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ACCOUNTING INFORMATION SYSTEMS 14TH EDITION BY MARSHALL ROMNEY AND PAUL STEINBART STUDY GUIDE Questions with Correct Answers (Grade A+) Question 1: The first step in Processing Transaction Answer: To Capture the Data Question 2: Data Input Answer: 1. Each activity of interest 2. The resources affected by each activity 3. The people who participate in each activity Question 3: Source Documents Answer: Used To Capture data at the beginning of the transaction Question 4: Data Storage A...

ACCOUNTING FINAL PAPER TEST SCRIPT Questions with Correct Answers (Grade A+) Question 1: The owners of a corporation are called Answer: Shareholders or stockholders Question 2: Which of the following does NOT use nonprofit accounting guidelines and procedures? Answer: Proprietorship Question 3: Examining a transaction or event to determine its fundamental significance to the business so that the relevant information may be properly processed is called Answer: Analyzing Question 4: Publi...

ACCOUNTING 7127/1 PAPER 1 FINANCIAL ACCOUNTING EXAM PRACTICE WITH MARK SCHEME Questions with Correct Answers (Grade A+) Question 1: Contributed Capital and Retained Earnings. Answer: Two factors that go into stockholders equity. Question 2: 1. Describe accounting rules used 2. Provides detail of specific items on the financial statements. 3. Disclose information not shown on the financial Statements. Answer: Three types of financial statements Question 3: GAAP (Generally Accepted Account...

ACCOUNTING 7127/1 PAPER 1 FINANCIAL ACCOUNTING FINAL REVISION Questions with Correct Answers (Grade A+) Question 1: External Decision makers. Answer: Deal with financial accounting system (focus of Accounting 284) Question 2: Balance Sheet (BS), Statement of Retained Earnings (SRE), Statement of Cash Flows (SCF), and the Income Statement (IS). Answer: 4 Things provided by a financial accounting system Question 3: Balance Sheet. Answer: Reports the financial position of an accounting enti...

ACCOUNTING 7127/1 PAPER 1 FINANCIAL ACCOUNTING FINAL REVISION Questions with Correct Answers (Grade A+) Question 1: What are fixed assets? Answer: Another term for property, plant, and equipment (PPE). Question 2: Give examples of property, plant, and equipment. Answer: 1. Land 2. buildings 3. equipment 4. machines 5. delivery vehicles 6. and furniture. Question 3: How are current assets listed on a balance sheet? Answer: In the order of their expected conversion into cash, decreasi...

ACCOUNTING 7127/1 PAPER 1 FINANCIAL ACCOUNTING EXAM-STYLE Questions with Correct Answers (Grade A+) Question 1: What is a classified balance sheet? Answer: A balance sheet that groups together similar assets and liabilities using standard classifications. Question 2: What are the two main groups classified in a balance sheet? Answer: Short-term (current) and long-term (non-current) assets. Question 3: What is the most liquid asset? Answer: Cash. Question 4: What are short-term investment...

ACCOUNTING 405 ACTUAL EXAM PAPER Questions with Correct Answers (Grade A+) Question 1: When the equity method of accounting for investments is used by the investor, the amortization of additional depreciation due to difference between book values and fair values of investee assets on the date of acquisition: Answer: Reduces the investment account and reduces investment revenue Question 2: Which of the following is not true about the fair value option Answer: The fair value option must be ...

ACCOUNTING 405 PRACTICE EXAM Questions with Correct Answers (Grade A+) Question 1: Which of the following is not a part of the FASAB due process for establishing a federal financial accounting standard? Answer: C. Unanimous approval by the FASAB. Question 2: As identified by FASAB, which of the following are major user groups of federal financial reports? Answer: A. Congress, executives, program managers, and citizens. Question 3: The "net position" of a federal agency may include ...

ACCOUNTING 405 FINAL EXAM Questions with Correct Answers (Grade A+) Question 1: entity reports income on tax forms separate tax (information) forms, but the profit or loss flows through to owner's individual income tax returns Answer: Partnership. Question 2: income is taxed at the entity level rather than flowing through to the owners Answer: C Corporation. Question 3: Which of the following choices is incorrect when defining the gross income of a business A. gross income for a busin...

ACCOUNTING 405 EXAM SCRIPT TEST PAPER Questions with Correct Answers (Grade A+) Question 1: Responsibility for establishing generally accepted accounting principles (GAAP) for nongovernmental, not-for-profit organizations rests with the FASB and was most clearly established: Answer: A. By the FASB Codification. Question 2: Under FASB standards how would a not-for-profit organization recognize a conditional pledge? Answer: D. It would not recognize the conditional pledge until pledge condi...

ACCOUNTING 405 COMPREHENSIVE EXAM Questions with Correct Answers (Grade A+) Question 1: buildings and land Answer: Real Property. Question 2: nonphysical assets Answer: Intangible assets. Question 3: commodities such as oil, timber, and gold Answer: Natural Resources. Question 4: Choose the items included in the calculation of an asset's adjusted basis subtracted prior depreciation allowed or allowable on the asset add costs necessary to prepare the asset for use in the business add...

ACCOUNTING 200 EXAM 5 ACTUAL SCRIPT Questions with Correct Answers (Grade A+) Question 1: Revenue Recognition Principle. Answer: The principle that companies recognize revenue in the accounting period in which the performance obligation is satisfied. accrual basis Question 2: FIFO method. Answer: First-in First-out: milk. oldest in stored in front and with newer in the back. value of ending inventory comes from last in. Question 3: LIFO method. Answer: last in first out: tires, newest s...

ACCOUNTING 200 EXAM 5 STUDY GUIDE Questions with Correct Answers (Grade A+) Question 1: If a firm uses the periodic inventory system, an adjusting inventory is required to. Answer: 1) adjust the ending inventory balance in the inventory account 2) close purchases to the inventory account 3) Close inventory to Cost of Goods Sold Question 2: On the balance sheet, the allowance for uncollectible accounts is subtracted from account receivable to reflect the. Answer: net accounts receivable Q...

ACCOUNTING 200 EXAM 5 FINAL PAPER Questions with Correct Answers (Grade A+) Question 1: in FOB shipping point who pays for shipping. Answer: buyer Question 2: in FOB destination ownership passes when. Answer: goods arrive to buyer Question 3: in FOB destination who pays for shipping. Answer: seller Question 4: if ending inventory is understated, COGS is. Answer: overstated Question 5: if ending inventory is understated, net income is. Answer: understated because COGS is overstated Qu...

ACCOUNTING 200 EXAM 5 EXAMPREP Questions with Correct Answers (Grade A+) Question 1: The account, Sales returns and allowances, represents. Answer: returned mechandise Question 2: ABC offers 2/10 net 20. Which means. Answer: The customer can take a 2 % discount if they pay in 10 days Question 3: When goods or services are sold from one business to another on credit or sales are recorded at the gross amount, a sales discount. Answer: 1. Is offered so that the customer will pay the bill p...

ACCOUNTING 200 EXAM 5 CERTIFICATION EVALUATION Questions with Correct Answers (Grade A+) Question 1: Neg accruals Ratio. Answer: Big Bath Question 2: Positive accruals ratio. Answer: Pumping income Question 3: tax deductions. Answer: reduces taxable income (before applying tax rates) Question 4: tax credit. Answer: reduces tax liability (after applying tax rates) (more favorable then a tax deduction) Question 5: average tax rate. Answer: tax liability / taxable income Question 6: eff...

ACCOUNTING 101 FINAL EXAM CERTIFICATION TEST PAPER Questions with Correct Answers (Grade A+) Question 1: Balance Sheet. Answer: A financial statement that reports the assets and claims to those assets at a specific point in time. Question 2: Income Statement. Answer: A financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific period of time. Question 3: Statement of Cash Flows. Answer: A financial statement that provides fin...

ACCOUNTING 101 FINAL EXAM ASSESSMENT SCRIPT NSWERS COMPREHENSIVE REVIEW Questions with Correct Answers (Grade A+) Question 1: International Accounting Standards Board (IASB). Answer: An accounting standard-setting body that issues standards adopted by many countries outside of the United States. Question 2: International Financial Reporting Standards (IFRS). Answer: Accounting standards, issued by the IASB, that have been adopted by many countries outside of the United States. Question ...

ACCOUNTING 101 TEST PAPER Questions with Correct Answers (Grade A+) Question 1: Dyspraxia Answer: a developmental disability that affects motor planning, or how a person plans and controls their body to do a task. Question 2: Dyscalculia Warning signs of dyscalculia are specific to different age groups. Because our understanding of it is relatively new, many older students have suffered with this difficulty for years. It is important to understand the signs of dyscalculia at all ages so t...

ACCOUNTING 101 FINAL EXAM PRACTICE EVALUATION Questions with Correct Answers (Grade A+) Question 1: Creditors' claims to a corporation's resources are referred to as what? Answer: liabilities Question 2: Investors' claims to a corporation's resources are referred to as what? Answer: shareholder's Equity Question 3: Understand the four assumptions that underline US GAAP (U.S Generally Accepted Accounting Principles) Answer: economic entity, monetary unit, periodicity, and g...