Accounting for Non-Majors Chapter Exam Questions - 980 Verified Questions
Accounting for Non-Majors Chapter Exam Questions
Course Introduction
Accounting for Non-Majors offers an introduction to the fundamental principles and practices of accounting, tailored specifically for students pursuing fields outside of accounting or finance. The course covers the basics of financial statements, recording transactions, and interpreting accounting information to support effective decision-making in business and personal contexts. Emphasis is placed on the practical application of accounting concepts, enabling students to analyze financial data, understand budgeting, and communicate financial information, regardless of their primary area of study.
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College Accounting Chapters 1 9 22nd Edition by James A. Heintz
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Page 2
Chapter 1: Introduction to Accounting
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Sample Questions
Q1) Writing or using one of the latest technological advances to enter a transaction in the accounting records is called summarizing.
A)True
B)False
Answer: False
Q2) A business that makes a product to sell is called a(n)____________________ business.
Answer: manufacturing
Q3) ____________________ design the accounting information system and focus on analyzing and interpreting information by studying the impact of alternative decisions.
Answer: Accountants
Q4) A person who records,sorts,and files accounting information in accounting records may be referred to as a(n)
A) budgeter.
B) journalist.
C) accounting clerk.
D) scribe.
Answer: C
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Chapter 2: Analyzing Transactions: the Accounting Equation
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Q1) The ____________________ reports the investments and withdrawals by the owner,the profits and losses generated through operations,and how they have affected the capital account.
Answer: statement of owner's equity
Q2) A(n)____________________ is an unwritten promise to pay a supplier for assets purchased or services received.
Answer: accounts payable
Q3) The financial statement that shows the state of the firm's assets,liabilities,and owner's equity on a specific date is called a(n)
A) balance sheet.
B) statement of operations.
C) statement of owner's equity.
D) income statement.
Answer: A
Q4) ____________________ represent the decrease in assets (or increase in liabilities)as a result of efforts made to produce revenues.
Answer: Expenses
Q5) Amounts owed to the business by its customers are called
Answer: accounts receivable
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Chapter 3: The Double-Entry Framework
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Sample Questions
Q1) Prepaid insurance and supplies are assets because they will provide benefits for more than one month.
A)True
B)False
Answer: True
Q2) To enter an amount on the right side of an account.
A) balance
B) credit
C) credit balance
D) debit
E) debit balance
F) double-entry accounting
G) footings
H) normal balance
I) \( T \) account
J) trial balance
Answer: B
Q3) The ____________________ balance is on the side that increases an account.
Answer: normal
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Chapter 4: Journalizing and Posting Transactions
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Sample Questions
Q1) A two-column journal has only two amount columns-one for the amount of the entry and one for the running balance.
A)True
B)False
Q2) A chart of accounts does NOT include A) assets.
B) liabilities.
C) owner's equity.
D) names of suppliers.
Q3) The flow of financial data through the accounting information system does NOT include
A) analyzing transactions.
B) journalizing and posting transactions.
C) preparing a trial balance.
D) receiving payment for all accounts receivable.
Q4) Almost any document that provides information about a business transaction can be called a(n)____________________.
Q5) An erasure may suggest that you are hiding something. A)True B)False
6
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Chapter 5: Adjusting Entries and the Work Sheet
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Sample Questions
Q1) An asset cost $33,000.It has an expected useful life of 5 years and an expected salvage value of $3,000.Depreciation expense for the first year of the asset's life using the straight-line method is
A) $6,000.
B) $6,600.
C) $10,000.
D) $13,200.
Q2) It is not necessary to post adjusting entries.
A)True
B)False
Q3) Adjusting entries may affect the cash account.
A)True
B)False
Q4) The ____________________ is a form used to pull together all of the information needed to enter adjusting entries and prepare the financial statements.
Q5) The modified cash basis of accounting combines aspects of the cash method of accounting and the accrual method of accounting.
A)True
B)False
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Chapter 6: Financial Statements and the Closing Process
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Q1) The Account Title and Balance Sheet columns of the work sheet provide all of the information necessary to prepare the statement of owner's equity.
A)True
B)False
Q2) A mortgage on an office building is an example of a property,plant,and equipment asset.
A)True
B)False
Q3) What is the correct sequence for closing the temporary accounts?
A) revenue accounts,expense accounts,Income Summary,drawing account
B) expense accounts,revenue accounts,Income Summary,drawing account
C) revenue accounts,expense accounts,drawing account,Income Summary
Q4) Current assets include cash and other assets that will be converted into cash or consumed within one year or the normal operating cycle of the business,whichever is longer.
A)True
B)False
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8
Chapter 7: Accounting for Cash
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Sample Questions
Q1) Items that the bank deducts from the account.
A)outstanding checks
B)cash
C)petty cash voucher
D)automated teller machines
E)change fund
F)internal control
G)credit memos
H)debit memos
Q2) ____________________ are provided by many banks to allow depositors to make deposits and withdrawals at all times by using a plastic card and a personal identification number.
Q3) The bank in which the depositor has money on deposit is known as the drawer.
A)True
B)False
Q4) Bringing the book and bank balances into agreement is called ____________________.
Q5) (Appendix)The set of procedures designed to ensure proper accounting for transactions is known as ____________________.
Q6) Each person authorized to sign checks must sign a(n)____________________.
Page 9
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Chapter 8: Payroll Accounting: Employee Earnings and Deductions
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Sample Questions
Q1) The Fair Labor Standards Act provides which of the following minimum rates to be paid to employees for all hours worked over 40 hours per week?
A) one and one-half times the regular rate
B) same rate as the regular rate
C) two and one-half times the regular rate
D) two times the regular rate
Q2) A(n)____________________ is a computerized system based on a software package that performs all payroll record keeping and prepares payroll checks.
Q3) Jillian Diaz receives a regular salary of $1,500 a month and is entitled to overtime pay at the rate of one and one-half times the regular hourly rate for any time worked in excess of 40 hours per week.Diaz's overtime pay rate is
A) $6.92.
B) $12.98.
C) $276.92.
D) $1,800.
Q4) FICA taxes include amounts for both Social Security but not Medicare programs. A)True B)False
Page 10
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Chapter 9: Payroll Accounting: Employer Taxes and Reports
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Q1) Transmittal of Wage and Tax Statements
A)Electronic Federal Tax Payment System (EFTPS)
B)employer FICA taxes
C)Employer Identification Number (EIN)
D)Form W-2
E)Form W-3
F)Form 940
G)Form 941
H)FUTA (Federal Unemployment Tax Act) tax
I)merit-rating system
J)self-employment income
K)self-employment tax
L)SUTA (state unemployment tax) tax
M)workers' compensation insurance
Q2) Employers are allowed a credit against the FUTA tax for participation in state unemployment programs.
A)True
B)False
Q3) Employers are required to file an annual report of federal unemployment tax using
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Chapter 10: Module Accounting For A Professional Service
Business The Combination Journal
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Q1) Which of the following would be placed in the "Post.Ref." column to indicate that the amount is not posted individually?
A) the abbreviation "CJ"
B) an "x"
C) a dash
D) a check mark
Q2) If the owner has not made any additional investments during the period,the financial statements can be prepared directly from the work sheet.
A)True
B)False
Q3) When an individual entry is posted from the combination journal to a ledger account,what information is entered in the "Post.Ref." column of the ledger account?
A) the letters "CJ"
B) the letters "CJ" and the page number
C) the letters "CJ" and the invoice number
D) the letters "CJ" and the year
Q4) The ____________________ column in the combination journal is used to credit accounts that are used infrequently.
Page 12
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