ACC 3385 Final Exam Questions with Correct Answers Latest Update 2025/2026
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 - Answers A
Is the CPA in Texas awarded by a government entity or a professional organization? - Answers
Government entity
What is the name of the organization from which a CPA is obtained in the state of Florida? -
Answers 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? -
Answers 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? - Answers Enrolled
agent or CPA; IRS
Which of the following would contain the total cost of all inventory owned by an organization?
A) general ledger
B) source document
C) cash budget - Answers 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 - Answers 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 - Answers 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
C) chronological order
D) dollar amount of the balance, smallest to largest - Answers 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 - Answers 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 - Answers 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:
A) master file
B) subsidiary ledger
C) account ledger - Answers 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.
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 - Answers A
Is the CPA in Texas awarded by a government entity or a professional organization? - Answers
Government entity
What is the name of the organization from which a CPA is obtained in the state of Florida? -
Answers 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? -
Answers 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? - Answers Enrolled
agent or CPA; IRS
Which of the following would contain the total cost of all inventory owned by an organization?
A) general ledger
B) source document
C) cash budget - Answers 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 - Answers 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 - Answers 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
C) chronological order
D) dollar amount of the balance, smallest to largest - Answers 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 - Answers 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 - Answers 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:
A) master file
B) subsidiary ledger
C) account ledger - Answers 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.
