ACCOUNTING CRASH COURSE EXAM 2026
ACTUAL PAPER QUESTIONS WITH SOLUTIONS
GRADED A PLUS COMPLETE REVIEW SET 40
ITEMS
◉ Accounting.
Answer: comprehensive system for collecting, analyzing, and
communicating financial information
◉ Accounting Cycle.
Answer: for a given time period, the cycle of recording accounting
data, adjusting the accounts, preparing the financial statements, and
closing the temporary accounts; when one accounting cycle ends a
new one begins
◉ Accounting Event.
Answer: Economic occurrence that changes a company's assets,
liabilities, or equity
◉ Accounting Period.
Answer: Time span covered by the financial statements; normally
one year, but may be a quarter, month or some other time interval
, ◉ Accrual.
Answer: Accounting recognition of revenue or expense in a period
before cash is exchanged
◉ Accrual Accounting.
Answer: Accounting system which recognizes revenues when
earned and expenses when incurred regardless of when the related
cash is exchanged
◉ Adverse Opinion.
Answer: Opinion issued by a certified public accountant that means
one or more departures from GAAP in a company's financial
statements are so very material the auditors believe the financial
statements do not fairly represent the company's status
◉ Adjusting Entry.
Answer: Entry that updates account balances prior to preparing
financial statements; a bookkeeping tool. Adjusting entries never
affect the Cash account
◉ Allocations.
Answer: Recognizing expenses by systematically assigning the cost
of an asset to periods of use
ACTUAL PAPER QUESTIONS WITH SOLUTIONS
GRADED A PLUS COMPLETE REVIEW SET 40
ITEMS
◉ Accounting.
Answer: comprehensive system for collecting, analyzing, and
communicating financial information
◉ Accounting Cycle.
Answer: for a given time period, the cycle of recording accounting
data, adjusting the accounts, preparing the financial statements, and
closing the temporary accounts; when one accounting cycle ends a
new one begins
◉ Accounting Event.
Answer: Economic occurrence that changes a company's assets,
liabilities, or equity
◉ Accounting Period.
Answer: Time span covered by the financial statements; normally
one year, but may be a quarter, month or some other time interval
, ◉ Accrual.
Answer: Accounting recognition of revenue or expense in a period
before cash is exchanged
◉ Accrual Accounting.
Answer: Accounting system which recognizes revenues when
earned and expenses when incurred regardless of when the related
cash is exchanged
◉ Adverse Opinion.
Answer: Opinion issued by a certified public accountant that means
one or more departures from GAAP in a company's financial
statements are so very material the auditors believe the financial
statements do not fairly represent the company's status
◉ Adjusting Entry.
Answer: Entry that updates account balances prior to preparing
financial statements; a bookkeeping tool. Adjusting entries never
affect the Cash account
◉ Allocations.
Answer: Recognizing expenses by systematically assigning the cost
of an asset to periods of use
