Week Five Acc/280 Final Exam

1687 WordsNov 13, 20107 Pages
1) Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process? A. Analysis B. Identification C. Communication D. Recording 2) Which list below best describes the major services performed by public accountants? A. Cost accounting, production scheduling, recruiting B. Bookkeeping, mergers, budgets C. Employee training, auditing, bookkeeping D. Auditing, taxation, management consulting 3) Which of the following is an external user of accounting information? A. Managers B. Labor unions C. Finance directors D. Company officers 4) The SEC and FASB are two organizations that are primarily responsible for establishing…show more content…
Which of the following journal entries is recorded correctly and in the standard format? A) Office Equipment 1,000 Account Payable 1,200 Office Supplies 200 B) Office Equipment 1,000 Office Supplies 200 Account Payable 1,200 C) Accounts Payable 1,200 Office Equipment 1,000 Office Supplies 200 D) Office Equipment 1,000 Office Supplies 200 Accounts Payable 1,200 A. D B. C C. B D. A 16) An adjusting entry A. is always a compound entry. B. affects a balance sheet account and an income statement account. C. affects two income statement accounts. D. affects two balance sheet accounts. 17) Adjusting entries are required A. when revenues are recorded in the period in which they are earned. B. when expenses are recorded in the period in which they are incurred. C. when the company 's profits are below the budget. D. because some costs expire with the passage of time and have not yet been journalized. 18) Adjusting entries are required A. every time financial statements are prepared. B. monthly. C. quarterly. D. yearly. 19) An adjusted trial balance A. cannot be used to

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