ACAMS Practice Questions
Accounting Cycle and Classifying Accounts
Accounting for Merchandising Activities
Accounting for Pensions
Accounting Information Systems
Activity Based Costing
Adjusting Accounts for Financial Statements
Advertising and Public Relations
Analysis and Forecasting Techniques
Analyzing and Recording Transactions
Auditing and Attestation
Bonds and Long Term Notes Payable
Business Organisations and Environment
Business Process Performance
California Real Estate
Capital Budgeting and Managerial Decisions
Changes in Accounting Principles
Changing Marketing Environment
Consolidated Financial Statements
Cost Accumulation Systems
Cost Allocation Techniques
Cost and Managerial Accounting
Cost of Capital
Cost Terms and Classifications
Currency Exchange Rates
Customer Relationships and Value
CVP Analysis and Marginal Analysis
Derivative Instruments and Hedging Activities
Dividends, Shares, and Income
Ethical and Professional Standards
Ethics and Social Responsibility
Ethics for Management Accountants
Federal Securities Acts
Financial Decision Making
Financial Markets and Securities Offerings
Financial Statements and Accounting Transactions
Flexible Budgets and Standard Costs
Florida Real Estate MCQs
Fundamental Accounting Principles
Global Marketing and World Trade
Governmental Accounting State and Local
Human Resource Management
Insurance and Risk Management
Integrated Marketing Communications and Direct Marketing
Interactive Marketing and Electronic Commerce
Internal Auditing and Systems Controls
Internal Control and Cash
Investment Risk and Portfolio Management
Job Order Costing
Long Term Investment
Long Term Securities
Management and Cost Accounting
Managerial Accounting Concepts and Principles
Managing Products and Brands
Market Segmentation Targeting and Positioning
Marketing and Corporate Strategies
Marketing Channels and Wholesaling
Master Budgets and Planning
Mergers and Acquisitions
Not For Profit Accounting
Organization and Operation of Corporations
Organizational Markets and Buyer Behaviour
Personal Selling and Sales Management
Principles and Practices of Management
Production and Operations Management
Profitability Analysis and Analytical Issues
Property Plant and Equipment
Reporting and Analyzing Cash Flows
Responsibility Accounting and Performance Measures
Risk and Procedures for Control
Short Term Financing
Short Term Investment
Standard Costs and Variance Analysis
Statement of Cash Flow
Statement of Comprehensive Income
Statement of Financial Position
Strategic Marketing Process
Supply Chain and Logistics Management
System Analysis and Design
Texas Real Estate
Total Quality Management
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 stockholders’ 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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