Accounting II SGO Practice Test

Accounting II SGO Practice Test

9th - 12th Grade

28 Qs

quiz-placeholder

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Accounting II SGO Practice Test

Accounting II SGO Practice Test

Assessment

Quiz

others

9th - 12th Grade

Practice Problem

Medium

Created by

Diane Pires

Used 4+ times

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28 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of the Chart of Accounts in QuickBooks?

To track inventory levels
To record customer and vendor information
To organize and classify financial transactions
To generate financial reports

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a common internal control measure to prevent cash theft?

Segregation of duties
Limited access to cash
Frequent bank reconciliations
All of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of a W-2 form?

To report employee income tax withheld
To track employee hours worked
To calculate payroll taxes
To record employee deductions

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of business ownership is characterized by a separate legal entity from its owners?

Sole Proprietorship
Partnership
Corporation
All of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which inventory valuation method assumes that the oldest units purchased are the first ones sold?

FIFO (First-In, First-Out)
LIFO (Last-In, First-Out)
Average Cost
Weighted Average

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GAAP stands for Generally Accepted Accounting Principles. Which of the following is a primary purpose of GAAP?

To ensure that financial statements are prepared consistently across companies.
To determine the fair market value of assets.
To maximize a company's profits.
To prevent fraud.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

While it's generally accepted that companies should maintain one set of general ledger books for accurate financial reporting, there are specific circumstances where maintaining two sets might be permissible or even necessary. Which of the following situations could justify the use of two sets of general ledger books?

To comply with different accounting standards in different jurisdictions or countries
To hide fraudulent activities from auditors.
To simplify the accounting process for small businesses.
To avoid paying taxes.

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