Question 1

Financial accounting is primarily concerned with:

Accepted Answer

A)  The provision of financial information to internal interested parties 
B)  Reporting at the micro-level 
C)  The provision of information for managers' use 
D)  The provision of financial information to external interested parties 
A)  The provision of financial information to internal interested parties 
B)  Reporting at the micro-level 
C)  The provision of information for managers' use 
D)  The provision of financial information to external interested parties

Question 2

Valuation consists in giving a ____ value to the transaction so it can be recorded.

Accepted Answer

A)  Legal 
B)  Monetary 
C)  Economic 
D)  Positive 
A)  Legal 
B)  Monetary 
C)  Economic 
D)  Positive

Question 3

Accounting is used to:

Accepted Answer

A)  Record economic variables. 
B)  Record principally economic variables but can also describe non-financial parameters. 
C)  Describe non-financial parameters. 
D)  None of these. 
A)  Record economic variables. 
B)  Record principally economic variables but can also describe non-financial parameters. 
C)  Describe non-financial parameters. 
D)  None of these.

Question 4

Which of the following can be capital providers?

Accepted Answer

A)  Shareholders and lenders 
B)  Shareholders and managers 
C)  Lenders and suppliers 
D)  Lenders and customers 
A)  Shareholders and lenders 
B)  Shareholders and managers 
C)  Lenders and suppliers 
D)  Lenders and customers

Question 5

Each category of capital providers has specific reporting needs.

Accepted Answer

A) True 
 B)False

Question 6

What are lenders mainly interested in?

Accepted Answer

A)  The use of the money the firm has borrowed. 
B)  The ability of the business to create new products. 
C)  The wealth created by the firm. 
D)  The ability of the business to reimburse the money it has borrowed. 
A)  The use of the money the firm has borrowed. 
B)  The ability of the business to create new products. 
C)  The wealth created by the firm. 
D)  The ability of the business to reimburse the money it has borrowed.

Question 7

What kind(s)of delegation occur(s)in business?

Accepted Answer

A)  Delegation from the capital providers to the enterprise 
B)  Delegation from the capital providers to managers 
C)  Delegation within the organization to specialized managers 
D)  All of these. 
A)  Delegation from the capital providers to the enterprise 
B)  Delegation from the capital providers to managers 
C)  Delegation within the organization to specialized managers 
D)  All of these.

Financial accounting is primarily concerned with:

Valuation consists in giving a ____ value to the transaction so it can be recorded.

Accounting is used to:

Which of the following can be capital providers?

Each category of capital providers has specific reporting needs.

What are lenders mainly interested in?

What kind(s)of delegation occur(s)in business?

Introduction to Financial Statements

Financial Statements: Interrelations and Construction

Accounting Principles and End-Of-Period Adjustments

Regulation of Accounting and Financial Reporting

Revenue Recognition Issues

Tangible Fixed Assets

Intangible Assets

Inventories

Financial Instruments in the Statement of Financial Position and Fair Value Accounting

Shareholders Equity

Liabilities and Provisions

Business Combinations

Income Statement Analysis

Balance Sheet Analysis

Statement of Cash Flows Construction

Statement of Cash Flows Analysis and Earnings Quality

Ratio Analysis, financial Analysis and Beyond

Filters

Exam 1: Accounting: the Language of Business

Financial accounting is primarily concerned with:

Valuation consists in giving a ____ value to the transaction so it can be recorded.

Accounting is used to:

Which of the following can be capital providers?

Each category of capital providers has specific reporting needs.

What are lenders mainly interested in?

What kind(s)of delegation occur(s)in business?

Introduction to Financial Statements

Financial Statements: Interrelations and Construction

Accounting Principles and End-Of-Period Adjustments

Regulation of Accounting and Financial Reporting

Revenue Recognition Issues

Tangible Fixed Assets

Intangible Assets

Inventories

Financial Instruments in the Statement of Financial Position and Fair Value Accounting

Shareholders Equity

Liabilities and Provisions

Business Combinations

Income Statement Analysis

Balance Sheet Analysis

Statement of Cash Flows Construction

Statement of Cash Flows Analysis and Earnings Quality

Ratio Analysis, financial Analysis and Beyond

Filters