Question 1

The following are all government agencies except

Accepted Answer

A)  SEC. 
B)  AICPA. 
C)  IRS. 
D)  FBI. 
A)  SEC. 
B)  AICPA. 
C)  IRS. 
D)  FBI.

Question 2

An accounting system is designed to accumulate and classify data about a firm's financial affairs and summarize it in the general journal.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A)  Whether or not the business is profitable 
B)  What types of assets business owns 
C)  How long the business has been in operation 
D)  How much the business owes others 
A)  Whether or not the business is profitable 
B)  What types of assets business owns 
C)  How long the business has been in operation 
D)  How much the business owes others

Question 4

List at least three of the provisions of the Sarbanes-Oxley Act.

Accepted Answer

The act: tightens regulation of financia

Question 5

The financial statements and the auditor's report must be made available to stockholders of publicly owned corporations.

Accepted Answer

A) True 
 B)False

Question 6

List the "Big Four" public accounting firms in the United States.

Accepted Answer

Deloitte &

Question 7

Accountants normally choose to practice in one of three areas: public accounting, managerial accounting, or ____________________ accounting.

Accepted Answer

The answer of Accountants normally choose to practice in one...

Question 8

Public accountants work on the staff of federal, state, or local governmental units.

Accepted Answer

A) True 
 B)False

Question 9

List at least five activities performed by managerial accountants.

Accepted Answer

Establishing accounting policies, managi

Question 10

Which of the following is NOT part of the process of accounting for financial information?

Accepted Answer

A)  Recording 
B)  Identifying 
C)  Communicating 
D)  Classifying 
A)  Recording 
B)  Identifying 
C)  Communicating 
D)  Classifying

Question 11

The separate entity assumption applies only to the corporate form of business.

Accepted Answer

A) True 
 B)False

Question 12

The Securities and Exchange Commission (SEC) regulates the accounting methods and financial reporting of ____________________ owned corporations.

Accepted Answer

The answer of The Securities and Exchange Commission (SEC) regulates...

Question 13

The SEC uses financial information to determine a company's tax base.

Accepted Answer

A) True 
 B)False

Question 14

As the first step in the development of generally accepted accounting principles, the FASB writes an exposure draft, which explains the topic under consideration.

Accepted Answer

A) True 
 B)False

Question 15

The owners of a corporation are called ____________________.

Accepted Answer

stockholde

Question 16

In a sole proprietorship, the owner is responsible for the debts of the business if the firm is unable to pay.

Accepted Answer

A) True 
 B)False

Question 17

The process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties is called ____________________.

Accepted Answer

The answer of The process by which financial information about...

Question 18

The owners and managers of a business are the only users of the Financial Information.

Accepted Answer

A) True 
 B)False

Question 19

An independent accountant who provides accounting services to the public for a fee is a

Accepted Answer

A)  CIA. 
B)  CFE. 
C)  CMA. 
D)  CPA. 
A)  CIA. 
B)  CFE. 
C)  CMA. 
D)  CPA.

Question 20

The Financial Accounting Standards Board is responsible for

Accepted Answer

A)  auditing financial statements. 
B)  developing generally accepted accounting principles. 
C)  establishing accounting systems for businesses. 
D)  making recommendations to the Securities and Exchange Commission. 
A)  auditing financial statements. 
B)  developing generally accepted accounting principles. 
C)  establishing accounting systems for businesses. 
D)  making recommendations to the Securities and Exchange Commission.

The following are all government agencies except

An accounting system is designed to accumulate and classify data about a firm's financial affairs and summarize it in the general journal.

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

List at least three of the provisions of the Sarbanes-Oxley Act.

The financial statements and the auditor's report must be made available to stockholders of publicly owned corporations.

List the "Big Four" public accounting firms in the United States.

Accountants normally choose to practice in one of three areas: public accounting, managerial accounting, or ____________________ accounting.

Public accountants work on the staff of federal, state, or local governmental units.

List at least five activities performed by managerial accountants.

Which of the following is NOT part of the process of accounting for financial information?

The separate entity assumption applies only to the corporate form of business.

The Securities and Exchange Commission (SEC) regulates the accounting methods and financial reporting of ____________________ owned corporations.

The SEC uses financial information to determine a company's tax base.

As the first step in the development of generally accepted accounting principles, the FASB writes an exposure draft, which explains the topic under consideration.

The owners of a corporation are called ____________________.

In a sole proprietorship, the owner is responsible for the debts of the business if the firm is unable to pay.

The process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties is called ____________________.

The owners and managers of a business are the only users of the Financial Information.

An independent accountant who provides accounting services to the public for a fee is a

The Financial Accounting Standards Board is responsible for

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

The following are all government agencies except

An accounting system is designed to accumulate and classify data about a firm's financial affairs and summarize it in the general journal.

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

List at least three of the provisions of the Sarbanes-Oxley Act.

The financial statements and the auditor's report must be made available to stockholders of publicly owned corporations.

List the "Big Four" public accounting firms in the United States.

Accountants normally choose to practice in one of three areas: public accounting, managerial accounting, or ____________________ accounting.

Public accountants work on the staff of federal, state, or local governmental units.

List at least five activities performed by managerial accountants.

Which of the following is NOT part of the process of accounting for financial information?

The separate entity assumption applies only to the corporate form of business.

The Securities and Exchange Commission (SEC) regulates the accounting methods and financial reporting of ____________________ owned corporations.

The SEC uses financial information to determine a company's tax base.

As the first step in the development of generally accepted accounting principles, the FASB writes an exposure draft, which explains the topic under consideration.

The owners of a corporation are called ____________________.

In a sole proprietorship, the owner is responsible for the debts of the business if the firm is unable to pay.

The process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties is called ____________________.

The owners and managers of a business are the only users of the Financial Information.

An independent accountant who provides accounting services to the public for a fee is a

The Financial Accounting Standards Board is responsible for

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