Accounting Online Program Cheat Sheet 2026

The 30 highest-yield Accounting Online Program facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. The current asset MINUS the current liabilities is. → Working Capital
2. The IRS Section 179 deduction allows businesses to: → Immediately expense the full cost of qualifying assets in the year of purchase
3. A qualified audit opinion is issued when: → There is a scope limitation or a material but not pervasive misstatement
4. The IRS statute of limitations for assessing additional taxes on a standard return is generally: → 3 years
5. Which of the following is NOT classified as a fiduciary fund type under GASB standards? → Capital Projects Fund
6. Which financial statement summarizes the income and outgoings for a given time frame, such as a month or year? → Income Statement
7. What does ACFR stand for in the context of government financial reporting? → Annual Comprehensive Financial Report
8. Which principle or rule prevents the owner of a business from listing personal assets on the balance sheet of the business? → Economic Entity
9. What is an encumbrance in governmental fund accounting? → A commitment of appropriated funds for a future expenditure such as a purchase order
10. Depreciation for tax purposes under the MACRS system refers to: → Modified Accelerated Cost Recovery System
11. True or false: Free cash flow is the difference between the cash used for financing activities and the cash provided by operating activities. → False
12. Which of the following is an example of a preventive internal control? → Password requirements on accounting software
13. Enterprise Resource Planning (ERP) systems in accounting are characterized by: → Integrated modules that share a common database across the entire organization
14. Kaizen costing focuses on: → Continuous incremental cost reductions during the production phase
15. Activity-based costing (ABC) improves cost accuracy by: → Assigning costs based on the activities that drive them
16. What is the primary purpose of a Debt Service Fund? → To account for principal and interest payments on long-term debt
17. Which of the following is a primary risk addressed by IT general controls in an AIS? → Unauthorized access to financial data and systems
18. Which Sarbanes-Oxley Act section requires management to assess and report on internal control over financial reporting? → Section 404
19. Which of the following is an example of a source document in an accounting information system? → Sales invoice
20. In an ERP system, the term 'chart of accounts' refers to: → A structured listing of all ledger account codes used to classify financial transactions
21. The difference between budgeted and actual results is called a: → Variance
22. Under GASB Statement 34, government financial reporting requires statements at which level(s)? → Both government-wide and fund levels
23. In IT auditing, what does an 'access control' primarily protect against? → Unauthorized use of systems, data, or resources
24. How many accounts are required as a minimum for accounting entries? → 2
25. In cost-volume-profit (CVP) analysis, what does the contribution margin ratio represent? → The percentage of each sales dollar remaining after variable costs are covered
26. Which accounting method is generally required for businesses with average annual gross receipts exceeding $30 million? → Accrual method
27. Which of the following is an example of a substantive audit procedure? → Confirming accounts receivable balances directly with customers
28. The current asset value divided by the current liability value is. → Current Ratio
29. What is the primary purpose of a disaster recovery plan (DRP) in an AIS context? → To outline procedures for restoring IT systems and data after a major disruption
30. What are 'equivalent units of production' used for in process costing? → Converting partially completed units into a whole-unit equivalent for cost averaging