ACCTG 330 Exam 1 – GAAP, Financial Statements & Accounting Cycle (Graded A+)

ACCTG 330 EXAM 1 QUESTIONS
WITH VERIFIED ANSWERS; 100%
CORRECT; GRADE A


A statement of retained earnings in good form will include
which of the following elements?
A.) Net Income
B.) Current Assets
C.) Total Equity
D.) Dividends Paid - correct answer- A.) Net
Income


According to US GAAP, which of the following is NOT one
of the elements that must be included on an income
statement in good form?
A.) EPS
B.) For Year Ended, December 31, 20XX
C.) As of December 31, 20XX
D.) Company Name - correct answer- C.) As of
December 31, 20XX

, Each of the following choices lists four steps from the
accounting cycle. Which of these sets of steps correctly
follows the order we discussed in the lectures for one
fiscal period?
A.) identify transactions, make journal entries, create
financial statements, make the trial balance
B.) make closing entries, make an adjusted trail balance,
create the financial statements, identify transactions
C.) make journal entries, post entries, create the financial
statements, make closing entries
D.) identify transactions, make the adjusting entries,
create the trial balance, create the financial statements -
correct answer- C.)make journal entries, post
entries, create the financial statements, make closing
entries


FASB and IASB are currently working together to do which
of the following?
A.) Converge US GAAP and IFRS
B.) Convert US GAAP to IFRS