Principles of Accounting I Exam Review
Course Introduction
Principles of Accounting I introduces students to the fundamental concepts and techniques used in financial accounting. The course covers the accounting cycle, including the identification, recording, and communication of financial information through the preparation of financial statements. Key topics include the principles of double-entry bookkeeping, the classification and treatment of assets, liabilities, and equity, as well as an introduction to internal controls and basic financial analysis. Emphasis is placed on understanding generally accepted accounting principles (GAAP) and their application in real-world business scenarios, preparing students for further study in accounting and finance.
Recommended Textbook
College Accounting Chapters 1 9 22nd Edition by James A. Heintz
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Chapter 1: Introduction to Accounting
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Sample Questions
Q1) A public accountant can achieve professional recognition as a Certified Public Accountant by meeting certain educational and experience requirements as determined by each state.
A)True
B)False
Answer: True
Q2) ____________________ is the aggregation of many similar events to provide information that is easy to understand.
Answer: Summarizing
Q3) Public accountants do NOT offer which of the following services?
A) auditing
B) tax preparation
C) management consulting
D) marketing analysis
Answer: D
Q4) ____________________ includes preparing various reports and financial statements and analyzing operating,investing,and financing decisions.
Answer: Financial accounting
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Page 3
Chapter 2: Analyzing Transactions: the Accounting Equation
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Sample Questions
Q1) Financial statements commonly prepared by businesses include an income statement,a statement of owner's equity,and a balance sheet.
A)True
B)False
Answer: True
Q2) Withdrawing cash from a business entity will result in an increase in owner's equity.
A)True
B)False
Answer: False
Q3) The ____________________,sometimes called the profit and loss statement,reports the profitability of business operations for a specific period of time.
Answer: income statement
Q4) Jason purchased office equipment for $4,800 in cash.This transaction would
A) increase assets and increase owner's equity.
B) increase assets and increase liabilities.
C) increase one asset and decrease another asset.
D) decrease assets and decrease liabilities.
Answer: C
Page 4
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Chapter 3: The Double-Entry Framework
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Sample Questions
Q1) The normal balance of liability,owner's equity,and revenue accounts.
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: C
Q2) If services for the month total $3,300 in cash and $700 on account,Accounts Receivable increases $700.
A)True
B)False
Answer: True
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) The process of copying the debits and credits from the journal to the ledger accounts is known as posting.
A)True
B)False
Q2) Receipt stubs,carbon copies of receipts,cash register tapes,or memos of cash register totals provide information about A) cash payments.
B) cash receipts.
C) accounts payable.
D) purchases of goods or services.
Q3) No entries are made in the Posting Reference column in a two-column journal when journalizing.
A)True
B)False
Q4) A chart of accounts does NOT include A) assets. B) liabilities.
C) owner's equity.
D) names of suppliers.
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Chapter 5: Adjusting Entries and the Work Sheet
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Sample Questions
Q1) A contra-asset appears on the income statement.
A)True
B)False
Q2) A contra-asset is deducted from the related asset on the balance sheet.
A)True
B)False
Q3) The matching of assets and expenses of a business on a periodic basis is referred to as the matching concept.
A)True
B)False
Q4) The fifth pair of columns on a 10-column work sheet prepared at the end of the period would be the
A) Income Statement columns.
B) Adjustments columns.
C) Balance Sheet columns.
D) Adjusted Trial Balance columns.
Q5) The cash basis of accounting and the accrual basis of accounting result in the same measures of net income.
A)True
B)False
Page 7
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Chapter 6: Financial Statements and the Closing Process
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Sample Questions
Q1) The income summary account is an account used only during the closing process.
A)True
B)False
Q2) The ____________________ process gives zero balances to the temporary accounts so that they can accumulate information for the next accounting period.
Q3) Which step is taken at the end of the accounting period?
A) analyze source documents
B) post to the general ledger accounts
C) prepare a trial balance
D) prepare a post-closing trial balance
Q4) The amounts in the financial statements must agree with the ledger account balances.
A)True
B)False
Q5) Revenues and expenses are temporary accounts and are closed at the end of the accounting period.
A)True B)False
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Chapter 7: Accounting for Cash
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Q1) Deposits that have not reached or been recorded by the bank before the bank statement is prepared.
A)restrictive endorsement
B)bank reconciliation
C)bank statement
D)blank endorsement
E)canceled checks
F)petty cash fund
G)payee
H)check
I)check stub
J)petty cash payments record
K)NSF checks
L)deposit ticket
M)deposits in transit
N)drawee
O)drawer
P)electronic funds transfer
Q)endorsement
R)magnetic ink character recognition code
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Page 9
Chapter 8: Payroll Accounting: Employee Earnings and Deductions
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Sample Questions
Q1) The act that requires most employers to withhold certain amounts from employees' earnings for contributions to the Social Security and Medicare programs is called the
A) Federal Unemployment Tax Act.
B) Federal Withholding Tax Act.
C) State Unemployment Tax Act.
D) Federal Insurance Contributions Act.
Q2) Government laws and regulations regarding payroll are much more complex for employees than for independent contractors.
A)True
B)False
Q3) The Federal Insurance Contributions Act requires employers to withhold FICA taxes from employees' earnings.
A)True
B)False
Q4) In an electronic system,only the employee number and hours worked need to be entered into a computer each pay period.
A)True
B)False
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Chapter 9: Payroll Accounting: Employer Taxes and Reports
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Q1) ____________________ provides insurance for employees who suffer a job-related illness or injury.
Q2) A contribution to the FICA program.
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
Q3) The FUTA tax applies to all employee earnings throughout the year.
A)True
B)False
Q4) Employers report payroll taxes withheld each quarter using
Chapter 10: Module Accounting For A Professional Service
Business The Combination Journal
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Q1) Which of the following is the proper sequence for end-of-the-month work with the combination journal?
A) complete the individual postings,total and rule the columns,prove the journal,complete the summary postings
B) prove the journal,total and rule the columns,complete the individual posting,complete the summary postings
C) total and rule the columns,complete the individual postings,complete the summary postings,prove the journal
D) total and rule the columns,complete the summary postings,complete the individual postings,prove the journal
Q2) End-of-period activities include all of the following EXCEPT
A) adjusting entries.
B) closing entries.
C) a work sheet.
D) appointment records.
Q3) The ____________________ is a method of accounting under which revenues are recorded when cash is received and expenses are recorded when cash is paid.
Q4) A(n)____________________ is a journal with special and general columns.
Page 12
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