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ACCT 1040 - Section 3
Started on Thursday, 15 May 2014, 7:26 PM
State Finished
Completed on Thursday, 15 May 2014, 7:37 PM
Time taken 10 mins 34 secs
Grade 9.00 out of a maximum of 10.00 (90%)
Question 1
Correct
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Question text
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
Correct
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Question text
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
Feedback
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
Incorrect
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Question text
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
Feedback
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
Correct
Mark 1.00 out of 1.00 Flag question
Question text
With regards to terminology, what is the IFRS
Started on Thursday, 15 May 2014, 7:26 PM
State Finished
Completed on Thursday, 15 May 2014, 7:37 PM
Time taken 10 mins 34 secs
Grade 9.00 out of a maximum of 10.00 (90%)
Question 1
Correct
Mark 1.00 out of 1.00 Flag question
Question text
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
Correct
Mark 1.00 out of 1.00 Flag question
Question text
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
Feedback
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
Incorrect
Mark 0.00 out of 1.00 Flag question
Question text
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
Feedback
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
Correct
Mark 1.00 out of 1.00 Flag question
Question text
With regards to terminology, what is the IFRS