Archives: Quiz
Chapter 2 July Saints Inc Received 10000 Cash
132. A. Debit Accounts Payable $1,000, credit Cash $1,000. B. Debit Cash $1,000, credit Accounts Payable $1,000. C. Debit Utilities Expense $1,000, credit Cash $1,000. D. Debit Cash $1,000, credit Utilities Expense $1,000. Clement Company paid an account payable related […]
Chapter 2 Dividends Normally Carry Balance And
95. Dividends normally carry a _______ balance and are shown in the ______________. A. Debit; Statement of stockholders’ equity B. Debit; Income statement C. Credit; Balance sheet D. Debit; Balance sheet AACSB: Reflective Thinking AICPA: FN Measurement AICPA: FN Reporting […]
Chapter 2 When The Company Pays Stockholders Dividend
56. When the company pays stockholders a dividend, what is the effect on the accounting equation for that company? A. Decrease stockholders’ equity and increase assets. B. Increase liabilities and increase assets. C. Decrease assets and decrease liabilities. D. Decrease […]
Chapter 2 Borrowing cash from the bank causes assets to increase
2-1 Chapter 02 The Accounting Cycle: During the Period Answer Key True / False Questions 1. External transactions are transactions the firm conducts with a separate economic entity, such as selling products to a customer, purchasing supplies from a vendor, […]
Chapter 1 Below Are Incomplete Financial Statements For
1-100 194. Below are incomplete financial statements for Beasley, Incorporated. Calculate the missing amounts. Income Statement Statement of Stockholders’ Equity Revenues $(a) Common Stock Retained Earnings Expenses: Beginning $25,000 $12,000 Salaries 8,000 Issuances (c) Delivery 7,000 Net income 5,000 Utilities […]
Chapter 1 indicate whether a company would classify the related
1-81 principles. Topic: Conceptual Framework Essay Questions 177. For each transaction, indicate whether a company would classify the related account as an asset, liability, stockholders’ equity, dividend, revenue, or expense. Transactions Related Accounts 1. Receive cash from investors. Common Stock […]
Chapter 1 Which The Following The Correct Order
136. Which of the following is the correct order for preparing the financial statements listed? A. Balance sheet, statement of stockholders’ equity, and income statement. B. Balance sheet, income statement, and statement of stockholders’ equity. C. Statement of stockholders’ equity, […]
Chapter 1 Which The Following Accounts Appears The
101. Which of the following accounts appears in the statement of stockholders’ equity? A. Supplies. B. Cash. C. Salaries Payable. D. Retained Earnings. AACSB: Reflective Thinking AICPA: FN Reporting Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 01-03 […]
Chapter 1 Limited Liability Means Stockholders Corporation Are
56. Limited liability means: A. Stockholders of a corporation are not obligated to pay the corporation’s debts out of their own pocket. B. Liabilities of a company cannot exceed its assets. C. Companies are not allowed to borrow unless they […]
Chapter 1 Communicating Through Financial Statement investing Cash Flows Generally
1-1 Chapter 01 A Framework for Financial Accounting Answer Key True / False Questions 1. Accounting is a system of maintaining records of a company’s operations and communicating that information to decision makers. 2. TRUE AACSB: Reflective Thinking AICPA: BB […]
Chapter 8 The Takeaway From The Morris Study That
AACSB: Ethics AICPA: BB Critical Thinking AICPA: FN Decision Making Blooms: Apply Difficulty: 2 Medium Learning Objective: 08-03 Discuss how moral intensity and organizational culture influences leadership in accounting. Topic: The Role of Moral Intensity, Organizational Culture, and Ethical Leadership […]
Chapter 8 Values based Leadership Can Best Summed As
41. Values-based leadership can best be summed up as: AACSB: Ethics AICPA: BB Critical Thinking AICPA: FN Decision Making Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 08-05 Describe the role of GVV on ethical leadership. Topic: Values-Driven […]
Chapter 8 Culture The Organization And Leadership Styled Leadership
Chapter 08 Ethical Leadership and Decision-Making in Accounting Answer Key Multiple Choice Questions 1. It can be said that ethical leaders exhibit each of the following traits except for: 2. A. Visions are not simple goals, but rather ways of […]
Chapter 7 a company’s stellar financial performance has been due to financial
shenanigans described by Schilit and provide examples of each. 7-37 Financial shenanigans are acts or actions designed to mask or misrepresent the true financial performance or actual financial position of a company or entity. Financial shenanigans can range from relatively […]
Chapter 7 Which The Following Not Earnings Management
42. Which of the following is NOT an earnings management technique? A. Failing to write down or write off impaired assets B. Releasing questionable reserves into income C. Failing to record expenses and related liabilities when future obligations remain D. […]
Chapter 7 Not Qualitative Factor When Assessing Materiality a Misstatement
7-1 Chapter 07 Earnings Management Answer Key Multiple Choice Questions 1. Who linked earnings management to an excessive zeal to project smoother earnings from year to year that casts a pall over the quality of the underlying numbers? 2. A. […]
Chapter 6 Auditors May Held Liable Both Their
6-54 76. Assume a securities lawyer has just received a phone call from her client, the Chief Financial Officer (CFO) of XYZ Corporation, and informed that a securities lawsuit may be filed against her client by a group of the […]
Chapter 6 Us Supreme court Reversal Ernst Amp Ernst Hoch
financial statements) and Regulation S-K (which covers other supplementary disclosures). Section 18 of the Act imposes liability on any person who makes a material false or misleading statement in documents filed with the SEC. The auditor’s liability can be limited […]
Chapter 6 Which The Following Not Requirement Section
39. Which of the following is NOT a requirement of Section 10A of the Securities Exchange Act of 1934 for auditors of public companies with respect to illegal acts? A. Determine whether it is likely that an illegal act has […]
Chapter 6 The key element that protects an auditor against common law
6-1 Chapter 06 Legal, Regulatory, and Professional Obligations of Auditors Answer Key Multiple Choice Questions 1. The key element that protects an auditor against common law liability is: 2. A. Events arise that create losses for the users of the […]
Chapter 5 If two or more differences on GAAP matters exist
GAAP departure…the financial statements present fairly…“ A qualified opinion also may be necessary when a scope limitation exists that prevents the auditor from evaluating whether a GAAP deficiency exists. In such cases the language would be “except for the scope […]
Chapter 5 Which The Following Not Correct About
41. Which of the following is not correct about materiality? A. The concept of materiality recognizes that some matters are more important for fair presentation of financial statements B. Materiality judgments are made in light of surrounding circumstances and necessarily […]
Chapter 5 Which of the following is NOT something external auditors
Chapter 05 Fraud in Financial Statements and Auditor Responsibilities Answer Key Multiple Choice Questions 1. A. Assessing the control environment of the organization B. Evaluating internal controls C. Considering audit risk and materiality D. Evaluating management’s commitment to serve the […]
Chapter 4 Explain when and how to evaluate whether certain
4-52 96. Explain when and how to evaluate whether certain nonattest services can be provided to attest clients. Nonattest services can cloud objective judgment and make it more difficult to exercise professional skepticism. A major issue related to independence includes […]
Chapter 4 The KBC Solutions Case Deals With
81. The KBC Solutions case deals with: A. Whether the controller should give in to the pressure and go along with false financial statements B. Whether the senior in charge of an audit can provide adequate explanations for the accounting […]
Chapter 4 The Peoplesoft Case The Auditors Violated
41. In the PeopleSoft case, the auditors violated what aspect of independence? A. The auditor borrowed money from the client B. The auditor was exposed to an intimidation threat by the client C. The auditor was involved in a business […]
Chapter 4 Professional Judgment Influenced By Organizational Values Personal
Chapter 04 Ethics and Professional Judgment in Accounting Answer Key Multiple Choice Questions 1. Professional judgment is influenced by: A. Organizational values B. Personal code of ethics C. Personal behavioral traits D. Organizational dissonance AACSB: Ethics AICPA: BB Critical Thinking […]
Chapter 3 Rex’s Knows About Luis’s Conflict Interests The
83. Explain what is meant by the ethical-person organization exchange and ethical dissonance including its implications for workplace ethics. 3-53 The ethical-person organization exchange refers to how the ethics of an individual in an organization fits with the ethics of […]
Chapter 3 Responsibility Quot this Not Responsibility I’m Just Following
3-41 78. In September 2015, Volkswagen disclosed it had sold hundreds of thousands of diesel cars in the U.S. with software specifically designed to evade government pollution tests. The company disclosed that the irregularities on diesel-emission readings extend to some […]
Chapter 3 Strong Corporate Governance Relies Strong Board
41. Strong corporate governance relies on a strong board of directors. Which of the following would be a strong candidate to be a board director for XYZ, Inc.? A. Community member who has already served on the board for 15 […]
Chapter 3 Organizational Ethics Can Thought As Descriptions How
Chapter 03 Organizational Ethics and Corporate Governance Answer Key Multiple Choice Questions 1. Organizational ethics can be thought of as: A. Descriptions of how ethics occurs at a company B. Principles and standards of behavior that guide business decisions C. […]
Chapter 2 Taken From Case 12 Giles And
60. Describe the Giving Voice to Values framework. What are the reasons and rationalizations frequently given in financial statement fraud situations? “Giving Voice to Values (GVV)” is a behavioral ethics approach that shifts the focus away from traditional philosophical reasoning […]
Chapter 2 Example From The Book Someone Who
39. An example from the book of someone who may have experienced cognitive dissonance is: AACSB: Ethics AICPA: BB Critical Thinking AICPA: FN Decision Making Accessibility: Keyboard Navigation Blooms: Apply Difficulty: 2 Medium Learning Objective: 02-06 Analyze the thought process […]
Chapter 2 Considers Development Moral Reasoning Necessary Moral
Chapter 02 Cognitive Processes and Ethical Decision Making in Accounting Answer Key Multiple Choice Questions 1. When Sally is asked why she should share her toys with her sister, she responds by saying “Because my mom says I have to […]
Chapter 1 The Shifty Industries Case The Primary
78. In the Shifty Industries case, the primary ethical issue can be stated as: A. Whether an accountant should claim a higher section 179 deduction ($100,000) than allowed by law. B. Whether an accountant should claim any section 179 deduction […]
Chapter 1 Steve Deep Debt Due Gambling Problem
41. Jason is the fastest worker on the audit of a company for the firm Zits LLP. Other Zits workers take twice as long to complete the equivalent amount of work as Jason. One day Jason is approached by the […]
Chapter 1 What The Common Characteristic Aristotle’s Virtues And
Chapter 01 Ethical Reasoning: Implications for Accounting Answer Key Multiple Choice Questions 1. What is the common characteristic of Aristotle’s virtues and ethical standards for CPAs? A. Truthfulness B. Integrity C. Loyalty D. Due care AACSB: Ethics AICPA: BB Critical […]
Marketing Chapter 20 Relates The Collection And Use
48. _____ relates to the collection and use of information from websites. A. Online privacy B. Online security C. Online research D. Online commerce E. Online marketing Collecting information from children is a sensitive issue, given all we know about […]
Marketing Chapter 20 Commercial Messages Children which The Following
Chapter 20 Marketing Regulation and Consumer Behavior Answer Key Multiple Choice Questions 1. Government regulatory bodies _____. 2. Which of the following statements is FALSE regarding marketing practices? A. Marketing practices are sometimes controversial. B. Regulating marketing activities requires a […]
Topic 12 Environmental Protection Agency Scientists That Will
Economics Special Topic 12—Difficult Environmental Cases and the Role of Government MULTIPLE CHOICE 1. When it is difficult to assign and enforce property rights, a. markets result in outcomes that are often inefficient. b. courts can easily negotiate efficient outcomes. […]
Marketing Chapter 19 Which The Following Not Category Organizational
54. Which of the following is NOT a category of organizational objectives? AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 2 Medium Learning Objective: 19-02 Summarize the external factors that influence organizational culture Topic: Firmographics 55. Organizational activities can […]
Topic 11 The supply of oil for users in the United States
Economics Special Topic 11—The Question of Resource Exhaustion MULTIPLE CHOICE 1. Predictions of severe shortages due to impending natural resource depletion a. are widely accepted by resource economists even though such predictions are a relatively new occurrence. b. have been […]
Marketing Chapter 19 Marketers have learned which of the following with respect
Chapter 19 Organizational Buyer Behavior Answer Key Multiple Choice Questions 1. Marketers have learned which of the following with respect to segmenting business customers? 2. A. Small and moderate sized businesses have a lot of potential. B. Branding doesn’t matter. […]
Topic 10 Union Strength 33 Which The Following Would Expected
Economics Special Topic 10—Do Labor Unions Increase the Wages of Workers? MULTIPLE CHOICE 1. Since 1970, union membership, as a percent of the labor force, has a. remained virtually unchanged. b. increased slightly. c. declined steadily. d. increased significantly. 2. […]
Marketing Chapter 18 Ronald Dissatisfied With Product Has Bought
50. Ronald is dissatisfied with a product he has bought. What is the first decision Ronald will make with regard to his dissatisfying situation? AACSB: Analytical Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 18-05 Explain the […]
Topic 9 The earnings differential between men and women who never married
Economics Special Topic 9—Earnings Differences Between Men and Women MULTIPLE CHOICE 1. Since 1980, the female/male annual earnings ratio of full-time workers has been ____, while the labor force participation rate of women has been ____ during this same period. […]
Marketing Chapter 18 United States Completely Throwaway Society And Consumers
Chapter 18 Postpurchase Processes, Customer Satisfaction, and Customer Commitment Answer Key Multiple Choice Questions 1. The increase in product valuation based on “mere” ownership is called 2. A. committed customer B. discontinued use C. repeat purchases D. increased use E. […]
Topic 8 Given the current structure of health-care finance
Economics Special Topic 8—The Economics of Health Care MULTIPLE CHOICE 1. Real expenditures on Medicare and Medicaid a. rose during the 1970s and 1980s, but they have been declining since 1990. b. fell during the 1970s and 1980s, but they […]
Marketing Chapter 17 Harriet Very Frugal She Regularly Combs
54. Harriet is very frugal, so she regularly combs the grocery ads looking for bargains. Usually she’ll go to a particular store just to buy an advertised item, but sometimes she purchases other items that were not advertised as well. […]
Topic 7 The Trade Deficit The United States
Economics Special Topic 7—The Federal Budget and the National Debt MULTIPLE CHOICE 1. Which of the following is true? a. A budget deficit will reduce the national debt. b. A budget deficit will increase the national debt. c. A balanced […]