1.(TCO 1) The two types of accounting are(Points:3)
profit and nonprofit.
financial and managerial.
internal and external.
bookkeeping and decision-oriented.
Question2.2.(TCO 1) The _ is elected by the stockholders and is responsible for setting
Question1.1.(TCO 4) The cost of the inventory that the business has sold to customers is called
cost of goods sold.
Question2.2.(TCO 4) Another term for gross profit is(Points:3)
1.(TCO 6) Which of the following is a natural resource?(Points:3)
both B and C
Question2.2.(TCO 6) The process of allocating the cost of a plant asset to expense over the
period in which the asset is used is called(Points:3)
Question 1. 1. (TCO 2) The debt created by a business when it makes a purchase on account is a(n)
(Points : 3)
Question 2. 2. (TCO 2) Which of the following transactions will increase one asse
1.(TCO 5) The two most common types of fraud impacting financial statements are(Points:3)
fraudulent financial reporting and e-commerce fraud.
misappropriation of assets and embezzlement.
fraudulent financial reporting and misappropriation of assets.
1.(TCO 7) The chairperson of the board of directors has the title of(Points:3)
chief financial officer (CFO).
chief executive officer (CEO).
chief operating officer (COO).
Question2.2.(TCO 7) The basic unit of ownership for a corporation is(Poi
1.(TCO 1) The primary focus of horizontal analysis is(Points:3)
percentage changes in comparative financial statements.
the balance sheet only.
the changes in individual financial statement amounts as a percentage of some related
the change in key
Question 1.1. (TCO 7) Stockholders of a corporation directly elect the (Points : 3)
board of directors.
president of the corporation.
chief financial officer of the corporation
chairperson of the board.
Question 2.2. (TCO 7) If a corporation has only one
1. (TCO 1) The type of accounting that makes projections to determine if a company should build a
new store is (Points : 3)
Week 2 Acct212
2 : The Accounting System and Accrual
Accounting - Checkpoint
Question 1. 1. (TCO 2) A company received cash in exchange for issuing stock. This transaction
increased assets and (Points : 3)
(TCO 1) The Accounting Equation is used to develop the organization's financial reports. (1) Describ
$50,000 and Owners' Equity is $25,000 by showing the Accounting Equation (10 points) and (2) pro
Assets = Liabilities + Owner
(TCO 3) Closing temporary accounts is necessary at the end of the accounting period. (1) Explain th
Dividend account in the form of a journal entry. (10 points).
Temporary accounts that do not carry a balance from month-to-month need to be closed (such
(TCO 1) Horizontal analysis is most closely related to
(Points : 3)
economic value added analysis.
Question 2. 2. (TCO 1) Horizontal analysis of financial statements is an (Points : 3)