ACCT 4A Mock Exam #1 (Harper - Spring 2021)

Which of the following is NOT an account category?

• Liabilities

• Equity

• Unearned Revenue

• Assets

Which of these statements are true?

• Financial accounting produces information for internal decision makers.

• Financial accounting produces information for external decision makers.

• Managerial accounting produces information for internal decision makers.

• Managerial accounting produces information for external decision makers.

Which of the following is the abbreviation for the accounting guidelines that must be followed by public companies?

• SEC

• GAAP

• FASB

• None of these are correct.

Which of the following is NOT a GAAP principle?

• Cost Principle

• Economic Entity Assumption

• Matching Principle

• Going Concern Assumption

• All of these are GAAP principles.

Which of the following is NOT true of the accounting equation

• It is the most basic tool of accounting.

• There are six parts to the accounting equation.

• It can measure the financial resources of a business.

• It can measure the claims to the financial resources of a business.

A (a)   is any event that affects the financial position of a business and can be measured with faithful representation

What is the correct order to complete the Financial Statements? Why is it critical to follow this order?

What is the system which states that each transaction has dual effects at the minimum?

• Double-entry system

• GAAP system

• Two-account system

• There is no such system.

In every T-account, what should you assume of the left and right side of the "T".

• The left side represents a debit.

• The right side represents a debit.

• The left side represents a credit.

• The right side represents a credit.

Which of the following accounts does NOT have a debit normal balance?

• Prepaid Rent

• Rent Expense

• Service Revenue

• Dividends