Acc421 Sample Final
------------------------------------------------- ACC/421 Sample Final Examination This Sample Examination represents the Final Examination that students complete in Week Five. As in the following Sample Examination, the Final Examination includes questions that assess the course objectives. Although the Sample Examination includes one question per objective, the Final Examination includes three questions per course objective.
Refer to the questions in the following Sample Examination to represent the type of questions that students will be asked in the Final Examination. Refer students to the weekly readings and content outlines for each week as study references for the Final Examination.
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Week One: The Accounting Environment
Objective: Explain the overall accounting cycle.
1. Which of the following would not be a correct form for an adjusting entry? a. A debit to a revenue and a credit to a liability. b. A debit to an expense and a credit to a liability. c. A debit to a liability and a credit to a revenue. d. A debit to an asset and a credit to a liability.
Objective: Apply accounting concepts to business situations.
2. Decision makers vary widely in the types of decisions they make, the methods of decision making they employ, the information they already possess or can obtain from other sources, and their ability to process information. Consequently, for information to be useful there must be a linkage between these users and the decisions they make. This link is a. relevance. b. reliability. c. understandability. d. materiality.
Objective: Identify the roles and hierarchy of the various accounting governing bodies.
3. The Financial Accounting Standards Board employs a “due process” system which a. is an efficient system for collecting dues from members. b. enables interested parties to express their views on issues
Refer to the questions in the following Sample Examination to represent the type of questions that students will be asked in the Final Examination. Refer students to the weekly readings and content outlines for each week as study references for the Final Examination.
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Week One: The Accounting Environment
Objective: Explain the overall accounting cycle.
1. Which of the following would not be a correct form for an adjusting entry? a. A debit to a revenue and a credit to a liability. b. A debit to an expense and a credit to a liability. c. A debit to a liability and a credit to a revenue. d. A debit to an asset and a credit to a liability.
Objective: Apply accounting concepts to business situations.
2. Decision makers vary widely in the types of decisions they make, the methods of decision making they employ, the information they already possess or can obtain from other sources, and their ability to process information. Consequently, for information to be useful there must be a linkage between these users and the decisions they make. This link is a. relevance. b. reliability. c. understandability. d. materiality.
Objective: Identify the roles and hierarchy of the various accounting governing bodies.
3. The Financial Accounting Standards Board employs a “due process” system which a. is an efficient system for collecting dues from members. b. enables interested parties to express their views on issues