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Bookkeeping Certification questions with verified answers
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Bookkeeping Certification questions with verified answers
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Bookkeeping CertificationThe review of financial statements to assess their fairness and adherence to GAAP is - correct answer
✔✔auditing
An independent accountant who performs financial audits is a - correct answer ✔✔Certified Public
Accountant (CPA)
To become a CPA, an individual - correct answer ✔✔must have a certain number of college credits in
accounting courses.
pass the Uniform CPA Examination.
fulfill the experience requirements of the state of practice.
Which of the following is not a service typically provided by a public accounting firms? - correct answer
✔✔Investing services
The entity that has final authority over the financial reporting of publicly owned corporations is the -
correct answer ✔✔Securities and Exchange Commission (SEC).
Which of the following is not a provision of the Sarbanes-Oxley Act? - correct answer ✔✔The Sarbanes-
Oxley Act allows accountants from offering a broad range of consulting services to publicly traded
companies that they audit.
The following are all government agencies except - correct answer ✔✔American Institute of Certified
Public Accountants (AICPA).
The following are all characteristics of a sole proprietorship except: - correct answer ✔✔A sole
proprietorship is legally separate from its owner.
, The financial statements submitted by a corporation to the SEC include the auditor's report. The
auditor's report: - correct answer ✔✔confirms that the financial information is prepared in conformity
with generally accepted accounting principles.
The group of accounting educators who perform research to determine the possible effects on financial
reporting and the economy and then offer their opinions about proposed FASB statements is the -
correct answer ✔✔American Accounting Association (AAA).
When J. Simmons, the owner, invests in her business, the transaction would be entered on the - correct
answer ✔✔right side of the J. Simmons, Capital T account.
Modern products paid cash to a creditor. To record this transaction, the accountant would - correct
answer ✔✔debit Accounts Payable and credit Cash.
The normal balance of an account is the - correct answer ✔✔increase side of the account.
Which of the following types of accounts normally have debit balances? - correct answer ✔✔Expenses
and assets
Which of the following groups contain only accounts that normally have credit balances? - correct
answer ✔✔Fees Income and John Smith, Capital
Which of the following decreases owner's equity? - correct answer ✔✔Expenses
If the trial balance totals are not equal, the error may have been caused by a transposition if the
difference is divisible by - correct answer ✔✔9
The three financial statements are linked together because the - correct answer ✔✔net income from the
income statement is used on the statement of owner's equity and the ending balance of the capital
account, computed on the statement of owner's equity, is used on the balance sheet.
Which of the following accounts is not a permanent account? - correct answer ✔✔Salaries Expense
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