29 Jun Question ) The accounting process is correctly sequenced as
Question
) The accounting process is correctly sequenced as
A. identification, communication, recording
B. recording, communication, identification
C. identification, recording, communication
D. communication, recording, identification
2) Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process?
A. Identification
B. Communication
C. Recording
D. Analysis
3) Generally accepted accounting principles are
A. income tax regulations of the Internal Revenue Service
B. standards that indicate how to report economic events
C. theories that are based on physical laws of the universe
D. principles that have been proven correct by academic researchers
4) The private sector organization involved in developing accounting principles is the
A. Feasible Accounting Standards Body
B. Financial Accounting Studies Board
C. Financial Accounting Standards Board
D. Financial Auditors’ Standards Body
5) GAAP stands for
A. Generally Accepted Auditing Procedures
B. Generally Accepted Accounting Principles
C. Generally Accepted Auditing Principles
D. Generally Accepted Accounting Procedures
6) The four primary financial statements are
A. the general ledger, the working trial balance, the general journal and the balance sheet
B. the balance sheet, the working trial balance, the income statement and the statement of cash flows
C. the cash account, the statement of stockholder’s equity, the year-end worksheet, and the balance sheet
D. the balance sheet, the income statement, the statement of stockholder’s equity and the statement of cash flows
7) Which of the following financial statements is a point in time report?
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