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Accounting Obj 1

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

The standards, conventions, and rules that accountants follow to prepare financial reports are known as:

a)

generally accepted accounting principles

b)

accounting and audit procedures

c)

accounting and audit procedures

d)

executive accounting

2.

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?

a)

computerized

b)

financial

c)

management

d)

manual

3.

What is the term for a financial reporting period of time beginning on January 1 and ending on December 31?

a)

accounting cycle

b)

calendar year

c)

budget year

d)

audit cycle

4.

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?

a)

401K savings plan

b)

certificate of deposit

c)

529 savings plan

d)

stock fund

5.

Which career involves providing financial advice to help individuals and business organizations, and requires education and experience as well as passing a uniform exam?

a)

bookkeeper

b)

accounting clerk

c)

public accountant

d)

certified public accountant

6.

Which term refers to the owner having full responsibility for company debts and obligations?

a)

limited liability

b)

stock obligation

c)

unlimited liability

d)

taxation obligation

7.

In which type of business ownership structure does each owner in the group risk losing his/her personal property even though responsibilities are shared?

a)

limited liability company

b)

sole proprietorship

c)

partnership

d)

corporation

8.

The accounting assumption that a business is expected to survive and operate indefinitely is called a:

a)

business entity

b)

capital concern

c)

charter entity

d)

going concern

9.

Which type of business buys raw materials and transforms them into finished products?

a)

entrepreneurial

b)

manufacturing

c)

merchandising

d)

service

10.

In which type of business are operations and production usually unaffected when ownership is transferred?

a)

corporation

b)

partnership

c)

sole proprietorship

d)

limited liability company

11.

The amount of money earned above the amount of expenses incurred to keep a business in operation is called:

a)

net loss

b)

net profit

c)

equity capital

d)

going concern

12.

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?

a)

business entity

b)

capital concern

c)

charter property

d)

going concern

13.

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?

a)

corporation

b)

partnership

c)

sole proprietorship

d)

limited liability company

14.

Data can be entered into a cell as a numeric label (used to identify or name information) by first entering which character?

a)

: colon

b)
  • + plus

c)

' apostrophe

d)

$ dollar sign

15.

Samantha needs to total the values in cells A1 to A10. What is the most efficient method to find the answer?

a)

formula

b)

function

c)

label

d)

value

16.

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?

a)

Formulas Page

b)

Insert Page

c)

Page Layout

d)

Review

17.

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:

a)

=E5/$E$12

b)

=E6/$E$12

c)

=E6/$E$13

d)

=E5/$E$13

18.

In an Excel spreadsheet, what is the correct formula to multiply the value in B6 by the value in C12?

a)

(C12 X B6)

b)

=B6*C12

c)

=B6 X C12

d)

(C12*B6)

19.

In the formula = MAX(G4:G19), the cell references are an example of which term?

a)

label

b)

value

c)

range

d)

numeric label

20.

Samantha needs to total the values in cells A1 to A10. Which should she enter to find the answer?

a)

SUM(A1+A10)

b)

=SUM(A1:A10)

c)

=TOTAL (A1:A10)

d)

=TOTAL(A1+A10)