Question 1

Managerial accounting is

Accepted Answer

A)  public accounting. 
B)  government accounting. 
C)  private accounting. 
D)  tax accounting. 
A)  public accounting. 
B)  government accounting. 
C)  private accounting. 
D)  tax accounting. C

Question 2

Cullen Company of country X and Shaw Industries of country Y have issued financial statements in compliance with the accounting principles of their respective countries. They would like to work together on a project and need to compare their current financial statements prior to beginning. However, the accounting principles of the two countries differ. What organization might they turn to regarding this issue? (Give both the full name of the organization and its acronym.) What is the function of this organization?

Accepted Answer

Organization: International Accounting Standards Board (IASB). The function of the IASB is to deal with issues caused by the lack of uniform accounting principles and make recommendations to enhance comparability.

Question 3

Nonprofit organizations, such as cities, public schools, and public hospitals, are referred to as ____________________ entities.

Accepted Answer

social

Question 4

Laws passed by Congress in 1933 and 1934 gave the Securities and Exchange Commission (SEC) final say on matters of financial reporting by publicly owned corporations.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is NOT a type of information communicated by the financial statements?

Accepted Answer

A)  The equity, or value, of the business 
B)  The amount spent on costs (expenses) of the business 
C)  The types of products and services the business provides 
D)  The amount of revenue earned by the business 
A)  The equity, or value, of the business 
B)  The amount spent on costs (expenses) of the business 
C)  The types of products and services the business provides 
D)  The amount of revenue earned by the business

Question 6

A form of the partnerships business entity is

Accepted Answer

A)  LLP. 
B)  LLC. 
C)  INC. 
D)  DBA. 
A)  LLP. 
B)  LLC. 
C)  INC. 
D)  DBA.

Question 7

Tax accounting is a service offered by public accounting firms that involves tax ____________________ and tax planning.

Accepted Answer

The answer of Tax accounting is a service offered by...

Question 8

All financial statements submitted to the SEC by publicly owned corporations must include an auditor's report prepared by

Accepted Answer

A)  an internal auditor. 
B)  the firm's managerial accountant. 
C)  an independent certified public accountant. 
D)  anyone in the accounting department. 
A)  an internal auditor. 
B)  the firm's managerial accountant. 
C)  an independent certified public accountant. 
D)  anyone in the accounting department.

Question 9

The Securities and Exchange Commission (SEC) requires that publicly owned corporations submit financial statements to it each year.

Accepted Answer

A) True 
 B)False

Question 10

The financial statements submitted to the SEC by a corporation must be ____________________ by an independent accountant to ensure their fairness and adherence to generally accepted accounting principles.

Accepted Answer

The answer of The financial statements submitted to the SEC...

Question 11

Accountants provide financial information to various parties so they can make business decisions.

Accepted Answer

A) True 
 B)False

Question 12

Tax planning is any activity associated with the preparation of tax returns and the audit of those returns.

Accepted Answer

A) True 
 B)False

Question 13

A form of business entity owned by one person is called a(n) ____________________.

Accepted Answer

The answer of A form of business entity owned by...

Question 14

The corporations whose stock can be bought and sold on stock exchanges and in over-the-counter markets are referred to as

Accepted Answer

A)  privately owned corporations. 
B)  closely held corporations. 
C)  publicly owned corporations. 
D)  sole proprietorships. 
A)  privately owned corporations. 
B)  closely held corporations. 
C)  publicly owned corporations. 
D)  sole proprietorships.

Question 15

The group of accounting educators who offer their opinions about proposed FASB statements, after research has been done to determine the possible effects on financial reporting and the economy, is

Accepted Answer

A)  the FCC. 
B)  the AICPA. 
C)  the SEC. 
D)  the AAA. 
A)  the FCC. 
B)  the AICPA. 
C)  the SEC. 
D)  the AAA.

Question 16

Currently, generally accepted accounting principles are developed by the American Institute of Certified Public Accountants (AICPA)

Accepted Answer

A) True 
 B)False

Question 17

Accounting is defined as the process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties.

Accepted Answer

A) True 
 B)False

Question 18

Management advisory services are designed to help

Accepted Answer

A)  government agencies. 
B)  clients. 
C)  employers. 
D)  creditors. 
A)  government agencies. 
B)  clients. 
C)  employers. 
D)  creditors.

Question 19

The review of financial statements to assess their fairness and adherence to GAAP is

Accepted Answer

A)  accounting. 
B)  preparation. 
C)  compliance. 
D)  auditing. 
A)  accounting. 
B)  preparation. 
C)  compliance. 
D)  auditing.

Question 20

An example of an economic entity is

Accepted Answer

A)  a town. 
B)  a business. 
C)  a nonprofit hospital. 
D)  a church. 
A)  a town. 
B)  a business. 
C)  a nonprofit hospital. 
D)  a church.

Managerial accounting is

Nonprofit organizations, such as cities, public schools, and public hospitals, are referred to as ____________________ entities.

Laws passed by Congress in 1933 and 1934 gave the Securities and Exchange Commission (SEC) final say on matters of financial reporting by publicly owned corporations.

Which of the following is NOT a type of information communicated by the financial statements?

A form of the partnerships business entity is

Tax accounting is a service offered by public accounting firms that involves tax ____________________ and tax planning.

All financial statements submitted to the SEC by publicly owned corporations must include an auditor's report prepared by

The Securities and Exchange Commission (SEC) requires that publicly owned corporations submit financial statements to it each year.

The financial statements submitted to the SEC by a corporation must be ____________________ by an independent accountant to ensure their fairness and adherence to generally accepted accounting principles.

Accountants provide financial information to various parties so they can make business decisions.

Tax planning is any activity associated with the preparation of tax returns and the audit of those returns.

A form of business entity owned by one person is called a(n) ____________________.

The corporations whose stock can be bought and sold on stock exchanges and in over-the-counter markets are referred to as

The group of accounting educators who offer their opinions about proposed FASB statements, after research has been done to determine the possible effects on financial reporting and the economy, is

Currently, generally accepted accounting principles are developed by the American Institute of Certified Public Accountants (AICPA)

Accounting is defined as the process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties.

Management advisory services are designed to help

The review of financial statements to assess their fairness and adherence to GAAP is

An example of an economic entity is

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Filters

Exam 1: Accounting: the Language of Business

Managerial accounting is

Nonprofit organizations, such as cities, public schools, and public hospitals, are referred to as ____________________ entities.

Laws passed by Congress in 1933 and 1934 gave the Securities and Exchange Commission (SEC) final say on matters of financial reporting by publicly owned corporations.

Which of the following is NOT a type of information communicated by the financial statements?

A form of the partnerships business entity is

Tax accounting is a service offered by public accounting firms that involves tax ____________________ and tax planning.

All financial statements submitted to the SEC by publicly owned corporations must include an auditor's report prepared by

The Securities and Exchange Commission (SEC) requires that publicly owned corporations submit financial statements to it each year.

The financial statements submitted to the SEC by a corporation must be ____________________ by an independent accountant to ensure their fairness and adherence to generally accepted accounting principles.

Accountants provide financial information to various parties so they can make business decisions.

Tax planning is any activity associated with the preparation of tax returns and the audit of those returns.

A form of business entity owned by one person is called a(n) ____________________.

The corporations whose stock can be bought and sold on stock exchanges and in over-the-counter markets are referred to as

The group of accounting educators who offer their opinions about proposed FASB statements, after research has been done to determine the possible effects on financial reporting and the economy, is

Currently, generally accepted accounting principles are developed by the American Institute of Certified Public Accountants (AICPA)

Accounting is defined as the process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties.

Management advisory services are designed to help

The review of financial statements to assess their fairness and adherence to GAAP is

An example of an economic entity is

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Filters