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Accounting Quiz
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Accounting Quiz
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23 Questions

1. A firm has $1,000 in debt and $3,000 in assets. What is the firm's debt-to-equity ratio?
2. Which section of a financial annual report describes the corporation's accounting methods?
3. Which statement is not an advantage of robotic process automation (RPA)?
4. A company budgeted 1,200 washers, but only 1,000 are produced. It costs $10 to produce a widget. What is the materials variance?
5. What would be deducted from the balance per books when doing a bank reconciliation?
6. How are the three financial statements (income, statement, balance sheet, and cash flow statement) linked?
7. Internal controls may be preventative, detective, corrective, or directive. Which is a detective control?
8. A business purchased office equipment by issuing a one-year note payable. The entire amount of the note is due at the end of one year. How do you record this transaction?
9. A business purchased office equipment by issuing a one-year note payable. The entire amount of the note is due at the end of one year. How do you record this transaction?
10. A firm has $1,000 in debt and $3,000 in assets. What is the firm's debt-to-equity ratio?
11. Which choice is a general guideline for adequate separation of duties to prevent both fraud and error?
12. What would be deducted from the balance per books when doing a bank reconciliation?
13. Who does an audit committee report to?
14. On March 15, a business receives an invoice from the power company for utilities used in February. The retailer pays the invoice on April 1. The business uses accrual-based accounting. Which month should the business recognize the expense?
15. An external auditor is required to be independent when performing
16. Which choice is a general guideline for adequate separation of duties to prevent both fraud and error?
17. Which statement is not an advantage of robotic process automation (RPA)?
18. What do you call a situation where more than one person collaborates to circumvent existing internal controls?
19. A firm has $1,000 in debt and $3,000 in assets. What is the firm's debt-to-equity ratio?
20. What situation could be the results of the three retails store employees sharing the same cash register?
21. Who does an audit committee report to?
22. A firm has $1,000 in debt and $3,000 in assets. What is the firm's debt-to-equity ratio?
23. Which budgeting approach request justification of all expenditures?

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