Multiple choice review questions. Please indicate the best answer for each question.
1. Which of the following best explains the relationship between bookkeeping and accounting?
a. Bookkeeping is one activity involved in accounting.
b. Accounting is one activity involved in bookkeeping.
c. Bookkeeping and accounting are two terms for the same thing.
d. Bookkeeping never involves human judgment, while accounting always does.
2. How many trial balances are commonly prepared as part of the 10 steps in the accounting cycle?
a. One
b. Two
c. Three
d. More than three
3. Which of the following is the best example of an accrued revenue?
a. Interest earned but not received on a note receivable
b. Interest received but not earned on a note receivable
c. Sales on account
d. Purchases on account
4. All of the following chart of accounts coding systems typically use numbers except:
a. Block.
b. Hierarchical.
c. Mnemonic.
d. Sequential.
5. Human judgment can be involved in the AIS via:
a. Designing source documents.
b. Recognizing recordable transactions.
c. Estimating amounts.
d. All of the above.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.