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Topics: Generally Accepted Accounting Principles, Accounting software, Accounts receivable Pages: 5 (759 words) Published: May 23, 2014
ACCT 1040 - Section 3

Started onThursday, 15 May 2014, 7:26 PM
StateFinished
Completed onThursday, 15 May 2014, 7:37 PM
Time taken10 mins 34 secs
Grade9.00 out of a maximum of 10.00 (90%)
Question 1
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Private corporations:
Select one:
a. must follow GAAP for private companies
b. must follow IFRS
c. do not use standards when creating financial statements
d. have a choice of following GAAP for private companies or IFRS Feedback
Explanation: Private corporations have a choice of following IFRS or the new GAAP specifically updated for private companies. The correct answer is: have a choice of following GAAP for private companies or IFRS Question 2

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Modern computerized accounting systems require:
Select one:
a. a central database in which to input information
b. a separate set of books and documents for specific types of transactions c. an unlimited amount of RAM
d. concurrent paper records
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Explanation: With modern computerized systems, the logic of accounting is already built into the software. There is no need to keep a separate set of books and documents for specific types of transactions. The correct answer is: a central database in which to input information Question 3

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A likely example of a transaction that may appear in the general journal because it does not occur frequently enough to have its own special journal would be: Select one:
a. depreciation
b. credit sales
c. cash sales
d. inventory purchases
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Explanation: Credit sales and cash sales appear on the sales and cash receipts journals. Inventory purchases appear on the purchases and cash payment journals. The correct answer is: depreciation
Question 4
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With regards to terminology, what is the IFRS equivalent of “Balance Sheet”? Select one:
a. Statement of Balanced Position
b. Statement of Financial Position
c. Balanced Report
d. Trial Balance Sheet
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Explanation: The IFRS term for Balance Sheet is Statement of Financial Position. The correct answer is: Statement of Financial Position
Question 5
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Which of the following headings would NOT be found in the Sales Journal? Select one:
a. date
b. customer / account name
c. accounts receivable
d. accounts payable
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Explanation: Accounts payable is found in the purchases and cash payments journals. The correct answer is: accounts payable
Question 6
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The total of the subsidiary ledger accounts is equal to the: Select one:
a. control account
b. contributed capital account
c. general journal account
d. special journal account
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Explanation: The amounts posted to the subsidiary ledgers are also posted to the corresponding control account in the general ledger at the end of the month. Therefore, they must be in balance. The correct answer is: control account

Question 7
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With regards to terminology, what is the IFRS equivalent of “Fixed Assets”? Select one:
a. Capital Assets
b. Property, Plant & Equipment
c. Depreciable Assets
d. Core Assets
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Explanation: The IFRS term for Fixed Assets is Property, Plant & Equipment or Non-Current Assets The correct answer is: Property, Plant & Equipment
Question 8
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Public corporations:
Select one:
a. must use GAAP
b. must use IFRS
c. do not use standards when creating financial statements
d. have a choice of following GAAP for private companies or IFRS Feedback
Explanation: As of January 2011, public corporations are required to report using International Financial Reporting...
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