Lackawanna ACC105 2021 September Quizzes Latest

ACC105 Principles of Accounting 1

Module 1 Quiz  

Question 1

Accounting

Business

Certified Public Accountants (CPA)

Ethics

Financial Accounting

General Purpose Financial Statements

Managerial or Management Accounting

Manufacturing Businesses

Retail Businesses

Profit

Public Company Accounting Oversight Board

 Sarbanes-Oxley Act (SOX)

 

Service Businesses

Public Accounting

Private Accounting

Question 2 Business Entity Assumption

Corporation

Financial Accounting Standards Board (FASB)

Generally Accepted Accounting Principles (GAAP_

International Accounting Standards Board (IASB)

 Limited Liability Company (LLC)

Partnership

Proprietorship

Securities and Exchange Commission (SEC)

Cost Principle

Question 3Monetary Unit Assumption

Time Period Assumption

Fiscal Year

Natural Business Year

Accounting Standards

Accounting Principles and Assumptions

Measurement Principle

determines the amount that will be recorded and reported

Arm's Length Transaction

Going Concern Assumption

Revenue

Revenue Recognition Principle

determines when revenue is recorded in the accounting records.

Expenses

Expense Recognition Principle

Question 4Accounting Equation

 

Assets

Liabilities

Owner's Equity

The owner’s right to the assets of the business.

Stockholder's Equity

The owners’ equity in a corporation.

 Question 5Accounts Payable

Accounts Receivable

Business Transaction

Fees Earned

Interest Revenue

Prepaid Expenses

Rent Revenue

Sales

Common stock

Retained Earnings

Dividends

Question 6Balance Sheet

Financial Statements

Income Statement

Net Income/Net Profit/Earnings

 Net Loss

 Report Form

 Statement of Cash Flows

 Statement of Stockholders' Equity

Retained Earnings Statement

when a company has few (if any) common stock transactions

 

 

 

ACC105 Principles of Accounting 1

Module 2 Quiz  

Credit

 Debit

Expenses

 Ledger

 Liabilities

 Stockholders' Equity

Stockholders’ right to the assets of the business.

Revenues

 T Account

Common stock

 An account representing the ownership rights of investors in a corporation

Retained Earnings

Dividends

Question 2Double-Entry Accounting System

Journal

Journal Entry

The form of recording a transaction in a journal.

Journalizing

Normal Balance of an Account

Rules of debit and credit

 Two-Column Journal

Question 3Accounts Receivable

Four-Column Account

 Posting

Unearned Revenue

 Question 4Correcting Journal Entry

 Horizontal Analysis

Slide

Transposition

Trial Balance

 Unadjusted Trial Balance

 Quiz

 

ACC105 Principles of Accounting 1

Module 3 Quiz  

Question 1Accrual

Accrual Basis of Accounting

 Adjusting Entries

Adjusting Process

Cash Basis of Accounting

Deferral

Expense Recognition Principle

Matching Principle

A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.

Prepaid Expense

Revenue Recognition Principle

Unearned Revenue

Question 2Accumulated Depreciation

Adjusted Trial Balance

Book Value of the Asset

Contra Accounts

Depreciate

Depreciation

 Depreciation Expense

Fixed Assets

 Vertical Analysis

 

ACC105 Principles of Accounting 1

Module 4 Quiz  

Question 1Accrual

Accrual Basis of Accounting

Adjusting Entries

Adjusting Process

 Cash Basis of Accounting

Deferral

 Expense Recognition Principle

Matching Principle

A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.

Prepaid Expense

Revenue Recognition Principle

Unearned Revenue

Question 2Accumulated Depreciation

Adjusted Trial Balance

Book Value of the Asset

Contra Accounts

Depreciate

Depreciation

 Depreciation Expense

 Fixed Assets

 Vertical Analysis

 

ACC105 Principles of Accounting 1

Module 5 Quiz  

Question 1Asset turnover

Cost of merchandise sold

Gross profit

Merchandise inventory

Operating cycle

Sales

Inventory Shrinkage/Shortage

Question 2Cash refund

Credit memorandum

Credit period

Credit terms

Customer allowance

O. Returns to the seller by the customer or reductions from the initial selling price due to defective or damaged merchandise or goods that did not meet the customer’s expectations.

Customer disounts

Customer refunds payable

Debit memorandum

Estimated returns inventory

FOB (free on board) destination

FOB (free on board) shipping point

Invoice           

Periodic inventory system

Perpetual inventory system

Physical inventory

Purchases discounts

Purchases returns and allowances

Sales discounts

Trade discounts

Wholesalers

Question 3Net method

Subsidiary ledger

General ledger

Controlling account

Accounts receivable subsidiary ledger

Accounts payable subsidiary ledger

Inventory subsidiary ledger

Special journals

Question 4Administrative expenses

Income from operations

Multi-step income statement

 Other expense

Other revenue

Selling expense

Single step income statement

ACC105 Principles of Accounting 1

Module 6 Quiz  

Question 1Purchase order

Physical inventory

Receiving report

Subsidiary inventory ledger

Question 2First in, first out (FIFO)

 Last in, first out (LIFO)

 A. A method of inventory costing based on the assumption that the most recent merchandise inventory costs should be charged against revenue.

Weighted average inventory

 Specific identification inventory cost flow method

 Question 3

Lower-of-cost-or-market (LCM) method

Net realizable value

Consigned inventory

Consignor

Consignee

 

ACC105 Principles of Accounting 1

Module 7 Quiz  

Question 1

Control environment

Elements of internal control

Employee fraud

 Internal control

Sarbanes-Oxley Act

Question 2

Cash

Cash short and over account

Electronic funds transfer (EFT)

Voucher

Voucher system

Question 3

Bank reconciliation

Bank statement

Cash equivalents

Compensating balance

Petty cash fund

Special-purpose funds