FINANCIAL ACCOUNTING AND REPORTING
EXAM QUESTIONS WITH CORRECT
ANSWERS 2025
WhatGformGofGbusinessGorganizationGisGcharacterizedGbyGlimitedGliability?
a.GPartnership
b.GCorporation
c.GSoleGproprietorship
d.GBothGsoleGproprietorshipGandGpartnershipG-GCORRECTGANSWERG-b.GCorporation
WhichGofGtheGfollowingGprocessesGbestGdefinesGaccounting?
a.GCommunicatingGresultsGtoGinterestedGparties
b.GBothGmeasuringGeconomicGactivitiesGandGcommunicatingGresultsGtoGinterestedGparties
c.GPreventingGfraud
d.GMeasuringGeconomicGactivitiesG-GCORRECTGANSWERG-
b.GBothGmeasuringGeconomicGactivitiesGandGcommunicatingGresultsGtoGinterestedGparties
GenerallyGacceptedGaccountingGprinciplesGare:
a.GAGsetGofGvoluntaryG"bestGbusinessGpractices"
b.GAGsetGofGstandardsGforGethicalGconduct
c.GAGsetGofGguidelinesGtoGaidGinGtheGfinancialGreportingGprocess
d.GAGsetGofGlawsGtoGpreventGfinancialGfraudG-GCORRECTGANSWERG-
c.GAGsetGofGguidelinesGtoGaidGinGtheGfinancialGreportingGprocess
ToGwhichGareaGofGaccountingGareGgenerallyGacceptedGaccountingGprinciplesGprimarilyGrelevant?
a.GFinancialGaccounting
, b.GManagerialGaccounting
c.GTaxGaccounting
d.GFinancialGreportingGtoGallGregulatoryGagenciesG-GCORRECTGANSWERG-a.GFinancialGaccounting
WhichGofGtheGfollowingGisGnotGoneGofGtheGthreeGtypesGofGbusinessGactivities?
a.GOperating
b.GMarketing
c.GFinancing
d.GInvestingG-GCORRECTGANSWERG-b.GMarketing
IfGassetsGtotalG$70,000GandGliabilitiesGtotalG$40,000,GhowGmuchGareGnetGassets?
a.G$30,000
b.G$70,000
c.G$110,000
d.G$40,000G-GCORRECTGANSWERG-a.G$30,000
WhichGofGtheGfollowingGitemsGisGnotGrequiredGtoGbeGincludedGasGpartGofGaGcompany'sGannualGreport?
a.GManagementGdiscussionGandGanalysis
b.GAuditor'sGreport
c.GNotesGtoGtheGfinancialGstatements
d.GDetailedGhistoryGofGtheGcompanyG-GCORRECTGANSWERG-d.GDetailedGhistoryGofGtheGcompany
MatchGtheGfollowingGorganizationalGattributesGinGtheGleftGcolumnGwithGtheGorganizationalGformGinGtheGrig
htGcolumnGthatGtheGattributeGisGmostGoftenGassociatedGwith.G-GCORRECTGANSWERG-1-
GTaxGadvantages=SoleGproprietorshipG&GPartnership
2-GEasiestGtoGraiseGaGlargeGamountGofGfunds=GCorporation
EXAM QUESTIONS WITH CORRECT
ANSWERS 2025
WhatGformGofGbusinessGorganizationGisGcharacterizedGbyGlimitedGliability?
a.GPartnership
b.GCorporation
c.GSoleGproprietorship
d.GBothGsoleGproprietorshipGandGpartnershipG-GCORRECTGANSWERG-b.GCorporation
WhichGofGtheGfollowingGprocessesGbestGdefinesGaccounting?
a.GCommunicatingGresultsGtoGinterestedGparties
b.GBothGmeasuringGeconomicGactivitiesGandGcommunicatingGresultsGtoGinterestedGparties
c.GPreventingGfraud
d.GMeasuringGeconomicGactivitiesG-GCORRECTGANSWERG-
b.GBothGmeasuringGeconomicGactivitiesGandGcommunicatingGresultsGtoGinterestedGparties
GenerallyGacceptedGaccountingGprinciplesGare:
a.GAGsetGofGvoluntaryG"bestGbusinessGpractices"
b.GAGsetGofGstandardsGforGethicalGconduct
c.GAGsetGofGguidelinesGtoGaidGinGtheGfinancialGreportingGprocess
d.GAGsetGofGlawsGtoGpreventGfinancialGfraudG-GCORRECTGANSWERG-
c.GAGsetGofGguidelinesGtoGaidGinGtheGfinancialGreportingGprocess
ToGwhichGareaGofGaccountingGareGgenerallyGacceptedGaccountingGprinciplesGprimarilyGrelevant?
a.GFinancialGaccounting
, b.GManagerialGaccounting
c.GTaxGaccounting
d.GFinancialGreportingGtoGallGregulatoryGagenciesG-GCORRECTGANSWERG-a.GFinancialGaccounting
WhichGofGtheGfollowingGisGnotGoneGofGtheGthreeGtypesGofGbusinessGactivities?
a.GOperating
b.GMarketing
c.GFinancing
d.GInvestingG-GCORRECTGANSWERG-b.GMarketing
IfGassetsGtotalG$70,000GandGliabilitiesGtotalG$40,000,GhowGmuchGareGnetGassets?
a.G$30,000
b.G$70,000
c.G$110,000
d.G$40,000G-GCORRECTGANSWERG-a.G$30,000
WhichGofGtheGfollowingGitemsGisGnotGrequiredGtoGbeGincludedGasGpartGofGaGcompany'sGannualGreport?
a.GManagementGdiscussionGandGanalysis
b.GAuditor'sGreport
c.GNotesGtoGtheGfinancialGstatements
d.GDetailedGhistoryGofGtheGcompanyG-GCORRECTGANSWERG-d.GDetailedGhistoryGofGtheGcompany
MatchGtheGfollowingGorganizationalGattributesGinGtheGleftGcolumnGwithGtheGorganizationalGformGinGtheGrig
htGcolumnGthatGtheGattributeGisGmostGoftenGassociatedGwith.G-GCORRECTGANSWERG-1-
GTaxGadvantages=SoleGproprietorshipG&GPartnership
2-GEasiestGtoGraiseGaGlargeGamountGofGfunds=GCorporation
