BUS 2202 unit 4 to unit 6 quiz qustions PDF

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Not-for-profit (NFP) organizations do not have the same needs for internal control as manytraditional for-profit entities.Select one: a. True b. FalseFeedback The correct answer is: FalseQuestion 2Correct Mark 1 out of 1.Flag question Question textThe four main special journals are the sales journal...

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Not-for-profit (NFP) organizations do not have the same needs for internal control as many traditional for-profit entities. Select one: a. True b. False

Feedback The correct answer is: False

Question 2 Correct Mark 1.00 out of 1.00

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The four main special journals are the sales journal, purchase journal, cash disbursements journal, and cash receipts journal. Select one: a. True

b. False Feedback The correct answer is: True

Question 3 Correct Mark 1.00 out of 1.00

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A petty cash fund is a type of imprest account, which means that it contains a fixed amount of cash that is replaced as it is spent in order to maintain a set balance. Select one:

a. True

b. False Feedback The correct answer is: True

Question 4 Correct Mark 1.00 out of 1.00

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Data analytics, artificial intelligence systems, data security credentials, blockchain applications and forensic accounting are some of the areas that provide newer career avenues for accounting professionals. Select one: a. True

b. False Feedback The correct answer is: True

Question 5 Correct Mark 1.00 out of 1.00

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A special journal is Select one: a. point of time when a sales transaction occurs

b. book of original entry that is used to record transactions of a similar type in addition to the general journal

c. parts of accounting transactions that constitute the input to an accounting information system Feedback The correct answer is: book of original entry that is used to record transactions of a similar type in addition to the general journal

Question 6 Correct Mark 1.00 out of 1.00

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A subsidiary ledger provides information on individual balances of Select one: a. accounts receivable and accounts payable

b. operating cycle c. dividends Feedback The correct answer is: accounts receivable and accounts payable

Question 7 Correct Mark 1.00 out of 1.00

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What is the computerized system to record and process a sale immediately when it occurs, usually by scanning the product bar code? Select one:

a. point-of-sale system (POS)

b. enterprise resource planning (ERP) c. cryptocurrency Feedback The correct answer is: point-of-sale system (POS)

Question 8 Correct Mark 1.00 out of 1.00

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Sarbanes-Oxley only applies to private companies. Select one: a. True b. False

Feedback The correct answer is: False

Question 9 Correct Mark 1.00 out of 1.00

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Which of the following is a special ledger that contains information about all vendors and the amounts we owe them. Select one: a. Accounts receivable subsidiary ledger b. Accounts receivable control

c. Accounts payable subsidiary ledger

Feedback The correct answer is: Accounts payable subsidiary ledger

Question 10 Correct Mark 1.00 out of 1.00

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Big data uses accounting and computer skills to look for fraud and to analyze financial records in hard copy and electronic formats. Select one: a. True b. False

Feedback The correct answer is: False

Question 1 Correct Mark 1.00 out of 1.00

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The concept explaining the reasoning behind a person’s decision to commit fraud; the three elements are perceived opportunity, rationalization, and incentive is the fraud triangle. Select one: a. True

b. False

Feedback The correct answer is: True

Question 2 Correct Mark 1.00 out of 1.00

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Which are elements of an internal control system? Select one: a. Separation of assets from custody, Separation of duties, Use of technology and Patent b. Establishment of clear responsibilities, Proper documentation, Adequate insurance and Use of technology

c. Separation of duties, Use of technology, Proper documentation and Asset Feedback The correct answer is: Establishment of clear responsibilities, Proper documentation, Adequate insurance and Use of technology

Question 3 Correct Mark 1.00 out of 1.00

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For the VWX Company, they pay a mortgage of $6,300 per month for their office building. Which journal will the transaction be recorded in? Select one: a. Cash disbursements journal

b. Purchases journal c. Cash receipts journal

Feedback The correct answer is: Cash disbursements journal

Question 4 Correct Mark 1.00 out of 1.00

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Which terms describes the amount of cash held on hand to be used to make payments for small day-to-day purchases. Select one: a. Bank service fee b. Petty cash fund

c. Accounts payable Feedback The correct answer is: Petty cash fund

Question 5 Correct Mark 1.00 out of 1.00

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An employee for Five Steps, LLC brought $3,000 of inventory on the company’s credit card. Which journal will the transaction be recorded in? Select one: a. Sales journal b. Purchases journal

c. Cash disbursements journal

Feedback The correct answer is: Purchases journal

Question 6 Correct Mark 1.00 out of 1.00

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Forensic accounting involves the use of accounting skills to inspect the accounting records in order to determine if fraud or embezzlement have occurred. Select one: a. True

b. False Feedback The correct answer is: True

Question 7 Correct Mark 1.00 out of 1.00

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Which of the following is the term for a check that was written and deducted from the financial records of the company but has not been cashed by the recipient, so the amount has not been removed from the bank account.. Select one: a. Nonsufficient funds (NSF) check b. An outstanding check

c. Check deposit Feedback

The correct answer is: An outstanding check

Question 8 Correct Mark 1.00 out of 1.00

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Which of the following refers to using the internet to access software and information storage facilities provided by companies rather than, or in addition to, storing this data on the company’s computer hard drive or in paper form. Select one: a. Cloud computing

b. QuickBooks c. Periodic Inventory System Feedback The correct answer is: Cloud computing

Question 9 Correct Mark 1.00 out of 1.00

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Which accounting profession may work for an outside CPA firm or his or her own private practice and conducts audits and other assignments, such as reviews. Select one: a. Accountant b. Fraud investigator c. External auditor

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The correct answer is: External auditor

Question 10 Correct Mark 1.00 out of 1.00

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It is the responsibility of management to assure that internal controls of a company are effective and in place. Select one: a. True

b. False Feedback The correct answer is: True

Question 1 Correct Mark 1.00 out of 1.00

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Another term for financial statement fraud is Select one: a. collusion b. nonsufficient funds c. cooking the books

Feedback The correct answer is: cooking the books

Question 2

Correct Mark 1.00 out of 1.00

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Which of the following is an executive within a company with the highest ranking title who has the overall responsibility for the management of a company; reports to the board of directors. Select one: a. Chief Financial Officer b. Vice President of Accounting c. Chief Executive Officer

Feedback The correct answer is: Chief Executive Officer

Question 3 Correct Mark 1.00 out of 1.00

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A control lapse occurs when there is a deviation from standard control protocol that leads to a failure in the internal control and/or fraud prevention processes or systems. Select one: a. True

b. False Feedback The correct answer is: True

Question 4 Correct

Mark 1.00 out of 1.00

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The purpose of bank reconciliation is to make payments for small amounts that are immaterial, such as postage, minor repairs, or day-to-day supplies. Select one: a. True b. False

Feedback The correct answer is: False

Question 5 Correct Mark 1.00 out of 1.00

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Which of the following is a paper document that starts off as an output document from one part of the accounting information system (billing sends bill to customer), that becomes input to another part of the accounting information system upon completion of the next phase of the process (accounts receivable receives payment made on bill). Select one: a. Source document b. Audit trail c. Turn-around document

Feedback The correct answer is: Turn-around document

Question 6 Correct

Mark 1.00 out of 1.00

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On January 8th, the Blue Company made a sale for $800 and the customer gave $100 in cash and promised to pay the remaining balance within 30 day. Which journal will the transaction be recorded on? Select one: a. Sales journal b. Cash receipts journal

c. Purchases journal Feedback The correct answer is: Cash receipts journal

Question 7 Correct Mark 1.00 out of 1.00

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Blockchain is the platform on which Bitcoin is built and serves as a shared ledger for Bitcoin but is also the foundation of many other applications. Select one: a. True

b. False Feedback The correct answer is: True

Question 8 Correct Mark 1.00 out of 1.00

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The _______________helps explain the mechanics of fraud by examining the common contributing factors of perceived opportunity, incentive, and rationalization. Select one: a. fraud triangle

b. cash-basis c. purchases journal Feedback The correct answer is: fraud triangle

Question 9 Correct Mark 1.00 out of 1.00

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What is a source document? Select one: a. A table showing each amount owed and to whom it must be paid; total of the schedule should equal the total of accounts payable in the general ledger b. A paper document or electronic record that provides evidence that a transaction has occurred and includes details about the transaction

c. Parts of accounting transactions that constitute the input to an accounting information system Feedback The correct answer is: A paper document or electronic record that provides evidence that a transaction has occurred and includes details about the transaction

Question 10

Correct Mark 1.00 out of 1.00

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An operating cycle is the amount of time it takes a company to use its cash to provide a product or service and collect payment from the customer. Select one: a. True

b. False Feedback The correct answer is: True

Question 1 Incorrect Mark 0.00 out of 1.00

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Receivable ratios are best used to determine quick debt collection and lending practices. Select one: a. True b. False

Feedback The correct answer is: True

Question 2 Incorrect Mark 0.00 out of 1.00

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When would a company use the specific identification method of inventory cost allocation? Select one: a. Petty cash fund b. Expensive items that are highly customized c. Consigned goods

Feedback The correct answer is: Expensive items that are highly customized

Question 3 Incorrect Mark 0.00 out of 1.00

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This is what records expenses related to revenue generation in the period in which they are incurred. Select one: a. Accounts receivable b. Revenue recognition principle

c. Matching principle Feedback The correct answer is: Matching principle

Question 4 Incorrect Mark 0.00 out of 1.00

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What is another name for the income statement method? Select one: a. Balance sheet aging of receivables method

b. Percentage of sales method c. Percentage of completion method Feedback The correct answer is: Percentage of sales method

Question 5 Correct Mark 1.00 out of 1.00

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What are the basic four cost flow assumption methods? which are first-in, first-out (FIFO); last-in, first-out (LIFO); specific identification (SI); and weighted average (AVG). Select one: a. enterprise resource planning (ERP); last-in, first-out (LIFO); specific identification (SI); and weighted average (AVG) b. first-in, first-out (FIFO); last-in, first-out (LIFO); specific identification (SI); and weighted average (AVG)

c. first-in, first-out (FIFO); last-in, first-out (LIFO); specific identification (SI); and lower-of-cost-ormarket (LCM) Feedback The correct answer is: first-in, first-out (FIFO); last-in, first-out (LIFO); specific identification (SI); and weighted average (AVG)

Question 6 Incorrect Mark 0.00 out of 1.00

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What is the new acquisitions of merchandise inventory during the period? Select one: a. Cash b. Purchases c. Receivable

Feedback The correct answer is: Purchases

Question 7 Incorrect Mark 0.00 out of 1.00

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Interest rate is a monetary incentive to the lender that justifies loan risk. Select one: a. True

b. False Feedback The correct answer is: False

Question 8 Incorrect Mark 0.00 out of 1.00

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The gross profit method is used to estimate inventory values by applying a standard gross profit percentage to the company’s sales totals when a physical count is not possible. Select one: a. True b. False

Feedback The correct answer is: True

Question 9 Correct Mark 1.00 out of 1.00

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Which account is paired with another account type that has an opposite normal balance to the paired account; reduces or increases the balance in the paired account at the end of a period? Select one: a. Accounts receivable b. Contra account

c. Principal Feedback The correct answer is: Contra account

Question 10 Correct Mark 1.00 out of 1.00

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The direct write-off method delays recognition of bad debt until the specific customer accounts receivable is identified. Select one: a. True

b. False Feedback The correct answer is: True

Question 1 Incorrect Mark 0.00 out of 1.00

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If the ABC Company has three lots of products for sale, purchase 1 (earliest) for $20, purchase 2 (middle) for $15 and purchase 3 (latest) for $25, which cost would be assumed to be sold first using FIFO costing? Select one: a. $20 b. $15

c. $25 Feedback The correct answer is: $20

Question 2 Correct Mark 1.00 out of 1.00

Mark 1.00 out of 1.00

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On January 8th, the Blue Company made a sale for $800 and the customer gave $100 in cash and promised to pay the remaining balance within 30 day. Which journal will the transaction be recorded on? Select one: a. Sales journal b. Cash receipts journal

c. Purchases journal Feedback The correct answer is: Cash receipts journal

Question 7 Correct Mark 1.00 out of 1.00

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Blockchain is the platform on which Bitcoin is built and serves as a shared ledger for Bitcoin but is also the foundation of many other applications. Select one: a. True

b. False Feedback The correct answer is: True

Question 8 Correct Mark 1.00 out of 1.00

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The _______________helps explain the mechanics of fraud by examining the common contributing factors of perceived opportunity, incentive, and rationalization. Select one: a. fraud triangle

b. cash-basis c. purchases journal Feedback The correct answer is: fraud triangle

Question 9 Correct Mark 1.00 out of 1.00

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What is a source document? Select one: a. A table showing each amount owed and to whom it must be paid; total of the schedule should equal the total of accounts payable in the general ledger b. A paper document or electronic record that provides evidence that a transaction has occurred and includes details about the transaction

c. Parts of accounting transactions that constitute the input to an accounting information system

Feedback The correct answer is: A paper document or electronic record that provides evidence that a transaction has occurred and includes details about the transaction

Question 10

Correct

Mark 1.00 out of 1.00

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An operating cycle is the amount of time it takes a company to use its cash to provide a product or service and collect payment from the customer. Select one: a. True

b. False Feedback The correct answer is: True

Question 1 Incorrect Mark 0.00 out of 1.00

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Receivable ratios are best used to determine quick debt collection and lending practices. Select one: a. True b. False

Feedback The correct answer is: True

Question 2 Incorrect Mark 0.00 out of 1.00

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When would a company use the specific identification method of inventory cost allocation? Select one: a. Petty cash fund b. Expensive items that are highly customized c. Consigned goods

Feedback

The correct answer is: Expensive items that are highly customized

Question 3 Incorrect Mark 0.00 out of 1.00

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This is what records expenses related to revenue generation in the period in which they are incurred. Select one: a. Accounts receivable b. Revenue recognition principle

c. Matching principle Feedback The correct answer is: Matching principle

Question 4 Incorrect Mark 0.00 out of 1.00

Flag question Question text

What is another name for the income statement method? Select one: a. Balance sheet aging of receivables method

b. Percentage of sales method c. Percentage of completion method Feedback The correct answer is: Percentage of sales method

Question 5 Correct Mark 1.00 out of 1.00

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What are the basic four cost flow assumption methods? which are first-in, first-out (FIFO); last-in, first-out (LIFO); specific identification (SI); and weighted average (AVG). Select one: a. enterprise resource planning (ERP); last-in, first-out (LIFO); specific identificatio...