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Sophia Accounting Unit 1 Milestone 1 SCORE 100 PERCENT
Which of the following kinds of companies would use a 990 tax form?
•
Sole proprietorship
•
LLC
•
Non-profit
•
LLP
CONCEPT
Businesses and Organizations
2
Greg is an employee who records and organizes a company’s transactions.
What is his role?
•
Accountant
•
Auditor
•
Controller
•
Bookkeeper
CONCEPT
Accounting in Practice
3
Because Mike is only accountable for the $20,000 he invested in his friend Matt's company, the two have created which of the following business types?
•
Limited Liability Partnership
•
Dual Proprietor Structure
•
Limited Liability Company
•
Private Corporation
CONCEPT
Businesses and Organizations
4
Instances of fraud and misconduct caused the government to implement which piece of legislation?
•
International Financial Reporting Standards
•
General Accepted Accounting Principles
•
Sarbanes-Oxley Act
•
Miller-Townsend Act
CONCEPT
Origins and Ethics
5
Which of the following is responsible for the creation and governance of accounting standards in the United States?
•
Financial Standards Accounting Board (FASB)
•
Securities and Exchange Commission (SEC)
•
Sarbanes-Oxley Act
•
Generally Accepted Accounting Principles (GAAP)
CONCEPT
Governance
6
Which of the following is NOT true of a natural balance?
•
Each account group has a natural balance.
•
An account increase occurs on the opposite side of the account's natural balance.
•
Each account is associated with only one account group.
•
Each individual account has a natural balance.
CONCEPT
Natural Balance
7
Transferring $12,000 in revenue and $8,000 in expenses into equity would be performed during which phase of the accounting cycle?
•
Close
•
Journalize
•
Report
•
Adjust
CONCEPT
Accounting Cycle Summary
8
In early December, the Snowland Resort was paid $1,600 by a company to host its holiday party that month.
In addition to receiving the cash, the $1,600 is considered which of the following?
•
Revenue
•
Profit
•
Expense
•
Equity
CONCEPT
Account Groups
9
Brian discussing the financial position of his company with Mike, who is interested in acquiring Brian's company, is an example of which of the following?
•
Financial accounting
•
Managerial accounting
•
Investment accounting
•
External accounting
CONCEPT
Accounting in Practice
10
Which image below correctly shows a general ledger?
•
• Second option is correct
•
•
CONCEPT
Posting to the General Ledger
11
The bookkeeper for Dr. Mark Scholz, DVM, informed the veterinarian that the business' revenue for the day was $18,920.
Which statement below best describes how the bookkeeper would record this?
•
$18,920 would be recorded on the credit side of the cash account.
•
$18,920 would be recorded on the debit side of the owner's equity account.
•
$18,920 would be recorded on the debit side of the purchases account.
•
$18,920 would be recorded on the credit side of the revenue account.
CONCEPT
Debit and Credit
12
Which of the following is NOT a permanent account?
•
Equity
•
Revenue
•
Liabilities
•
Assets
CONCEPT
Account Groups
13
Which of the following is a responsibility of the FASB?
•
Overseeing publicly-traded companies
•
Developing and controlling the U.S. GAAP.
•
Investigating the use of public funds
•
Developing rules for security laws
CONCEPT
Governance
14
The ____________ provides a numerical label for each account, so that activity can easily be tracked for a given account.
•
Book-Entry
•
Accounting Model
•
Double-Entry Accounting
•
Chart of Accounts
CONCEPT
General Journal and General Ledger
15
Which illustration below correctly shows Jen opening her frozen yogurt store with a monetary investment of $5,000?
•
• Second option is correct
•
•
CONCEPT
Journal Entries
16
What is the name of the accounting system documented in the 15th century by Luca Pacioli?
•
Managerial
•
Monetary unit
•
Double-entry
•
Cost
CONCEPT
Origins and Ethics
17
Which of the following is NOT a good use of a T-account?
•
Analyzing a complicated transaction, prior to recording the event in the general journal
•
Prior to recording an entry, to see the effect of the debits and credits on each account
•
To make sure the debits and credits in each transaction are equal
•
Transferring final balances of accounts to the company's financial records
ANSWER WILL BE SENT BY EMAIL.
•
Sole proprietorship
•
LLC
•
Non-profit
•
LLP
CONCEPT
Businesses and Organizations
2
Greg is an employee who records and organizes a company’s transactions.
What is his role?
•
Accountant
•
Auditor
•
Controller
•
Bookkeeper
CONCEPT
Accounting in Practice
3
Because Mike is only accountable for the $20,000 he invested in his friend Matt's company, the two have created which of the following business types?
•
Limited Liability Partnership
•
Dual Proprietor Structure
•
Limited Liability Company
•
Private Corporation
CONCEPT
Businesses and Organizations
4
Instances of fraud and misconduct caused the government to implement which piece of legislation?
•
International Financial Reporting Standards
•
General Accepted Accounting Principles
•
Sarbanes-Oxley Act
•
Miller-Townsend Act
CONCEPT
Origins and Ethics
5
Which of the following is responsible for the creation and governance of accounting standards in the United States?
•
Financial Standards Accounting Board (FASB)
•
Securities and Exchange Commission (SEC)
•
Sarbanes-Oxley Act
•
Generally Accepted Accounting Principles (GAAP)
CONCEPT
Governance
6
Which of the following is NOT true of a natural balance?
•
Each account group has a natural balance.
•
An account increase occurs on the opposite side of the account's natural balance.
•
Each account is associated with only one account group.
•
Each individual account has a natural balance.
CONCEPT
Natural Balance
7
Transferring $12,000 in revenue and $8,000 in expenses into equity would be performed during which phase of the accounting cycle?
•
Close
•
Journalize
•
Report
•
Adjust
CONCEPT
Accounting Cycle Summary
8
In early December, the Snowland Resort was paid $1,600 by a company to host its holiday party that month.
In addition to receiving the cash, the $1,600 is considered which of the following?
•
Revenue
•
Profit
•
Expense
•
Equity
CONCEPT
Account Groups
9
Brian discussing the financial position of his company with Mike, who is interested in acquiring Brian's company, is an example of which of the following?
•
Financial accounting
•
Managerial accounting
•
Investment accounting
•
External accounting
CONCEPT
Accounting in Practice
10
Which image below correctly shows a general ledger?
•
• Second option is correct
•
•
CONCEPT
Posting to the General Ledger
11
The bookkeeper for Dr. Mark Scholz, DVM, informed the veterinarian that the business' revenue for the day was $18,920.
Which statement below best describes how the bookkeeper would record this?
•
$18,920 would be recorded on the credit side of the cash account.
•
$18,920 would be recorded on the debit side of the owner's equity account.
•
$18,920 would be recorded on the debit side of the purchases account.
•
$18,920 would be recorded on the credit side of the revenue account.
CONCEPT
Debit and Credit
12
Which of the following is NOT a permanent account?
•
Equity
•
Revenue
•
Liabilities
•
Assets
CONCEPT
Account Groups
13
Which of the following is a responsibility of the FASB?
•
Overseeing publicly-traded companies
•
Developing and controlling the U.S. GAAP.
•
Investigating the use of public funds
•
Developing rules for security laws
CONCEPT
Governance
14
The ____________ provides a numerical label for each account, so that activity can easily be tracked for a given account.
•
Book-Entry
•
Accounting Model
•
Double-Entry Accounting
•
Chart of Accounts
CONCEPT
General Journal and General Ledger
15
Which illustration below correctly shows Jen opening her frozen yogurt store with a monetary investment of $5,000?
•
• Second option is correct
•
•
CONCEPT
Journal Entries
16
What is the name of the accounting system documented in the 15th century by Luca Pacioli?
•
Managerial
•
Monetary unit
•
Double-entry
•
Cost
CONCEPT
Origins and Ethics
17
Which of the following is NOT a good use of a T-account?
•
Analyzing a complicated transaction, prior to recording the event in the general journal
•
Prior to recording an entry, to see the effect of the debits and credits on each account
•
To make sure the debits and credits in each transaction are equal
•
Transferring final balances of accounts to the company's financial records
ANSWER WILL BE SENT BY EMAIL.
