1
C213 Accounting 2025/2026 Exam
Questions and Detailed Answers | Get it
100% Correct Answers
Which of the following is NOT a service typically provided by large public
accounting firms? - 🧠 ANSWER ✔✔Making management decisions
The initials CPA stand for - 🧠 ANSWER ✔✔certified public accountant
Which of the following is the government agency that stipulates the rules and
regulations that govern the collection of taxes in the United States? - 🧠 ANSWER
✔✔Internal Revenue Service
Which of the following organizations has specific legal authority to establish
accounting standards for publicly held companies? - 🧠 ANSWER ✔✔Securities
and Exchange Commission (SEC)
Standards established by the International Accounting Standards Board are referred
to as - 🧠 ANSWER ✔✔International Financial Reporting Standards
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
,2
The International Accounting Standards Board (IASB) is charged with developing
worldwide accounting practices? - 🧠 ANSWER ✔✔True
Which of the following is NOT a reason for the integration of worldwide
accounting standards? - 🧠 ANSWER ✔✔the theoretical necessity of a common set
of accounting standards
With the current state of information technology, investors outside a company are
now allowed access to a company's internal database of financial information and
do their own customized analysis of a firm's performance. - 🧠 ANSWER ✔✔False
Sarbanes-Oxley Act - 🧠 ANSWER ✔✔Increased federal oversight of the audit
process resulted from the passage of the following act of Congress -
A borrower benefits from providing financial information regarding income and
expenses in the form of a lower interest rate on the loan because of reduced
uncertainty for the lender with regard to repayment. - 🧠 ANSWER ✔✔True
Which of the following is NOT one of the three primary financial statements? - 🧠
ANSWER ✔✔The Statement of Retained Earnings
One reason for a company's preparing and providing financial statements is to
reduce uncertainty for an investor regarding the firm's future financial
performance. - 🧠 ANSWER ✔✔True
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
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STATEMENT. ALL RIGHTS RESERVED
, 3
The idea that businesses must be accounted for as though they will exist at least for
the foreseeable future is the - 🧠 ANSWER ✔✔Going concern concept
Economic resources that are owned or controlled by an enterprise are called - 🧠
ANSWER ✔✔Assets
The idea that the activities of the entity are to be separated from those of the
individual owner is the - 🧠 ANSWER ✔✔Separate entity concept
Which of the following financial statements provides a picture of the enterprise at a
particular point in time? - 🧠 ANSWER ✔✔Balance sheet
Which of the following accounts is considered to be the most liquid? - 🧠 ANSWER
✔✔Cash
Which of the following is an overall measure of the performance of a business
entity's activities? - 🧠 ANSWER ✔✔Net income (or net loss)
Expense and revenue accounts appear on the - 🧠 ANSWER ✔✔income statement
Revenues cause - 🧠 ANSWER ✔✔An increase in net assets
Expenses generally cause - 🧠 ANSWER ✔✔A decrease in net assets
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
C213 Accounting 2025/2026 Exam
Questions and Detailed Answers | Get it
100% Correct Answers
Which of the following is NOT a service typically provided by large public
accounting firms? - 🧠 ANSWER ✔✔Making management decisions
The initials CPA stand for - 🧠 ANSWER ✔✔certified public accountant
Which of the following is the government agency that stipulates the rules and
regulations that govern the collection of taxes in the United States? - 🧠 ANSWER
✔✔Internal Revenue Service
Which of the following organizations has specific legal authority to establish
accounting standards for publicly held companies? - 🧠 ANSWER ✔✔Securities
and Exchange Commission (SEC)
Standards established by the International Accounting Standards Board are referred
to as - 🧠 ANSWER ✔✔International Financial Reporting Standards
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
,2
The International Accounting Standards Board (IASB) is charged with developing
worldwide accounting practices? - 🧠 ANSWER ✔✔True
Which of the following is NOT a reason for the integration of worldwide
accounting standards? - 🧠 ANSWER ✔✔the theoretical necessity of a common set
of accounting standards
With the current state of information technology, investors outside a company are
now allowed access to a company's internal database of financial information and
do their own customized analysis of a firm's performance. - 🧠 ANSWER ✔✔False
Sarbanes-Oxley Act - 🧠 ANSWER ✔✔Increased federal oversight of the audit
process resulted from the passage of the following act of Congress -
A borrower benefits from providing financial information regarding income and
expenses in the form of a lower interest rate on the loan because of reduced
uncertainty for the lender with regard to repayment. - 🧠 ANSWER ✔✔True
Which of the following is NOT one of the three primary financial statements? - 🧠
ANSWER ✔✔The Statement of Retained Earnings
One reason for a company's preparing and providing financial statements is to
reduce uncertainty for an investor regarding the firm's future financial
performance. - 🧠 ANSWER ✔✔True
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
, 3
The idea that businesses must be accounted for as though they will exist at least for
the foreseeable future is the - 🧠 ANSWER ✔✔Going concern concept
Economic resources that are owned or controlled by an enterprise are called - 🧠
ANSWER ✔✔Assets
The idea that the activities of the entity are to be separated from those of the
individual owner is the - 🧠 ANSWER ✔✔Separate entity concept
Which of the following financial statements provides a picture of the enterprise at a
particular point in time? - 🧠 ANSWER ✔✔Balance sheet
Which of the following accounts is considered to be the most liquid? - 🧠 ANSWER
✔✔Cash
Which of the following is an overall measure of the performance of a business
entity's activities? - 🧠 ANSWER ✔✔Net income (or net loss)
Expense and revenue accounts appear on the - 🧠 ANSWER ✔✔income statement
Revenues cause - 🧠 ANSWER ✔✔An increase in net assets
Expenses generally cause - 🧠 ANSWER ✔✔A decrease in net assets
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
