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UpWork (oDesk) & Elance Accounting Principles Test Question & Answers

UpWork (oDesk) & Elance Accounting Principles Test Question & Answers are really very important to pass UpWork & Elance test. You will get top score at this skill test exam. If you found any problem or wrong answer please inform me via contact or comments. We will try to solve it in short. This test is very valueable to acquire knowledge of this skill. Lets Start test.

Accounting Principles Test

Ques : How is an unconditional promise to give a donation to a charity accounted for by the charity?
Ans  : As revenue only when the donation is made

Ques : What is the acronym for the independent board responsible, since 1973, for establishing generally accepted accounting principles?
Ans  : FASB

Ques : What is form 8-K?
Ans  : As needed filing to disclose any significant issues or changes

Ques : Who can review the filings made by public companies with the SEC?
Ans  : Anyone using the EDGAR system

Ques : Which of the following courses of action should a firm take in order to minimize the present value of income tax payments?
Ans  : Use the LIFO inventory method instead of FIFO durating periods of rising prices

Ques : Which of the following must generally be used for financial reporting if it is used for income tax reporting?
Ans  : FIFO

Ques : What is the reporting objective that calls for the anticipation of all losses incurred but defers the recognition of gains or profits until they are realized in arm's length transactions?
Ans  : Conservatism

Ques : What value should a contribution be accounted for at?
Ans  : Historical value

Ques : What is the qualitative accounting objective suggesting that information reported in a financial statement should correspond as precisely as possible to the economic effects underlying transactions and events?
Ans  :  Accurate Presentation

Ques : What is the accounting objective which best relates to the expensing of R&D costs?
Ans  : Income Smoothing

Ques : Which FASB sets the requirements for accounting for Non-Profit organizations?
Ans  : FASB SFAS 117

Ques : In which year was the Sarbanes Oxley Act passed?
Ans  :  2002

Ques : What is the accounting objective which best relates to the capitalization of prepaid advertising costs?
Ans  : Profit Maximization

Ques : What is the acronym for an organization that promotes the international harmonization of accounting standards?
Ans  : IASC

Ques : What are forms 10K and 10Q referred to as?
Ans  : Periodic Filings

Ques : What is the doctrine that the firm should account for a given set of operations so as to make reported net income as large as possible known as?
Ans  : Profit Maximization

Ques : What is the accounting objective which best relates to the completed contract method?
Ans  : Income Smoothing

Ques : What is the accounting objective which best relates to the LIFO method?
Ans  : Income Smoothing

Ques : How should a firm compensating its employees by granting them the option to purchase its shares report it?
Ans  : Neither a nor b

Ques : What is the acronym for the organization that promotes international harmonization of accounting standards?
Ans  : IASB

Ques : What change was made by the Act regarding the authority competent to sign the company tax returns?
Ans  : Only the CEO now has the authority to sign the company tax returns

Ques : What new board was created as part of the Sarbanes Oxley Act?
Ans  : PCAOB – Public Company Accounting Oversight Board

Ques : In which years were the Securities & Exchange Acts created?
Ans  :  1933 and1934

Ques : What is form 10-Q?
Ans  : Quarterly financial reports filed with the SEC

Ques : What is the accounting objective which best relates to the percentage of completion method?
Ans  : Accurate Presentation

Ques : What is the acronym for the agency authorized by the U.S. Congress to regulate, among other things, the financial reporting practices of most public corporations?
Ans  :  SEC

Ques : What is the accounting objective which best relates to the double declining balance method?
Ans  : Conservatism

Ques : What is the effect of the SOX on public companies?
Ans  :  It has made regulations more strict

Ques : Which of the following accounts may appear on a company's balance sheet when the incomes for financial and tax reporting are different?
Ans  : Deferred income tax liability

Ques : What is the accounting objective which best relates to the Lower of Cost or Market Price method?
Ans  :  Conservatism

Ques : Which of the following is a method of accounting for the exploration costs of a mineral resource that would best attain the objective of income tax accounting?
Ans  : Expense in total when incurred

Ques : What is the accounting objective which best relates to the straight line method?
Ans  : Conservatism

Ques : What is the acronym for an independent board responsible, since 1973, for establishing generally accepted accounting principles?
Ans  : FASB

Ques : What change was made in regarding the penalization of the whistleblowers (people who alert the authorities about the illegal activities in a corporation) by the companies?
Ans  : They are now protected against retaliation by the company in order to encourage employees to bring the wrong doings of the companies to light

Ques : What kind of organization issuing securities would NOT have to register them with the SEC?
Ans  : The government

Ques : What factors affect the balance sheet, given the articulation of the income statement with the balance sheet and the factors that imply high or low quality of earnings?
Ans  : Quality of Financial Position

Ques : What is the phrase which, though there is no agreement on its meaning, implies to most analysts that the  quality of earnings improves with the likelihood of recurrence?
Ans  : Quality of Earnings

Ques : What is the accounting objective which best relates to the disclosing of the cost of employee stock options (not expensing)?
Ans  :  Conservatism

Ques : What is the purpose of a Registration Statement?
Ans  : To provide information to the public about a company before it is traded publicly

Ques : Which of the following is true of the Sarbanes Oxley Act?
Ans  : It has bolstered investor confidence

Ques : For which of the following accounts would the use of 'the lower of cost or market price' principle be acceptable?
Ans  :  Inventory

Ques : Which of the following is a valid criticism of the SOX?
Ans  : It has made regulations more strict

Ques :  Which of the following is used by the FASB in the selection of acceptable accounting principles?
Ans  : Conceptual Framework

Ques : What is Form 10-K?
Ans  : Annual financial reports filed with the SEC

Ques : hat two filings are required when a company wishes to list its stock?
Ans  : Forms 10K and 10Q

Ques : Which doctrine lays down that a firm should account for a given set of operations so as to make reported net income as large as possible?
Ans  : Profit maximization

Ques : For which of the following would the use of the straight-line method of amortization be acceptable?
Ans  :  Building

Ques : For which of the following would the use of the straight-line method of amortization be acceptable?
Ans  :  Building

Ques : What are the 3 types of Health Care Organizations for accounting purposes?
Ans  :  Investor-owned, Non-Profit, Governmental

Ques : What is the accounting objective which best relates to the weighted average inventory method?
Ans  : Income Smoothing

Ques : Which of the following methods is normally considered to be acceptable for financial reporting?
Ans  : MACRS

Ques : What change was made to the internal controls of the companies by the SOX?
Ans  :  All company processes and related internal controls now need to be documented and then tested by an outside auditing firm

Ques :  How are third party adjustments to patient bills reflected in the financial statements?
Ans  :  As a deduction from revenue

Ques : What is the database created by the SEC for companies to file electronically?
Ans  : EDGAR

Ques : What was the purpose of the Sarbanes Oxley act, in general?
Ans  : To better regulate public and private companies in the wake of recent accounting scandals

Ques : What is the acronym for the agency authorized by the U.S. Congress to regulate the financial reporting practices of most public corporations?
Ans  : SEC

Ques : Which of the following methods would be employed to help accomplish the following objective: smoothing a firm's income as a means of minimizing large fluctuations in the price of its stock.
Ans  : Weighted average inventory

Ques : Which of the financial accounting objectives listed below would seem to be closest to the objective of tax reporting?
Ans  : Accuracy

Ques :  What is 'paying the least amount of taxes as late as possible within the law to minimize the present value of tax payments for a given set of operations' a description of?
Ans  : Least and Latest Rule

Ques : What is the accounting objective which best relates to the percentage of sales method for uncollectible accounts?
Ans  : Conservatism

Ques : What is the accounting objective which best relates to the FIFO method?
Ans  :  Income Smoothing

Ques : How is a donated asset accounted by a non-profit organization based on its fair market value?
Ans  :  Dr: Asstes, Cr: Revenue

Ques : What statements are required of a Non-Profit organization?

Ans  :  statement of financial position, statement of cash flows, and statement of activity and changes in net assets

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