Question 1

Which of the following best describes the primary objective of financial accounting?

Accepted Answer

To communicate financial information about a business to external stakeholders.

Question 2

Which of the following is NOT considered an external stakeholder in financial accounting?

Accepted Answer

Employees

Question 3

A company purchases equipment for $50,000 cash. Which accounting equation correctly reflects this transaction?

Accepted Answer

$$Assets$$ increase by $$50,000$$ and $$Assets$$ decrease by $$50,000$$; no net change in $$Assets$$

Question 4

Which of the following is a result of failing to uphold academic integrity in your accounting coursework?

Accepted Answer

You may face disciplinary action, including a failing grade or expulsion.

Question 5

Which of the following is a prerequisite for enrolling in ACCT 3110 at UNT?

Accepted Answer

Completion of ACCT 2010 with a grade of B or better.

Question 6

Which of the following best describes the double-entry accounting system?

Accepted Answer

Each transaction affects at least two accounts, maintaining the accounting equation.

Question 7

A business receives $10,000 cash from a customer for services to be performed next month. How should this transaction be recorded?

Accepted Answer

Debit Cash $$10,000$$, Credit Unearned Revenue $$10,000$$

Question 8

Which formula correctly calculates net income?

Accepted Answer

$$Net\ Income = Revenues - Expenses$$

Question 9

If a company has total assets of $$120,000$$, total liabilities of $$80,000$$, what is the owner's equity?

Accepted Answer

$$Owner's\ Equity = Assets - Liabilities = 40,000$$

Question 10

Which of the following transactions would increase both assets and equity?

Accepted Answer

Owner invests cash into the business.

Question 11

Which statement about the accrual basis of accounting is correct?

Accepted Answer

Revenues and expenses are recorded when earned or incurred, regardless of cash flow.

Question 12

A company pays $$2,000$$ for a one-year insurance policy. What is the correct journal entry at the time of payment?

Accepted Answer

Debit Prepaid Insurance $$2,000$$, Credit Cash $$2,000$$

Question 13

Which of the following is NOT a required financial statement under GAAP?

Accepted Answer

Statement of Cash Flows from Investing Activities Only

Question 14

If a company issues common stock for $$25,000$$ cash, what is the effect on the accounting equation?

Accepted Answer

$$Assets$$ increase by $$25,000$$, $$Equity$$ increases by $$25,000$$

Question 15

Which of the following best describes the purpose of adjusting entries?

Accepted Answer

To update account balances before preparing financial statements.

Question 16

A company earned $$5,000 in $$service revenue on account. What is the correct journal entry?

Accepted Answer

Debit Accounts Receivable $$5,000$$, Credit Service Revenue $$5,000$$

Question 17

Which of the following is the correct formula for calculating total assets?

Accepted Answer

$$Total\ Assets = Liabilities + Equity$$

Question 18

Which of the following is an example of an accrual?

Accepted Answer

Recording interest earned but not yet received.

Question 19

A company has revenues of $$100,000$$, expenses of $$60,000$$, and dividends of $$10,000. $$What is the ending retained earnings if beginning retained earnings were $$20,000$$?

Accepted Answer

$$Ending\ Retained\ Earnings = 20,000 + 100,000 - 60,000 - 10,000 = 50,000$$

Financial Accounting Syllabus and Study Guide

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