Intermediate Accounting
Exam Materials
Course Introduction
Intermediate Accounting delves deeper into the principles and practices of financial accounting, building upon foundational concepts learned in introductory courses. This course focuses on the preparation, presentation, and analysis of complex financial statements in accordance with generally accepted accounting principles (GAAP). Students will explore topics such as revenue recognition, inventory valuation, long-term assets, liabilities, shareholders equity, and the interpretation of financial disclosures. Emphasis is placed on applying theoretical concepts to practical scenarios, enhancing students technical proficiency, and preparing them for more advanced studies in accounting or professional certification exams.
Recommended Textbook
Financial and Managerial Accounting 6th Edition by John Wild
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2 Chapters
485 Verified Questions
485 Flashcards
Source URL: https://quizplus.com/study-set/2876
Page 2
Chapter 1: Accounting in Business
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254 Verified Questions
254 Flashcards
Source URL: https://quizplus.com/quiz/57259
Sample Questions
Q1) The financial statement that shows the beginning balance of retained earnings; the changes in retained earnings that resulted from , net income (or net loss); dividends; and the ending balance, is the:
A) Statement of financial position.
B) Statement of cash flows.
C) Balance sheet.
D) Income statement.
E) Statement of retained earnings. Answer: E
Q2) External auditors examine financial statements to verify that they are prepared according to generally accepted accounting principles.
A)True
B)False Answer: True
Q3) Arrow's net income of $117 million and average assets of $1,400 million results in a return on assets of 8.36%.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Analyzing for Business Transactions
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217 Verified Questions
217 Flashcards
Source URL: https://quizplus.com/quiz/57258
Sample Questions
Q1) The four categories of equity accounts are ________________, __________________, ______________________, and ______________________.
Answer: contributed capital; dividends; revenues; expenses
Feedback: answers can appear in any order
Q2) A debit is used to record an increase in all of the following accounts except:
A) Supplies
B) Cash
C) Accounts Payable
D) Dividends
E) Prepaid Insurance
Answer: C
Q3) A debit entry is always an increase in the account.
A)True
B)False
Answer: False
Q4) Transactions are recorded first in the ledger and then transferred to the journal.
A)True
B)False
Answer: False
Page 4
To view all questions and flashcards with answers, click on the resource link above.