1) _ _____ is concerned with recording
the financial impacts of business processes as they are executed.
A)
Financial accounting (Fl)
B) Controlling (CO)
C) Bank ledger accounting D) N one of the
above
2) Which of the following is a key
process in financial accounting?
A) Sales order processing B) Accounts receivable accounting
C) Credit management D) Income verification
3) Which process is used to manage
money owed by customers for goods and services purchased from the company?
A)
Accounts receivable accounting B) Fixed
asset accounting
C) Bank ledger accounting D)
All of the above
4) _ _______ are internal divisions of
an enterprise that are used to define areas of responsibility or to meet the
external reporting requirements of an enterprise segment.
A) Cost centers B)
Business area
C) Depreciation areas D) Sub- ledgers
5) Which term refers to an ordered
listing of accounts that comprise a company's general ledger?
A) General ledger B) Balance sheet
C)
Chart of accounts (COA) D)
Bank ledger
6) Which term represents what a company
owns, such as cash, inventory of materials, and buildings?
A) Liabilities B) Equity C) Assets D) Revenues
7) Which term represents what a company
owes to others, including money owed to vendors and loans from financial
institutions?
A) Liabilities B)
Equity C) Assets D) Revenues
8) Which term represents the monies a
company earns by selling its products and services?
A) Liabilities B) Equity C)
Assets D) Revenues
9) Which term represents the costs
associated with creating and selling products and services?
A) Assets B) Expenses
C) Liabilities D) Equity
10) Which element is a part of the
typical company code data in general ledger account?
A) Tax- related data B) Field status groups
C) Line item display D) All of the above
11) Which term is a general ledger
account that consolidates data from a group of related sub- ledger accounts?
A) Sub- ledger B)
Reconciliation account
C) Line item display D) None of the above
12) Which of the following is used to
implement multiple ledgers and use each ledger for different purposes?
A) Financial accounting document B) Subsidiary ledger
C) Sub- ledger D) Parallel accounting
13) Which type of asset has a physical
form?
A) Master asset B) Tangible
asset C) Informal asset D) Intangible
asset
14) Which type of asset has a non-
physical form?
A)
Intangible asset
B) Master asset C) Tangible asset D) Informal asset
15) Which of the following is used to
report data needed to meet legal and regulatory requirements?
A) Assets B) Equity C) Tangible
document D) Financial statement
16) Which of the following is not a
mode of acquiring an asset for a company?
A) Acquiring internally via the
production process
B) Acquire from a vendor using the
purchasing process
C) Acquire from a vendor without using
the purchasing process
D)
Selling equipment
17) All of the following are
transaction types that occur during the life of an asset except
A) Acquisition B) Depreciation C) Allocation D) Retirement
18) Balance sheet accounts are grouped
into which of the following categories?
A) Revenue B)
Assets C) Liabilities D) Equity
19) An organization can possess which
of the following types of assets?
A)
Tangible B) Intangible C) Financial D) Economic
20) Tangible assets can include which
of the following?
A)
Computers B) Bonds C) Production
Machinery D) Real
Estate
21) W hat is true about a business
area?
A)
It is a internal division of an enterprise
B)
It helps management monitor performance
C)
It is used for external reporting
D) It is associated with one company
code
22) Which of the following are types of
chart of accounts?
A)
Operative COA B) Country specific COA
C) Active COA D)
Group COA
23) What does the COA data include?
A)
Client segment B)
Storage location segment
C) Plant segment D) Company code segment
24) Which attributes are present in the
FI document items?
A)
Amount B) Posting key C) Document type D) Currency
25) Which attributes are present in the
FI document header?
A)
Document type B) Posting date C) Currency D) Amount
26) When does a credit take place?
A)
When assets and expenses decrease
B) When assets and expenses increase
C) When revenue and liabilities
decrease
D) When revenue and liabilities
increase
TRUE/FALSE. Write ʹTʹ if the statement
is true and ʹFʹ if the statement is false.
27) Accounting processes are broadly divided
into two main categories: Financial accounting and management accounting
Answer: True False
28) Financial accounting (FI) is
concerned with recording the financial impacts of business processes as they
executed.
Answer: True False
29) Management Accounting (CO) is
intended primarily for audiences outside the organization.
Answer: True False
30) The general ledger is used to
record the financial impacts of business process steps.
Answer: True False
31) A chart of accounts (COA) is an
ordered listing of accounts that comprise a companyʹ s general ledger.
Answer: True False
32) Liabilities are what the company
owns, such as cash, land, and buildings.
Answer: True False
33) Account currency determines the currency
in which all the transactions are recorded.
Answer: True False
34) An increase in an asset account or
an expense account results in a credit posting.
Answer: True False
35) An increase in revenue or liability
results in a debit posting.
Answer: True False
36) Accounts payable accounting is
concerned with vendors. 36) ______
Answer: True False
37) Accounts receivable accounting is
concerned with customers.
Answer: True False
38) Intangible assets are physical
items such as buildings, machinery, and computers.
Answer: True False
39) Tangible assets are non- physical
items such as trademarks and patents.
Answer: True False
40) Reporting within financial
accounting is divided into two categories: generating financial statements and
displaying account information.
Answer: True False
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