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$55 June 7 Sale 12 June 11 Purchase 9 $58 June 14 Sale 8 A. $440 B. $464 C. $455 D. $456 11. If net sales decrease and cost of goods sold increases, the gross profit percentage A. decreases. B. increases. C. remains the same. D. will change based upon the change in total assets. 12. In the United States, GAAP’s overriding principles of accounting are written by the A. IRS. B. SEC. C. IASB. D. FASB. 13. A company has net sales of $126,000, cost of goods sold of $72,000, operating expenses of $38,000, and other expenses of $3,000. The company’s net income is A. $51,000. B. $54,000. C. $16,000. D. $13,000. 14. The major difference in the statement of retained earnings between a service business and a merchandising business is A. that the retained earnings statement of a merchandising business includes Dividends. B. that the retained earnings statement of a merchandising business shows the Cost of Goods Sold. C. that the retained earnings statement of a service business includes Dividends. D. nothing. There are no differences between the two. 15. Land is an example of a A. current asset. B. long-term asset. C. current liability. D. long-term liability. 16. A/An _______ is used to determine the amount of inventory actually on hand at the end of the accounting period. A. physical inventory count B. inventory layer C. inventory shrinkage D. footnote 17. If a misstatement of inventory occurs, the net income for _______ periods will be misstated. A. 0 B. 2 C. 1 D. 3 End of exam 18. Cash register schemes are a form of A. employee embezzlement. B. fraudulent financial reporting. C. management fraud. D. bribery. 19. Which type of audit opinion is also referred to as a clean opinion? A. Adverse B. Unqualified C. Disclaimer D. Qualified 20. Which of the following is not part of the fraud triangle? A. Perceived pressure B. Realization C. Rationalization D. Perceived opportunity

$55 June 7 Sale 12 June 11 Purchase 9 $58 June 14 Sale 8 A. $440 B. $464 C. $455 D. $456 11. If net sales decrease and cost of goods sold increases, the gross profit percentage A. decreases. B. increases. C. remains the same. D. will change based upon the change in total assets. 12. In the United States, GAAP’s overriding principles of accounting are written by the A. IRS. B. SEC. C. IASB. D. FASB. 13. A company has net sales of $126,000, cost of goods sold of $72,000, operating expenses of $38,000, and other expenses of $3,000. The company’s net income is A. $51,000. B. $54,000. C. $16,000. D. $13,000. 14. The major difference in the statement of retained earnings between a service business and a merchandising business is A. that the retained earnings statement of a merchandising business includes Dividends. B. that the retained earnings statement of a merchandising business shows the Cost of Goods Sold. C. that the retained earnings statement of a service business includes Dividends. D. nothing. There are no differences between the two. 15. Land is an example of a A. current asset. B. long-term asset. C. current liability. D. long-term liability. 16. A/An _______ is used to determine the amount of inventory actually on hand at the end of the accounting period. A. physical inventory count B. inventory layer C. inventory shrinkage D. footnote 17. If a misstatement of inventory occurs, the net income for _______ periods will be misstated. A. 0 B. 2 C. 1 D. 3 End of exam 18. Cash register schemes are a form of A. employee embezzlement. B. fraudulent financial reporting. C. management fraud. D. bribery. 19. Which type of audit opinion is also referred to as a clean opinion? A. Adverse B. Unqualified C. Disclaimer D. Qualified 20. Which of the following is not part of the fraud triangle? A. Perceived pressure B. Realization C. Rationalization D. Perceived opportunity


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