AC201FirstHourExamCWA

AC201FirstHourExamCWA - 1. Accounting is an information and...

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Unformatted text preview: 1. Accounting is an information and measurement system that: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Helps people make better decisions. E) All of the above. 2. Internal users of accounting information include: A) Shareholders. B) Managers. C) Lenders. D) Suppliers. E) Customers. 3. A Certified Public Accountant A) Must meet education and experience requirements B) Must pass an examination C) Must exhibit ethical character D) May also be a Certified Management Accountant. E) All of the above. Page 1 4. A corporation: A) Is a legal entity separate and distinct from its owners. B) Is controlled by the FASB. C) Has shareholders who have unlimited liability for the acts of the corporation. D) Is the same as a limited liability partnership. E) All of the above. 5. The account used to record the transfers of assets from a business to its owner is: A) A revenue account. B) The withdrawals account. C) The capital account. D) An expense account. E) A liability account. 6. A ledger is: A) A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item. B) A journal in which transactions are first recorded. C) A collection of documents that describe transactions and events entering the accounting process. D) A list of all accounts with their debit balances at a point in time. E) A list of all accounts a company uses and includes an identification number assigned to each account. 7. A simple account form widely used in accounting to illustrate how debits and credits work is called a: A) Withdrawals account. B) Capital account. C) Drawing account. D) T-account. E) Balance column sheet. 8. The main purpose of adjusting entries is to: A) Record external transactions and events. B) Record internal transactions and events....
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AC201FirstHourExamCWA - 1. Accounting is an information and...

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