1 Interactive Quiz A

1 Interactive Quiz A - Interactive Quiz A (See related...

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Unformatted text preview: Interactive Quiz A (See related pages) Results Reporter Out of 26 questions, you answered 2 correctly with a final grade of 8% 2 correct (8%) 24 incorrect (92%) 0 unanswered (0%) Your Results: The correct answer for each question is indicated by a . 1 INCORRECT Which one of the following transactions is not possible? A) A transaction which both increases assets and increases liabilities for the same amount. B) A transaction which both increases liabilities and increases equity for the same amount. C) A transaction which both increases assets and decreases assets for the same amount. D) A transaction which both decreases liabilities and decreases assets for the same amount. E) All of the above transactions are possible. Feedback: A transaction which increases liabilities and increases owner's equity at the same time is not possible. 2 INCORRECT Three key activities of the accounting function are identifying transactions, recording transactions, and communicating transactions. The proper order for these activities is considered to be which of the following? A) Communicating, recording, and identifying. B) Recording, communicating, and identifying. C) Identifying, communicating, and recording. D) Identifying, recording, and communicating. E) None of the above Feedback: The proper order for these activities is identifying transactions, recording transactions, and communicating transactions. 3 INCORRECT Which one of the following users of accounting information is considered to be an external user of accounting information rather than an internal user of accounting information? A) Sales staff. B) Company managers. C) Company Customers D) Officers and directors. E) Budget officers. Feedback: All of the users listed above are considered to be internal users except for item C, the company's customers. 4 INCORRECT All of the following people can properly be called managers. Which one of the following individuals is not considered an internal user of accounting information? A) Service manager. B) Research and development manager. C) Production manager. D) Partner in CPA firm charged with conducting the company's external audit. E) Human resources manager. Feedback: The partner of the CPA firm that is in charge of conducting the firm's external audit is not an internal user of accounting information. 5 INCORRECT There are three main areas in which trained accountants find jobs. These three areas are (1) private accounting, (2) public accounting, and (3) government, not-for-profit accounting, and education. Which one of these areas has the most accounting jobs at the present time and what percentage of the job market is represented by this area? Course-wide Content MH Enhanced Cartridge Sample Study Guide Working Paper Sample Generic Working Papers Student ALEKS Video Library Cogg Hill Practice Set Student Learning Tools NetTutor Appendices Text Updates Tech Support Quizzes Interactive Quiz A Interactive Quiz B More Resources Glossary Flashcards PowerPoint Presentations...
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This note was uploaded on 08/01/2010 for the course ACC 101 taught by Professor Layvand during the Spring '09 term at Thomas Edison State.

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1 Interactive Quiz A - Interactive Quiz A (See related...

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