is opening a sunglasses company. He prefers to structure the business
ownership so that he is ultimately responsible for the success or failure of the
business. Which type of business ownership should José select? - Answer-sole
proprietorship
The Kathryn Company sold stock to raise capital. Under what form of business
organization does the company operate? - Answer-corporation
One advantage of a sole proprietorship is: - Answer-Owner makes all decisions
A characteristic of a sole proprietorship is that the owner: - Answer-receives all the
profit
Which are valid Microsoft Excel functions? - Answer-AVERAGE, MAX, and MIN
When copying values in Microsoft Excel, which feature automatically adjusts cell
references for the new copy location? - Answer-relative reference
QUESTIONS AND ANSWERS
Martha is a payroll clerk at a company that has over 2,000 employees. While working
she ensures that social security, address and benefits information for the employees
are kept private. Which key principle of ethics in accounting is Martha
demonstrating? - Answer-Confidentiality
Susan is responsible for planning and managing financial resources and maintaining
the records and information related to the business. In what department does Susan
work? - Answer-Accounting
Businesses would not be able to determine if they are meeting their financial goals
without accurate: - Answer-accounting systems
Valerie prepared a report to accurately share data and pertinent information
regarding her company's financial situation. She demonstrated which type of 21st
Century skill? - Answer-communication
Leslie is applying for a position in a small company. The company wants to hire an
individual that can convert its manual accounting system to a computerized system.
She listed on her application that she has an accounting degree as well as an
emphasis in computer programming. These qualifications represent which type of
skills? - Answer-workplace skills
Martha has applied for a position as a payroll clerk for a local company. She listed as
her qualifications that she is a critical thinker and can work productively with others.
These are classified as which type of skills? - Answer-21st century skills
Javier is opening a sunglasses company. He prefers to structure the business
ownership so that he is ultimately responsible for the success or failure of the
business. Which type of business ownership should José select? - Answer-sole
proprietorship
The Kathryn Company sold stock to raise capital. Under what form of business
organization does the company operate? - Answer-corporation
One advantage of a sole proprietorship is: - Answer-Owner makes all decisions
A characteristic of a sole proprietorship is that the owner: - Answer-receives all the
profit
Which are valid Microsoft Excel functions? - Answer-AVERAGE, MAX, and MIN
When copying values in Microsoft Excel, which feature automatically adjusts cell
references for the new copy location? - Answer-relative reference
