
MA 600 Quiz 2

Quiz
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Business
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University
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Medium
Alyssa Arbening
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20 questions
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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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