WorksheetsAccounting Obj 1
Total questions: 20
Worksheet time: 10mins
The standards, conventions, and rules that accountants follow to prepare financial reports are known as:
generally accepted accounting principles
accounting and audit procedures
accounting and audit procedures
executive accounting
Which type of accounting focuses on reporting information to executives and internal users of information who are involved in making day-to-day operating decisions such as purchasing and hiring?
computerized
financial
management
manual
What is the term for a financial reporting period of time beginning on January 1 and ending on December 31?
accounting cycle
calendar year
budget year
audit cycle
What is the common term for a retirement savings plan sponsored by employers that will allow workers to save and invest from their paychecks before taxes?
401K savings plan
certificate of deposit
529 savings plan
stock fund
Which career involves providing financial advice to help individuals and business organizations, and requires education and experience as well as passing a uniform exam?
bookkeeper
accounting clerk
public accountant
certified public accountant
Which term refers to the owner having full responsibility for company debts and obligations?
limited liability
stock obligation
unlimited liability
taxation obligation
In which type of business ownership structure does each owner in the group risk losing his/her personal property even though responsibilities are shared?
limited liability company
sole proprietorship
partnership
corporation
The accounting assumption that a business is expected to survive and operate indefinitely is called a:
business entity
capital concern
charter entity
going concern
Which type of business buys raw materials and transforms them into finished products?
entrepreneurial
manufacturing
merchandising
service
In which type of business are operations and production usually unaffected when ownership is transferred?
corporation
partnership
sole proprietorship
limited liability company
The amount of money earned above the amount of expenses incurred to keep a business in operation is called:
net loss
net profit
equity capital
going concern
Which term refers to the accounting assumption that a business exists independently of its owner's personal property and required separate financial record keeping of the owner's finances and those of the business?
business entity
capital concern
charter property
going concern
In which business ownership structure are business debts the total responsibility of a business so that personal property of the owner is protected from loss?
corporation
partnership
sole proprietorship
limited liability company
Data can be entered into a cell as a numeric label (used to identify or name information) by first entering which character?
: colon
+ plus
' apostrophe
$ dollar sign
Samantha needs to total the values in cells A1 to A10. What is the most efficient method to find the answer?
formula
function
label
value
Tameka wants to change the orientation of her spreadsheet from landscape to portrait. On which tab of the Excel ribbon will this command be found?
Formulas Page
Insert Page
Page Layout
Review
The formula in G5 is =E5/$E$12. Using the fill handle to copy this formula down to G6, the copied formula will read as:
=E5/$E$12
=E6/$E$12
=E6/$E$13
=E5/$E$13
In an Excel spreadsheet, what is the correct formula to multiply the value in B6 by the value in C12?
(C12 X B6)
=B6*C12
=B6 X C12
(C12*B6)
In the formula = MAX(G4:G19), the cell references are an example of which term?
label
value
range
numeric label
Samantha needs to total the values in cells A1 to A10. Which should she enter to find the answer?
SUM(A1+A10)
=SUM(A1:A10)
=TOTAL (A1:A10)
=TOTAL(A1+A10)
