FNU Principles of Accounting I-DL-A Midterm Exam 2021

FNU Principles of Accounting I-DL-A Midterm Exam 2021

Description/Paper Instructions

FNU Principles of Accounting I-DL-A Midterm Exam 2021
Question 1: The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or year, is called a(n)
prior period statement
statement of owner’s equity
income statement
balance sheet
Question 2: The Sarbanes-Oxley Act of 2002 prohibits employment of auditors by their clients for what period after their last audit of the client?
Indefinitely
One year
Two years
There is no such prohibition.
Question 3: Revenues are reported when:
a contract is signed
cash is received from the customer
work is begun on the job
work is completed on the job
Question 4: A financial statement user would determine if a company was profitable or not during a specific period of time by reviewing
the Income Statement.
the Balance Sheet.
the Statement of Cash Flows.
cannot be determined.
Question 5: Earning revenue;
increases assets, increases owner’s equity.
increases assets, decreases owner’s equity
increases one asset, decreases another asset
decreases assets, increases liabilities

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