ACAMS Practice Questions
Accounting Cycle and Classifying Accounts
Accounting For Managers
Accounting for Merchandising Activities
Accounting for Pensions
Accounting Information Systems
Activity Based Costing
Adjusting Accounts for Financial Statements
Advanced Business Economics
Advertising and Public Relations
Advertising and Sales Promotion
An Overview of International Business
Analysis and Forecasting Techniques
Analyzing and Recording Transactions
Applied Business Research
Asset Demand and Supply under Uncertainty
Auditing and Attestation
Behavioral and Allied Sciences
Bonds and Long Term Notes Payable
Business Analytics & Technology Management Chapter 2
Business Analytics & Technology Management Chapter 3
Business Analytics & Technology Management Chapter 4
Business Analytics & Technology Management Chapter 5
Business Analytics & Technology Management Chapter 6
Business and Company Law
Business Ethics and Governance
Business Ethics Exam
Business Law Study guide
Business Organisations and Environment
Business organization and systems
Business Process Performance
California Real Estate
Capital Budgeting and Managerial Decisions
Changes in Accounting Principles
Changing Marketing Environment
Consolidated Financial Statements
Corporate and Business Law
Cost Accounting Final exam
Cost Accumulation Systems
Cost Allocation Techniques
Cost and Managerial Accounting
Cost of Capital
Cost Terms and Classifications
Cost Volume Profit Analysis
Currency Exchange Rates
Customer Relationships and Value
CVP Analysis and Marginal Analysis
Debt and Bankruptcy
Decision Makers Household Sector
Demand for Money
Derivative Instruments and Hedging Activities
Dividends and Payout Policy
Dividends, Shares, and Income
Elasticities of Demand and supply
Employee Training and Development
Environments of Business
Essence of Management
Ethical and Professional Standards
Ethics and Social Responsibility
Ethics for Management Accountants
External Financial Statements and Revenue Recognition
Federal Securities Acts
Financial and the Nonfinancial Sectors
Financial Decision Making
Financial Intermediaries and Financial Markets
Financial Markets and Securities Offerings
Financial Statements and Accounting Transactions
Flexible Budgets and Standard Costs
Florida Real Estate MCQs
Fraud Internal Control and Cash
Fundamental Accounting Principles
Global Marketing and World Trade
Governmental Accounting State and Local
Health and Life Comprehensive Exam
Health and Life Practice Questions
Human Resource Management
Human Resource Management HRM
Human Resource Planning
Importance of Business Economics
Insurance and Risk Management
Insurance License Texas Life and Health
Integrated Marketing Communications and Direct Marketing
Interactive Marketing and Electronic Commerce
Internal Auditing and Systems Controls
Internal Control and Cash
International Trade and Globalisation
Interpersonal and Organizational Communication
Introduction to Business
Introduction to Human Resource Management
Introduction to Human Resources Assessment
Investment Risk and Portfolio Management
Job Order Costing
Life and Health Insurance
Life Insurance Basics
Life Insurance Policies
Life Insurance Policy
Long Term Investment
Long Term Securities
Management and Cost Accounting
Managerial Accounting Concepts and Principles
Managing Organizational Change
Managing Production and Operations
Managing Products and Brands
Market Segmentation Targeting and Positioning
Marketing and Corporate Strategies
Marketing Channels and Wholesaling
Master Budgets and Planning
Mergers and Acquisitions
Money and Banking
National Health Insurance
Not For Profit Accounting
Organization and Operation of Corporations
Organizational Behavior Essentials
Organizational Markets and Buyer Behaviour
Organizational Structure and Design
Personal Selling and Sales Management
Principles and Practices of Management
Production and Operations Management
Profitability Analysis and Analytical Issues
Profitability Analysis and Decentralization
Property Plant and Equipment
Property Plant and Equipment Exam
Reporting and Analyzing Cash Flows
Reporting and Analyzing Long Lived Assets
Reporting and Analyzing Receivables
Responsibility Accounting and Performance Measures
Risk and Procedures for Control
Service Department Costing
Short Term Financing
Short Term Investment
Standard Costs and Variance Analysis
State Health Insurance
Statement of Cash Flow
Statement of Comprehensive Income
Statement of Financial Position
Stock Market and Stock Prices
Strategic Marketing Process
Structure of Interest Rates
Succession and Transfer Taxes
Supply Chain and Logistics Management
System Analysis and Design
Texas Real Estate
The Management Challenge
Total Quality Management
Understanding Exchange Rates
Understanding Interest Rates
Understanding Interest Rates Determinants
Value Added Tax
Error Correction MCQs
During year 3, Paul Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: Ye...
$ 15,000 overstated.
$ 75,000 overstated.
Tack, Inc. reported a retained earnings balance of $150,000 at December 31, year 1. In June year 2, Tack discovered that merchandise costing $40,000...
Conn Co. reported a retained earnings balance of $400,000 at December 31, year 1. In August, year 2, Conn determined that insurance premiums of $60,...
Lore Co. changed from the cash basis of accounting to the accrual basis of accounting during year 2. The cumulative effect of this change should be ...
Prior period adjustment resulting from the correction of an error.
Prior period adjustment resulting from the change in accounting principle.
Component of income before extraordinary item.
Component of income after extraordinary item.
On January 2, year 2, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation arrangement. Air should have recorded this...
Net income is understated if, in the first year, estimated salvage value is excluded from the depreciation computation when using the Straight-line...
At the end of year 1, Ritzcar Co. failed to accrue sales commissions earned during year 1 but paid in year 2. The error was not repeated in year 2. ...
No effect Overstated
No effect No effect
Overstated No effect
On December 31, year 1, special insurance costs were incurred and unpaid, but were not recorded. If these insurance costs were related to a particul...
No effect No effect
No effect Overstated
Understated No effect
Which of the following errors could result in an overstatement of both current assets and stockholdersâ€™ equity?
An understatement of accrued sales expenses.
Noncurrent note receivable principal is misclassified as a current asset.
Annual depreciation on manufacturing machinery is understated.
Holiday pay expense for administrative employees is misclassified as manufacturing overhead.
Justin Corporation discovered an error in their year 1 financial statements after the statements were issued. This requires that
The cumulative effect of the error is reported on the year 2 income statement as a cumulative effect of change in accounting principle.
The cumulative effect of the error is reported in the year 2 beginning balance of each related account.
The financial statements are restated to reflect the correction of period-specific effects of the error.
An adjustment to beginning retained earnings in year 2 with a footnote disclosure describing the error.
During year 2, Kelly Corporation discovered that ending inventory reported in its year 1 financial statements was understated by $10,000. How should...
Adjust the beginning inventory balance in year 2 by $10,000.
Restate the financial statements with corrected balances for all periods presented.
Adjust the ending balance in the year 2 retained earnings account.
Make no entry because the error will self-correct.
Jackson Company uses IFRS to report its financial results. During the current year, the company discovered it had overstated sales in the prior year...
Adjust sales for the current period.
Spread the adjustment over the current and future periods.
Present the cumulative effect of the overstatement as an item in the current period income statement.
Restate the prior year financial statements presented for comparative purposes.
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