Final Exam Date: Multiple Choice questions-3 pts. each 1) Which of the following

Question

Final Exam Date: Multiple Choice questions-3 pts. each 1) Which of the following organizations is responsible for the creation and governance of accounting standards in the United States? A) Financial Accounting Standards Board B) Institute of Management Accountants C) American Institute of Certified Public Accountants D) Securities and Exchange Commission 2) GAAP refer to guidelines for accounting information in the United States. The acronym GAAP in this statement refers to A) Globaly Accepted and Accurate Policies 6)Global Accommodation Accounting Principles C) Generally Accredited Accounting Policies D) Generally Accepted Accounting Principles 3) Which of the following statements is true of a sole proprietorship? A) A sole B) The sole proprietor is personally liable for the liabilities of the business. C) A sole proprietorship is tand separately from the owner. D) A sole proprietorship has to pay business income taxes e proprietorship joins two or more individuals as co-owners. 4) Loma Smith decided to start her own CPA practice as a professional corporation, Smith CPA PC. Her corporation purchased an office building for $35,000 that her real estate agent said was worth $50,000 in the current market. The oorporation recorded the building as a $50,000 asset because Loma believes that is the real value of the building. Which of the following concepts or principles of accounting is being violated? A) cost principle B) economic entity assumption C) monetary unit assumption D) going concern assumption 5) Which of the following is the correct accounting equation? A) +Liabilities Equity Assets Liabilities Equity C) Assets + Revenues = Equity D) Assets+ Revenues Liabilities Expenses 6) A iability created when a business collects cash from customers in advance of providing services or delivering good called a(n)-- A) notes receivable B) unearned revenue iability service revenue 11 P

Explanation / Answer

1) which of the following organisation is responsible for the ceation and governance of accountingn standards in the United States ? Ans. Financial Accounting Standards Board. 2) GAAP refer to guidelines for acounting information in the Unnited States.The acronym GAAP in this statement refers to _______. Ans. Generally Accepted Accounting Principles 3) Which of the following statements is true of a sole proprietorship? Ans. A sole proprietorship has to pay buiness income taxes 4) Loma Smith decide to start her own CPA pratice as a professional corporation, Smith CPA PC. Her corporation purchased an office building for $35,000 that her real estate agent said was worth $50,000 in thecureent market. The corporation recorded the building as a $50,000 asset because Loma believes that isthe real value of the building. Which of the concepts or principles of of accounting is being violated? Ans. Cost principle 5) Which of the following is the correct accounting equation? Ans. Assets = Liabilities + Equity 6) A liability created when a business collects cash from customers in advance of providing services or delivering goods called an ______ Ans. unearned revenue

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