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BA 220 FINAL STUDY GUIDE PEPPERDINE Exam 49 Questions with Verified Answers,100% CORRECT, Exams of Business Accounting

Southern New Hampshire University (SNHU)Business Accounting

BA 220 FINAL STUDY GUIDE PEPPERDINE Exam 49 Questions with Verified Answers Accounting: - CORRECT ANSWER A) Measures Business Activities B) Processes data into reports and communicates the data to decision makers C) Is often called the language of business D) Is all of the above D. ALL OF THE ABOVE Which of the following have unlimited liability for a company's debts? - CORRECT ANSWER General Partner in a limited liability partnership The Two Types of Accounting are: - CORRECT ANSWER financial and managerial The owner of ______ is personally liable for all the business's debts? - CORRECT ANSWER A) PROPRIETORSHIP Information must be sufficiently transparent so that it makes sense to reasonably informed users of the financial statements, such as creditors. This qualitative characteristic of information is called: - CORRECT ANSWER Faithful Representation

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BA 220 FINAL STUDY GUIDE PEPPERDINE Exam 49
Questions with Verified Answers
Accounting: - CORRECT ANSWER A) Measures Business Activities
B) Processes data into reports and communicates the data to decision makers
C) Is often called the language of business
D) Is all of the above
D. ALL OF THE ABOVE
Which of the following have unlimited liability for a company's debts? - CORRECT
ANSWER General Partner in a limited liability partnership
The Two Types of Accounting are: - CORRECT ANSWER financial and managerial
The owner of ______ is personally liable for all the business's debts? - CORRECT
ANSWER A) PROPRIETORSHIP
Information must be sufficiently transparent so that it makes sense to reasonably
informed users of the financial statements, such as creditors. This qualitative
characteristic of information is called: - CORRECT ANSWER Faithful
Representation
Which Statement is False? - CORRECT ANSWER A) International Financial
Reporting Standards are used by most countries around the world.
B) U.S. Generally Accepted Accounting Principles are used by many countries
around the world.
C) The most commonly used accounting practices are essentially the same under
both U.S. Generally Accepted Accounting Principles and International Financial
Reporting Standards.
D) For many years, U.S. Generally Accepted Accounting Principles were
considered to be the strongest single set of accounting standards in the world.
B. U.S. Generally Accepted Accounting Principles are used by many countries
around the world
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Download BA 220 FINAL STUDY GUIDE PEPPERDINE Exam 49 Questions with Verified Answers,100% CORRECT and more Exams Business Accounting in PDF only on Docsity!

BA 220 FINAL STUDY GUIDE PEPPERDINE Exam 49

Questions with Verified Answers

Accounting: - CORRECT ANSWER A) Measures Business Activities B) Processes data into reports and communicates the data to decision makers C) Is often called the language of business D) Is all of the above D. ALL OF THE ABOVE Which of the following have unlimited liability for a company's debts? - CORRECT ANSWER General Partner in a limited liability partnership The Two Types of Accounting are: - CORRECT ANSWER financial and managerial The owner of ______ is personally liable for all the business's debts? - CORRECT ANSWER A) PROPRIETORSHIP Information must be sufficiently transparent so that it makes sense to reasonably informed users of the financial statements, such as creditors. This qualitative characteristic of information is called: - CORRECT ANSWER Faithful Representation Which Statement is False? - CORRECT ANSWER A) International Financial Reporting Standards are used by most countries around the world. B) U.S. Generally Accepted Accounting Principles are used by many countries around the world. C) The most commonly used accounting practices are essentially the same under both U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards. D) For many years, U.S. Generally Accepted Accounting Principles were considered to be the strongest single set of accounting standards in the world. B. U.S. Generally Accepted Accounting Principles are used by many countries around the world

To be useful, accounting information must have the fundamental qualitative characteristics of: - CORRECT ANSWER Relevance and Faithful representation Verifiability means that the accounting information: - CORRECT ANSWER must be capable of being checked for accuracy, completeness and reliability. The principle stating that assets acquired by the business should be recorded at their actual cost on the date of purchase is: - CORRECT ANSWER Historical Cost

  1. A construction company paid $81,000 cash for land used in the business. At the time of purchase, the land had a list price of $88,000. When the balance sheet was prepared, the fair value of the land was $84,000. At what amount should the land be reported on the balance sheet of the company? - CORRECT ANSWER A. 81, is the element in the fraud triangle that results from weak internal controls. - CORRECT ANSWER Opportunity If a company prepares its financial statements three years after the end of its accounting period, it has violated the qualitative characteristic of: - CORRECT ANSWER Timeliness
  2. The two most common types of fraud impacting the financial statements are: - CORRECT ANSWER A) fraudulent financial reporting and misappropriation of assets.
  3. The three main components of the fraud triangle are: - CORRECT ANSWER A) motive, opportunity, and rationalization. Fraudulent financial reporting is also called: - CORRECT ANSWER cooking the books. For a new business, the beginning balance of retained earnings equals: - CORRECT ANSWER zero. The components of internal control do NOT include: - CORRECT ANSWER Safeguard Assets
  1. Newman Co. purchased CNC router cutting and engraving machinery at a cost of $320,000 in January 2019. The company's estimated useful life of this high tech equipment is 5 years, and the estimated salvage value is $48,000. Using the straight-line method, the depreciation expense to be recognized for 2019, the first year of the machinery's life, would be: - CORRECT ANSWER 320,000/ 64, Which of the following is not a principal form of business organization? - CORRECT ANSWER A) Limited unregistered business. The balance sheet equation can be represented by: - CORRECT ANSWER A) Assets = Liabilities + Stockholders' Equity B) Assets - Liabilities = Stockholders' Equity C) Net Assets = Stockholders' Equity D) All of the answers are correct. Stockholders' equity refers to which of the following? - CORRECT ANSWER A) The ownership right of the stockholder(s) of the entity. The purpose of the income statement is to show the: - CORRECT ANSWER net income or net loss for the period covered by the statement. The principle of full disclosure means that the reporting entity must fully disclose:
  • CORRECT ANSWER A) all necessary information to prevent a reasonably astute user of financial statements from being misled. The principal reason for reconciling the cash balance per books with the balance shown on the bank statement is to: - CORRECT ANSWER A) determine the amount of cash in the account actually available to the entity. For which of the following reconciling items would an adjusting entry be necessary on the company's books? - CORRECT ANSWER A) An error by the bank. An organization's system of internal control is designed primarily to: - CORRECT ANSWER provide an operating framework for all employees as they work to achieve the organization's goals.

One of the most important reasons for having a system of internal control is to: - CORRECT ANSWER A) improve the effectiveness and efficiency of the operations of the organization. Which of the following is an objective of financial reporting by business enterprises? - CORRECT ANSWER A) Financial reporting should provide assurance that all liabilities of business enterprises will be paid.

  1. Which of the following is not an internal control procedure for cash? - CORRECT ANSWER A) Payments should be made with cash.
  2. A check written by the company for $167 is incorrectly recorded by a company as $176. On the bank reconciliation, the $9 error should be - CORRECT ANSWER A) added to the balance per books.
  3. For which of the following errors should the appropriate amount be added to the balance per bank on a bank reconciliation? - CORRECT ANSWER A) Deposit of $600 recorded by the bank as $60.
  4. Which of the following items on a bank reconciliation would require an adjusting entry on the company's books? - CORRECT ANSWER A deposit in transit Which one of the following is an internal user of financial information? - CORRECT ANSWER A) Management
  5. A key difference between management accounting and financial accounting reports is that management accounting reports tend to. - CORRECT ANSWER A) more forward looking
  6. As a management accountant you would be primarily concerned with. - CORRECT ANSWER A) preparing plans and forecasts for the future activities of the business To be relevant, accounting information must cross a threshold of - CORRECT ANSWER A) materiality