At Step 1, we identified 5 transactions on 5 days. Which day recorded revenue?

• January 20

• JANUARY 5

• JANUARY 17

Which of the following would cause the Trial Balance to be wrong?

• YOU MADE A MISTAKE

• DEPRECIATION IS NOT YET ACCOUNTED FOR

• NET PROFIT FROM THE PREVIOUS PERIOD

• ALL OF THE ABOVE

What do you do with temporary accounts before making the closing entries?

• CANCEL THEM OUT TO ZERO

• EMPTY THEM INTO PERMANENT ACCOUNT

• ROLL THEM INTO SHAREHOLDER'S EQUITY

• NOTHING, TEMPORARY ACCOUNTS JUST SIGNIFY THIS PERIOD

Which of the following specializations is most likely to be working with law enforcement as part of an investigation?

• FORENSIC ACCOUNTING

• AUDITING

• WEALTH MANAGEMEN

• PAYROLL SPECIALIST

Which of the following skills would be the most important to a great accountant?

• COMPUTER SKILLS WITH MANY TYPES OF SOFTWARE

• VERY ANALYTICAL AND DETAIL-ORIENTED

• GREAT COMMUNICATION SKILLS, BOTH ORAL AND WRITTE

• ALL OF THESE ARE NECESSARY TO BE A SUCCESSFUL ACCOUNTANT

Which professional designation has the highest total education requirement?

• CPA

• CFP

• PFS

• CMA

Which of the following is the easiest to calculate using information on the Balance Sheet?

• CURRENT RATIO

• OPERATING MARGIN

• INTEREST COVERAGE

• NET MARGIN

Which of the following ratios is the easiest to calculate using information found on the Income Statement?

• NET MARGIN

• CURRENT RATIO

• DEBT TO EQUITY RATIO

• INTEREST COVERAGE

Who would be a user of a financial report?

• A POTENTIAL INVESTOR

• A FORMER INVESTOR

• A MANAGER AT THE COMPANY

• AN EMPLOYEE OF THE COMPANY

Revenue Recognition means companies must…

• RECORD REVENUE WHEN IT WAS EARNED

• RECORD REVENUES WHEN PAYMENT IS RECEIVED

• RECORD EXPENSES WHEN THEY ARE INCURRED

• RECORD EXPENSES WHEN THEY ARE PAID