MA 600 Quiz 2

MA 600 Quiz 2

University

20 Qs

quiz-placeholder

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MA 600 Quiz 2

MA 600 Quiz 2

Assessment

Quiz

Business

University

Medium

Created by

Alyssa Arbening

Used 1+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Which type of working trial balance is divided into two components: the working comprehensive income and the working financial position?

One-section trial balance

Two-section trial balance

Consolidated trial balance

Comparative trial balance

2.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

In the one-section trial balance, which of the following is not one of the pairs of columns maintained?

Trial balance

Adjustments and reclassifications

Adjusted profit or loss accounts

Adjusted cash flow accounts

3.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

A lead schedule is primarily used to:

Record adjusting entries for prior period errors

Combine several amounts which total to a line item in the financial statements

Correct misstatements in revenue and expense accounts

Reconcile differences between general ledger and subsidiary ledgers

4.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Which term refers to a difference between the amount, classification, presentation, or disclosure of a reported financial statement item and that required for compliance?

Error

Misstatement

Reclassification

Discrepancy

5.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Fraud, as defined in the material, involves:

An unintentional omission of financial data

Intentional misrepresentation of a material fact to obtain an unjust or illegal advantage

A mathematical mistake in calculation

Failure to apply generally accepted accounting principles due to negligence

6.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Which of the following is not listed as an example of fraudulent financial reporting?

Manipulation of records

Intentional misapplication of accounting policies

Embezzling cash

Alteration of documents

7.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Professional skepticism includes which of the following attributes?

Maintaining absolute certainty in the absence of evidence

A questioning mind and a critical assessment of evidence

Accepting management assertions without verification

Avoiding detection of minor errors to maintain efficiency

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