Acct Test 2 Quizzes

Front 1

A conflict of interest arises when our interest conflicts with another’s to whom we ___________________.

Back 1

owe a duty.

Front 2

Who was committing fraud at Wells Fargo in the case study?

Back 2

Low-level customer-facing employees

Front 3

__________________ becomes fraud when companies intentionally provide materially misstated information.

Back 3

Earnings management

Front 4

In earnings management earnings are managed to maintain a _______________ in income each year.

Back 4

steady improvement

Front 5

Independent auditors focus on __________________.

Back 5

internal control

Front 6

Double-entry bookkeeping was originally documented by ____________.

Back 6

Luca Pacioli

Front 7

In the past, until the last 25 years or so, accounting principles have required valuation based primarily on ____________.

Back 7

historical cost

Front 8

One major advantage provided by the double-entry method of bookkeeping is that it facilitates accrual accounting.

Back 8

True

Front 9

_____________________ is the recognition of revenues and expenses with different timing than their cash flows.

Back 9

Accrual Accounting

Front 10

_______________ measures assets at what you could get if you were to sell them.

Back 10

Net Realizable Value