Question 1

Accountants are MOST concerned with

Accepted Answer

A)  Foreign companies operating in the US 
B)  U.S. companies with domestic customers 
C)  U.S. companies with foreign customers 
D)  All of these are correct 
A)  Foreign companies operating in the US 
B)  U.S. companies with domestic customers 
C)  U.S. companies with foreign customers 
D)  All of these are correct

Question 2

Lenders, investors, and management are three potential users of external financial statements. Discuss how the information found in external financial statements can benefit each of these external users.

Accepted Answer

Lenders want to be repaid. External fina

Question 3

Which of the following is the most correct definition of accounting?

Accepted Answer

A)  A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions. 
B)  An entity without a profit objective, oriented toward providing services efficiently and effectively. 
C)  The preservation of a systematic, quantitative record of an activity. 
D)  The procedures and processes used by a company to analyze transactions and handle routine bookkeeping tasks. 
A)  A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions. 
B)  An entity without a profit objective, oriented toward providing services efficiently and effectively. 
C)  The preservation of a systematic, quantitative record of an activity. 
D)  The procedures and processes used by a company to analyze transactions and handle routine bookkeeping tasks.

Question 4

Which of the following is NOT an important aspect of management accounting?

Accepted Answer

A)  Planning 
B)  Product design 
C)  Implementing plans 
D)  Controlling costs 
A)  Planning 
B)  Product design 
C)  Implementing plans 
D)  Controlling costs

Question 5

Which of the following is NOT typically true of accounting information?

Accepted Answer

A)  The information is quantitative in nature. 
B)  The information relates to future time periods. 
C)  The information relates to specific accounting entities. 
D)  The information is primarily financial in nature. 
A)  The information is quantitative in nature. 
B)  The information relates to future time periods. 
C)  The information relates to specific accounting entities. 
D)  The information is primarily financial in nature.

Question 6

Businesses use accounting systems to

Accepted Answer

A)  Analyze transactions 
B)  Handle routine bookkeeping tasks 
C)  Evaluate the performance and health of the business 
D)  All of these are correct 
A)  Analyze transactions 
B)  Handle routine bookkeeping tasks 
C)  Evaluate the performance and health of the business 
D)  All of these are correct

Question 7

Which of the following is a reason that you may need to understand accounting information in the future?

Accepted Answer

A)  To evaluate an employer's short and long-term potential 
B)  To perform a personal budget 
C)  To perform responsibilities in future employment 
D)  All of these are reasons to study accounting 
A)  To evaluate an employer's short and long-term potential 
B)  To perform a personal budget 
C)  To perform responsibilities in future employment 
D)  All of these are reasons to study accounting

Accountants are MOST concerned with

Lenders, investors, and management are three potential users of external financial statements. Discuss how the information found in external financial statements can benefit each of these external users.

Which of the following is the most correct definition of accounting?

Which of the following is NOT an important aspect of management accounting?

Which of the following is NOT typically true of accounting information?

Businesses use accounting systems to

Which of the following is a reason that you may need to understand accounting information in the future?

Financial Statements: An Overview

The Accounting Cycle: The Mechanics of Accounting

Completing the Accounting Cycle

Internal Controls: Ensuring the Integrity of Financial Information

Receivables: Selling a Product or a Service

Inventory and the Cost of Sales

Completing the Operating Cycle

Investments: Property, Plant, and Equipment and Intangible Assets

Financing: Long-Term Liabilities

Financing: Equity

Investments: Debt and Equity Securities

Statement of Cash Flows

Analyzing Financial Statements

Management Accounting and Cost Concepts

Cost Flows and Business Organizations

Activity-Based Costing

Budgeting and Control

Controlling Cost and Profit

Inventory Management and Variable and Absorption Costing

Cost Behavior and Decisions Using C-V-P Analysis

Relevant Information and Decisions

Capital Investment Decisions

New Measures of Performance

Filters

Exam 1: Accounting Information: Users and Uses

Accountants are MOST concerned with

Lenders, investors, and management are three potential users of external financial statements. Discuss how the information found in external financial statements can benefit each of these external users.

Which of the following is the most correct definition of accounting?

Which of the following is NOT an important aspect of management accounting?

Which of the following is NOT typically true of accounting information?

Businesses use accounting systems to

Which of the following is a reason that you may need to understand accounting information in the future?

Financial Statements: An Overview

The Accounting Cycle: The Mechanics of Accounting

Completing the Accounting Cycle

Internal Controls: Ensuring the Integrity of Financial Information

Receivables: Selling a Product or a Service

Inventory and the Cost of Sales

Completing the Operating Cycle

Investments: Property, Plant, and Equipment and Intangible Assets

Financing: Long-Term Liabilities

Financing: Equity

Investments: Debt and Equity Securities

Statement of Cash Flows

Analyzing Financial Statements

Management Accounting and Cost Concepts

Cost Flows and Business Organizations

Activity-Based Costing

Budgeting and Control

Controlling Cost and Profit

Inventory Management and Variable and Absorption Costing

Cost Behavior and Decisions Using C-V-P Analysis

Relevant Information and Decisions

Capital Investment Decisions

New Measures of Performance

Filters