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BUS 101 Chapter 14

BUS 101 Chapter 14

Assessment

Presentation

Business

University

Practice Problem

Hard

DOK Level 2: Skill/Concept

Standards-aligned

Created by

Whitney Marcengill

FREE Resource

48 Slides • 27 Questions

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Multiple Choice

How does the outlook look for a career in accounting?

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Bad

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Okay

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Good

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Great

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Multiple Choice

What did the Dodd Frank Act aim to address?

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Fraudulent accounting

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Risk in the banking system

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Tax evasion

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International trade regulations

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Multiple Choice

What is the primary function of forensic accounting?

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To prepare tax returns

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To analyze financial documents for fraud

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To conduct audits

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To manage financial investments

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Multiple Choice

Which of the following best describes the term "ledger"?

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A book or computer file used for recording business transactions in chronological order

2

A collection of all accounts used by a company, with their individual transactions and balances

3

A summary report of all financial transactions during a specific period

4

A document used to track sales and purchases

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Multiple Choice

Any amounts owed by a business and reported on the balance sheet are referred to as ________________.
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assets
2
liabilities
3
profit
4
expenses

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Multiple Choice

A(n) ____ firm provides accounting services to clients such as individuals or businesses.

1

for-profit business

2

public accounting

3

not-for-profit

4

free enterprise system

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Multiple Choice

What are the primary responsibilities of private accountants?

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Prepare and analyze financial statements

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Conduct audits

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Manage payroll

4

File taxes

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Multiple Choice

Which of the following is an example of a professional accounting certification?

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Certified GAAP Accountant

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Certified Public Accountant

3

Certified Management Accountant

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Multiple Choice

CPA stands for

1

Certified Personal Accountant

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Certified People Audit

3

Care Professional Animal

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Careful Personal Accountant

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Multiple Choice

What is the primary difference between bookkeeping and accounting?

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Bookkeeping is more complex than accounting

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Bookkeeping requires more training than accounting

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Bookkeeping is limited to routine recording of transactions

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Bookkeeping is broader in scope than accounting

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Multiple Choice

Which of the following firms is NOT part of the Big Four?

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Ernst & Young

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KPMG

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PricewaterhouseCoopers

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Grant Thornton

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Multiple Choice

Who is the user of managerial accounting information?

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Investors

2

Managers

3

Creditors

4

Business competitors

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Multiple Choice

What are the internal uses of accounting mentioned in the image?

1

Managerial accounting

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Cash flow

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Budget

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All of the above

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Multiple Choice

What are the external uses of accounting mentioned in the text?

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Filing income taxes

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Obtaining credit

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Reporting results to stockholders

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All of the above

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Multiple Choice

What are the two main uses of accounting information as mentioned in the image?

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To aid internal planning and control

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For external purposes

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To prepare tax returns

4

To analyze market trends

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Multiple Choice

What deceptive accounting practices did Greece engage in during the global financial crisis?

1

Hiding debt from public balance sheets

2

Increasing pension fund deficits

3

Borrowing from pension funds

4

Reducing financial transparency

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Multiple Choice

If total assets increased $35,000 during a period and total liabilities increased $14,000 during the same period, the amount and direction (increase or decrease) of the change in the owner’s equity for that period is…

1

$21,000 increase

2

$21,000 decrease

3

$24,000 increase

4

$24,000 decrease

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Multiple Choice

What is the purpose of double-entry bookkeeping?

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To classify transactions

2

To balance the accounting equation

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To record transactions in one account

4

To track only cash transactions

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Multiple Choice

What is typically the first step in the accounting cycle?

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Preparing financial statements

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Journalizing transactions

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Posting to the ledger

4

Preparing a trial balance

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Fill in the Blank

A retail fashion buyer purchased 500 units of basic denim jeans for $9 each. If the jeans are sold in store for $24.99, calculate the gross profit the store will make if all jeans are sold. Use the formula: Gross Profit = (Selling Price - Cost Price) x Quantity Sold.

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Multiple Choice

Scarlett and Aarav are running a lemonade stand. What formula should they use to calculate their gross profit?

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Total Revenue - Operating Expenses

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Total Revenue - Cost of Goods Sold

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Net Income + Operating Expenses

4

Total Revenue - Net Income

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Multiple Choice

What is gross income, and how is it calculated?

1

Total revenue

2

Revenues minus cost of goods sold

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Total expenses

4

Net profit

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Multiple Choice

What is the purpose of depreciation in financial statements?

1

To increase asset value

2

To spread costs over accounting periods

3

To eliminate expenses

4

To calculate profit

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Multiple Choice

What is net income?

1

Total profit after expenses

2

Total revenue before expenses

3

Total expenses deducted from revenue

4

Total cash flow from operations

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Multiple Choice

What does a balance sheet present about an organization?

1

A snapshot of financial position

2

A summary of cash flow

3

A detailed income statement

4

A forecast of future earnings

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Multiple Choice

If Assets are $7,300 and Liabilities are $500, how much is Capital?

1

$7,800

2

$7,300

3

$6,800

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Multiple Choice

What are the two categories of assets mentioned in the image?

1

Current assets

2

Fixed assets

3

Accounts payable

4

Long-term liabilities

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