Course Introduction
Beginning Accounting Final Exam
Questions
Beginning Accounting introduces students to the fundamental principles and concepts of accounting, emphasizing the accounting cycle, double-entry bookkeeping, and preparation of basic financial statements. The course covers topics such as recording and classifying financial transactions, adjusting entries, and the interpretation of balance sheets, income statements, and cash flow statements. Students gain hands-on experience through practical exercises, learning how to analyze and communicate financial information for both personal and business decision-making. This foundational course equips learners with essential skills required for further study in accounting and related business disciplines.
Recommended Textbook College Accounting Chapters 1 9 22nd Edition by
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James A. Heintz
Page 2
Chapter 1: Introduction to Accounting
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Q1) ____________________ involves the application of standard review and testing procedures to be certain that proper accounting policies and practices have been followed.
Answer: Auditing
Q2) Examining a transaction or event to determine its fundamental significance to the business so that the relevant information may be properly processed is called A) recording.
B) analyzing.
C) classifying.
D) interpreting.
Answer: B
Q3) Looking at events that have taken place and thinking about how they affect a business is called ____________________.
Answer: analyzing
Q4) ____________________ is deciding the meaning and importance in various reports,which may include ratio analysis to help explain how pieces of information relate to one another.
Answer: Interpreting
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Chapter 2: Analyzing Transactions: the Accounting Equation
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Q1) It is not necessary to measure a business transaction in dollars.
A)True
B)False Answer: False
Q2) An increase in a revenue account may also result in an increase in the accounts receivable account.
A)True
B)False Answer: True
Q3) Since supplies last for several months,they are recorded as assets.
A)True
B)False
Answer: True
Q4) The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance sheet.
A)True
B)False
Answer: False
Q5) ____________________ represent probable future benefits. Answer: Assets
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Chapter 3: The Double-Entry Framework
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Q1) The balance sheet
A) is a list of all accounts showing the title and balance of each account.
B) is used as an aid in preparing the trial balance and income statement.
C) is for a period of time.
D) shows that assets equal liabilities plus owner's equity.
Answer: D
Q2) Equity accounts normally have debit balances.
A)True
B)False
Answer: False
Q3) A debit
A) is on the left side.
B) decreases assets.
C) increases liabilities.
D) increases owner's equity.
Answer: A
Q4) The trial balance is used in preparing financial statements.
A)True
B)False
Answer: True
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Chapter 4: Journalizing and Posting Transactions
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Q1) Source documents provide the input for the accounting process.
A)True
B)False
Q2) A chart of accounts does NOT include
A) assets.
B) liabilities.
C) owner's equity.
D) names of suppliers.
Q3) Because the first formal accounting record of a transaction is made in a journal from source document information, a journal is commonly referred to as a(n)
A) ledger.
B) account.
C) cross-reference.
D) book of original entry.
Q4) The chart of accounts includes the account titles in numerical order.
A)True
B)False
Q5) A separate line in the two-column journal should be used for each account title.
A)True
B)False
6
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Chapter 5: Adjusting Entries and the Work Sheet
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Q1) The net income or loss for the year can be found on the work sheet as the balance item at the bottom of either the Balance Sheet columns or the Income Statement columns.
A)True
B)False
Q2) The cost of plant assets less the accumulated depreciation is called the salvage value of the asset.
A)True
B)False
Q3) Net income is shown on the work sheet as a
A) debit in the Balance Sheet column.
B) credit in the Income Statement column.
C) debit in the Income Statement column.
D) debit in the Adjustments column.
Q4) Matching the cost of an asset with the revenue it is expected to produce is called A) adjusting.
B) expensing.
C) depreciation.
D) contra-valuing.
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Chapter 6: Financial Statements and the Closing Process
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Q1) A balance sheet in which the liabilities and the owner's equity sections are shown below the assets section.
A)account form of balance sheet
B)accounting cycle
C)classified balance sheet
D)closing process
E)current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts
Q2) Property,plant,and equipment are assets that are expected to serve the business for many years.
A)True
B)False
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Chapter 7: Accounting for Cash
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Q1) Businesses commonly use cash registers with tapes that accumulate a record of the day's cash receipts.
A)True B)False
Q2) A depositor is not responsible or liable to the bank for items deposited that are not honored when presented for payment.
A)True B)False
Q3) Banks providing check printing and processing will typically assess fees known as ____________________.
Q4) To a business,____________________ includes currency,coins,checks received from customers,money orders,and bank cashier's checks.
Q5) When it is necessary to replenish the petty cash fund,the petty cashier prepares a statement of payments.
A)True B)False
Q6) The ____________________ is generally established to pay for small items with cash.
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Chapter 8: Payroll Accounting: Employee Earnings and Deductions
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Q1) Payroll taxes withheld to provide Social Security and Medicare benefits.
A)direct deposit
B)electronic system
C)employee
D)employee earnings record
E)Fair Labor Standards Act (FLSA)
F)FICA taxes
G)gross pay
H)independent contractor
I)manual system
J)net pay
K)payroll processing center
L)payroll register
M)salary
N)wage-bracket method
O)wages
P)withhol ding allowance
Q2) Unless an employer has only a few employees,manual systems can be inefficient.
A)True
B)False
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Chapter 9: Payroll Accounting: Employer Taxes and Reports
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Q1) The rules by which employers must deposit Social Security and Medicare taxes can be found in the
A) Circular E--Employer's Tax Guide.
B) Circle K Tax Guide.
C) Federal Reserve Bank Tax Guide.
D) state tax guide.
Q2) The amount of employers' Medicare taxes is computed by multiplying total earnings by 1.45%.
A)True
B)False
Q3) Form 941 is a(n)
A) Employee Withholding Allowance Certificate.
B) Employer's Quarterly Federal Tax Return.
C) Wage and Tax Statement.
D) Employer's Annual Federal Unemployment Tax Return.
Q4) Form 941,Employer's Quarterly Federal Tax Return,must be filed with the IRS at the end of the month following each calendar quarter.
A)True
B)False
Q5) Employer payroll taxes include FUTA,SUTA,and ____________________ taxes.
Page 11
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Chapter 10: Module Accounting For A Professional Service
Business The Combination Journal
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Q1) A journal with Debit and Credit columns for Cash,as well as General Debit and General Credit columns,is called a general journal.
A)True
B)False
Q2) More time is required if a journal contains special columns for cash debits and cash credits.
A)True
B)False
Q3) Many small professional service businesses use the modified cash basis of accounting.
A)True
B)False
Q4) The ____________________ is a method of accounting under which revenues are recorded when cash is received and expenses are recorded when cash is paid.
Q5) To be sure that the debits entered in the journal are equal to the credits,the journal must be posted.
A)True
B)False
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