Sophia University - ACCOUNTING 1001 Question1)Which of the following was created by the government to police financial reporting and to prevent instances of fraud and misconduct?     Accounting Cycle     Accounting System     Sarbanes-Oxley Act   Internal Control   Question 2

Sophia University - ACCOUNTING 1001

Question1)Which of the following was created by the government to police financial reporting and to prevent instances of fraud and misconduct?

Accounting Cycle

Accounting System

Sarbanes-Oxley Act

Internal Control

Question 2. Which of the following accounting systems was in use in Italy in the 1500s?

Double entry

General ledger

T-accounts

Journal entry

Question 3. Which of the following terms best describes an entry made on the left side of a ledger?

Loss

Expense

Credit

Debit

Question 4. In which of the following locations would a decrease in an account be recorded?

On the side where credits are recorded

On the side opposite of that account’s natural balance

On the side of the account’s revenue listings

On the side where expenses are recorded

Question 5. Robin and Liz have structured their business so that they are not personally responsible for their company’s liability,

This is an example of which of the following?

LLP

LLC

INC