Week 1 Quiz

Week 1 Quiz - QUESTION 1 Which of the following steps in...

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QUESTION 1 Which of the following steps in the accounting cycle occurs first? A Record transactions in the journal B Prepare financial statements C Prepare an unadjusted trial balance D Analyze transactions QUESTION 2 The information in an accounting information system should be: (i) timely, (ii) truthful, (iii) reliable. A i and ii only B ii and iii only C i and iii only D i, ii, and iii QUESTION 3 The cost/benefit constraint mentioned in the FASB conceptual framework is important in all areas of accounting. Which of the following is a cost that should be considered in many AIS tasks? A Producing financial statements more quickly B Basing decisions on more accurate information C Considering the effects of decisions on human behavior D Memorizing the rules for preparing financial statements QUESTION 4 Which of the following best illustrates why accounting information systems is an important area of study for future accountants? A For making journal entries B For preparing financial statements C For memorizing the rules of debit and credit D For coping with uncertainty QUESTION 5 In an accounting information system, inputs often come in the form of A Source documents B Financial statements C Computer reports D Internal controls QUESTION 6 As used in the American Accounting Association's definition of accounting, measuring economic information refers most directly to A Human judgment B The steps in the accounting cycle C The process of bookkeeping D Making journal entries QUESTION 7 Which of the following is the best transaction limit for a clerk in a retail store? A $100 B $500 C $1,000 D Cannot be determined from the information given
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QUESTION 8 Which of the following steps in the accounting cycle happens only at the end of the year? A Prepare financial statements B Close temporary accounts to retained earnings C Record adjusting entries D Prepare a trial balance QUESTION 9 [QUESTION BANK ID: 68833] TYPE: MULTIPLE CHOICE Physical security of source documents refers to A Keeping them in a locked cabinet B Numbering them sequentially C Printing each document on a different colored paper D Analyzing them to prepare journal entries QUESTION 10 [QUESTION BANK ID: 61646] TYPE:
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Week 1 Quiz - QUESTION 1 Which of the following steps in...

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