Financial Accounting > A-Level Question Paper > Accounting_Sophia_Course__Notes_1_3.pdf (All)

Accounting_Sophia_Course__Notes_1_3.pdf

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Accounting Sophia Course : Unit 1: Which of the following groups of accounts have a natural credit balance? Liabilities, equity, and revenue Which of the following is a violation of Sarbanes-Oxley ... Act? Not reporting financial information about a business Which of the following is true regarding temporary account? After closing at the end of a period, these accounts are reopened at the beginning of the next period. Erin owns a heating and cooling company. He routinely inspects a food storage warehouse. Eric is paid a future of $299 for replacing a worn belt the next time he inspects the warehouse. Which of the following correctly shows Ericʼs entry for this transactions? Transferring $12,000 in revenue and $8000 in expenses into equity would be performed during which phase of the accounting cycle? Close Which of the following is responsible for the creation and governance of accounting standards in the United States? Financial Standards Accounting Board ( FASB ) Which image below correctly shows a general ledger? ● ○ ● ○ ● ● ○ ● ○ ● ○ ● ○ ● ○ ● Which of the purpose of the 1120 form? To calculate a corporationʼs invoice tax responsibility. An auditorʼs role is which of the following? To objectively analyze a companyʼs accounting data. Permanent Accounts are accounts in which balances carry over from one accounting period to the next accounting period. MacMillan Supply recently purchased $7,500 worth of new office furniture from Furniture Plus. They made a 20% down payment, with the balance due to Furniture Plus in 30 days. Debit Office Furniture : $7,500/ Credit Cash: $1,500 Credit Accounts Payable: $6,000 Which of the following correctly describes the difference between an LLP and LLC? Partners of an LLC are NOT responsible for liabilities, while partners of a LLP are responsible for their investment amount. The ovens, refrigerators and cookware at Deanʼs BBQ shack restaurant are considered which of the following? Assets. Accounting has itʼs roots in the 15th century, when which of the following groups of people used the double entry accounting system? Italian Merchants Which of the following is NOT an example of the purchase of accounting? Victor calculated how much it would cost him to file a tax return for his clients company. Money borrowed from a bank to purchase new machinery would be considered which of the following? [Show More]

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