ACC 3385 FINAL EXAM QUESTIONS AND CORRECT
ANSWERS 100% VERIFIED!!
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 - ANSWER A
Is the CPA in Texas awarded by a government entity or a professional organization? -
ANSWER Government entity
What is the name of the organization from which a CPA is obtained in the state of
Florida? - ANSWER 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? - ANSWER 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? -
ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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.
C) Blockchain transactions cannot be audited.
D) It requires third-party verification. - ANSWER A
Enterprise Resource Planning (ERP) systems were developed to provide more efficient
processing of transactions. One (or more) of the advantages of an ERP system is:
A) All of these are correct.
B) ERP systems use a modular design which makes it easier to add or deletge modules.
C) Data is captured & keyed once and eliminates the need to download data from one
system to another.
D) Procedures & reports can be standardized across business units.
E) ERP systems use a centralized data base to share information. - ANSWER A
ANSWERS 100% VERIFIED!!
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 - ANSWER A
Is the CPA in Texas awarded by a government entity or a professional organization? -
ANSWER Government entity
What is the name of the organization from which a CPA is obtained in the state of
Florida? - ANSWER 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? - ANSWER 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? -
ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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 - ANSWER 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.
C) Blockchain transactions cannot be audited.
D) It requires third-party verification. - ANSWER A
Enterprise Resource Planning (ERP) systems were developed to provide more efficient
processing of transactions. One (or more) of the advantages of an ERP system is:
A) All of these are correct.
B) ERP systems use a modular design which makes it easier to add or deletge modules.
C) Data is captured & keyed once and eliminates the need to download data from one
system to another.
D) Procedures & reports can be standardized across business units.
E) ERP systems use a centralized data base to share information. - ANSWER A
