Practice Quiz

CPA Accountant Review Questions - Question List

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1.

GAAP refers to:

  1. General accounting assistance program
  2. Generally accepted accounting principles
  3. Generally acceptable account procedures
  4. The theory that accounting and the general public look at financial statements differently
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2. One purpose of GAAP is to provide _________ between accounting periods.
  1. Relativity
  2. Compression
  3. Contention
  4. Collaboration
  5. Comparability
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3. When capital is increased in the double-entry method of accounting, the result is:
  1. A credit
  2. A debit
  3. It is dependent on the situation
  4. There is not enough information to determine the answer.
  5. None of the above
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4. The purpose of the trial balance is to:
  1. Check the solvency of the company
  2. Identify credits and debits
  3. Analyze the accounting period
  4. Verify that credits equal debits
  5. Find misclassified transactions
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5. Retained earnings are revenue of a corporation that is:
  1. Not paid out in dividends
  2. Paid to shareholders
  3. Considered gross profit
  4. Shown in a trial balance
  5. Issued in stock
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