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WorksheetsHTTTKD CHAPTER 5 (multiple choice)
Total questions: 21
Worksheet time: 11mins
is concerned with recording the financial impacts of business processes as they
are executed.
Management accounting
Financial accounting (Fl)
Controlling (CO)
Bank ledger accounting
None of the above
Which of the following is a key process in financial accounting?
Sales order processing
Accounts receivable accounting
Credit management
Income verification
All of the above
Which process is used to manage money owed by customers for goods and services purchased from the company?
General ledger accounting
Accounts receivable accounting
Fixed asset accounting
Bank ledger accounting
All of the above
Which process is concerned with recording data associated with bank statements?
Bank ledger accounting
Fixed asset accounting
General ledger accounting
Accounts receivable accounting
None of the above
are internal divisions of an enterprise that are used to define areas of responsibility or to meet the external reporting requirements of an enterprise segment.
Cost centers
Depreciation areas
Business areas
Sub-ledgers
None of the above
Which term refers to an ordered listing of accounts that comprise a company’s general ledger?
General ledger
Balance sheet
Bank ledger
Chart of accounts (COA)
None of the above
Which term represents what a company owns, such as cash, inventory of materials, and buildings?
Liabilities
Equity
Assets
Revenues
None od the above
Which term represents what a company owes to others, including money owed to vendors and loans from financial institutions?
Liabilities
Equity
Assets
Revenues
None of the above
Which term represents the monies a company earns by selling its products and services?
Liabilities
Assets
Expenses
Revenue
Equity
Which term represents the costs associated with creating and selling products and services?
Assets
Expenses
Liabilities
Equity
None of the above
Which element is not a part of the typical company code data in general ledger accounts?
Tax-related data
Field status groups
Line item display
Reconciliation account data
None of the above
Which term is a general ledger account that consolidates data from a group of related sub-ledger accounts?
Subsidiary ledger
Sub-ledger
Reconciliation account
Line item display
None of the above
Which of the following records the impact of a transaction step on financial accounting?
Financial accounting document
Parallel accounting document
Sub-ledger
Subsidiary ledger
None of the above
Which of the following is used to implement multiple ledgers and use each ledger for different purposes?
Financial accounting document
Subsidiary ledger
Sub-ledger
Parallel Accounting
None of the above
Which type of asset has a physical form?
Master asset
Tangible asset
Informal asset
Intangible asset
None of the above
Which type of asset has a non-physical form?
Master asset
Tangible asset
Informal asset
Intangible asset
None of the above
Which of the following is used to report data needed to meet legal and regulatory requirements?
Assets
Equity
Tangible document
Financial statement
None of the above
Which of the following best describes the operative chart of accounts?
Contains the operational accounts that are used to record the financial impact of an organization’s day-to-day transactions
Used to enable companies to meet special country-specific reporting requirements
Contains accounts that are used by multiple companies to consolidate their financial reporting
Contains only accounts payable transactions
Contains only accounts receivable transaction
Which of the following is not a mode of acquiring an asset for a company?
Acquiring internally via the production process
Acquire from a vendor using the purchasing process
Acquire from a vendor without using the purchasing process
Selling equipment
Acquiring without a vendor
All of the following are transaction types that occur during the life of an asset except
.
Acquisition
Depreciation
Allocation
Retirement
Financial statements can be generated from which of the following?
Operative COA
Country-specific COA
Both operative and country-specific COAs
Neither operative nor country-specific
