Sample Questions For Itb Modular Exam
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SAMPLE QUESTIONS FOR ITB MODULAR EXAM
1.
_____________ is a comprehensive system for collecting, analyzing, and communicating financial information. a.
Bookkeeping
b.
Accounting
c.
Controlling
d.
Auditing
e.
Budgeting
b (page 488, easy) 2.
______________ is the recording of financial transactions. a.
Bookkeeping
b.
Accounting
c.
Controlling
d.
Auditing
e.
Budgeting
a (page 488, easy) 3.
Financial accounting is a.
a systematic examination of a company’s accounting system to determine whether its financial reports fairly represent its operations.
b.
a field of accounting that serves internal users of a company’s financial information.
c.
the rules and procedures governing the content and form of financial reports.
d.
the field of accounting concerned with external users of a company’s financial information.
e.
a bookkeeping system that balances the accounting equation by recording the dual effects of every financial transaction.
d (page 489, moderate) 4.
A(n) ____________ is a salaried accountant hired by a business to carry out its day-to-day financial activities.
5.
a.
public accountant
b.
advisor
c.
private accountant
d.
controller
e.
auditor
Current assets are listed in order of ________ on the balance sheet. a.
age
b.
the alphabet
c.
liquidity
d.
dollar value
e.
cost
c (page 497, difficult)
b (page 520, moderate)
a (page 520, moderate)
8.
Modern currency is light and easy to handle, thus meeting the criteria of a.
portable.
b.
divisible.
c.
stable.
d.
durable.
e.
valuable.
a (page 520, moderate) 9.
David is saving $25.00 a week toward getting a new truck. This illustrates the _______ function of money. a.
basis for banking system
b.
medium of exchange
c.
store of value
d.
unit of account
e.
payment for labor
c (page 520, difficult) 10.
_______ is the world's largest credit card issuer. a.
Citi Cards
b.
BancOne
c.
NationsBank
d.
Wells Fargo
e.
Chase Manhattan
a (page 523, moderate)
1.
_____________ is a comprehensive system for collecting, analyzing, and communicating financial information. a.
Bookkeeping
b.
Accounting
c.
Controlling
d.
Auditing
e.
Budgeting
b (page 488, easy) 2.
______________ is the recording of financial transactions. a.
Bookkeeping
b.
Accounting
c.
Controlling
d.
Auditing
e.
Budgeting
a (page 488, easy) 3.
Financial accounting is a.
a systematic examination of a company’s accounting system to determine whether its financial reports fairly represent its operations.
b.
a field of accounting that serves internal users of a company’s financial information.
c.
the rules and procedures governing the content and form of financial reports.
d.
the field of accounting concerned with external users of a company’s financial information.
e.
a bookkeeping system that balances the accounting equation by recording the dual effects of every financial transaction.
d (page 489, moderate) 4.
A(n) ____________ is a salaried accountant hired by a business to carry out its day-to-day financial activities.
5.
a.
public accountant
b.
advisor
c.
private accountant
d.
controller
e.
auditor
Current assets are listed in order of ________ on the balance sheet. a.
age
b.
the alphabet
c.
liquidity
d.
dollar value
e.
cost
c (page 497, difficult)
b (page 520, moderate)
a (page 520, moderate)
8.
Modern currency is light and easy to handle, thus meeting the criteria of a.
portable.
b.
divisible.
c.
stable.
d.
durable.
e.
valuable.
a (page 520, moderate) 9.
David is saving $25.00 a week toward getting a new truck. This illustrates the _______ function of money. a.
basis for banking system
b.
medium of exchange
c.
store of value
d.
unit of account
e.
payment for labor
c (page 520, difficult) 10.
_______ is the world's largest credit card issuer. a.
Citi Cards
b.
BancOne
c.
NationsBank
d.
Wells Fargo
e.
Chase Manhattan
a (page 523, moderate)
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