Question 1

The term used to describe the economic events which are the inputs of the accounting information system is:

Accepted Answer

A) Contracts 
B) Transactions 
C) Deals 
D) Agreements 
A) Contracts 
B) Transactions 
C) Deals 
D) Agreements

Question 2

External decision-makers:

Accepted Answer

A) Exist outside the organisation but have an interest in it 
B) Reside overseas 
C) Operate from branch locations 
D) Must be owners 
A) Exist outside the organisation but have an interest in it 
B) Reside overseas 
C) Operate from branch locations 
D) Must be owners

Question 3

Ownership units in a company are called s__________________.

Accepted Answer

The answer of Ownership units in a company are called...

Question 4

Which type of information about J Company would be of most interest to its production manager?

Accepted Answer

A) Continuity of orders for the factory 
B) Taxable income 
C) Annual dividends 
D) Compliance with accounting standards 
A) Continuity of orders for the factory 
B) Taxable income 
C) Annual dividends 
D) Compliance with accounting standards

Question 5

Accounting reports prepared for users who have the authority to obtain the information they need for decision-making are called ___________-purpose financial reports.

Accepted Answer

The answer of Accounting reports prepared for users who have...

Question 6

The initials ICAA stand for _________________ of _______________ ______________ in _________________.

Accepted Answer

Institute

Question 7

The conversion of raw materials into finished products by a manufacturing entity is which of the following? $$\begin{array} { l c c } 
& \text { Internal transaction } & \text { External transaction } \
\text { a. } & \text { Yes } & \text { Yes } \
\text { b. } & \text { Yes } & \text { No } \
\text { c. } & \text { No } & \text { Yes } \
\text { d } & \text { No } & \text { No }
\end{array}$$

Accepted Answer

The answer of The conversion of raw materials into finished...

Question 8

'General purpose' in the term general-purpose financial reports refers to the fact that the reports are:

Accepted Answer

A) Generally reliable 
B) Useful to a variety of users 
C) Generally up to date 
D) Generally available 
A) Generally reliable 
B) Useful to a variety of users 
C) Generally up to date 
D) Generally available

Question 9

Which of these is not an economic decision?

Accepted Answer

A) Religious belief 
B) Taking out a loan 
C) Purchasing a mobile phone 
D) Renting a flat 
A) Religious belief 
B) Taking out a loan 
C) Purchasing a mobile phone 
D) Renting a flat

Question 10

The type of accounting that deals with the collection,allocation and control of costs in an organisation is called:

Accepted Answer

A) Budgeting 
B) Cost accounting 
C) Internal auditing 
D) None of the above 
A) Budgeting 
B) Cost accounting 
C) Internal auditing 
D) None of the above

Question 11

Accounting reports prepared for a range of users who do not have the authority to obtain the information they need for decision-making are called _____________-purpose financial reports.

Accepted Answer

The answer of Accounting reports prepared for a range of...

Question 12

The job of the modern accountant is a challenging one.The most critical requirement is:

Accepted Answer

A) Neatness 
B) Punctuality 
C) Ability to manage change 
D) Ability to add up 
A) Neatness 
B) Punctuality 
C) Ability to manage change 
D) Ability to add up

Question 13

The area of accounting that deals with the preparation of plans and forecasts of future operations is called:

Accepted Answer

A) Auditing 
B) Costing 
C) Budgeting 
D) Liquidating 
A) Auditing 
B) Costing 
C) Budgeting 
D) Liquidating

Question 14

How many of the following are differences between management and financial accounting?
O Types of reports produced
O Frequency of reports
O The format of reports
O The users of reports

Accepted Answer

A) One 
B) Two 
C) Three 
D) Four 
A) One 
B) Two 
C) Three 
D) Four

Question 15

The type of behaviour that would not be regarded as ethical is:

Accepted Answer

A) Blaming others for your own mistakes 
B) Using confidential information for personal gain 
C) Manipulating the financial statements 
D) Accepting a pay rise 
A) Blaming others for your own mistakes 
B) Using confidential information for personal gain 
C) Manipulating the financial statements 
D) Accepting a pay rise

Question 16

How many of the following decisions would be made by external as opposed to internal decision-makers? Investing funds in the business,assessing an application for a loan,expanding the product range,hiring staff.

Accepted Answer

A) A 1 
B) B 2 
C) C 3 
D) D 4 
A) A 1 
B) B 2 
C) C 3 
D) D 4

Question 17

Behaviour which conforms to established professional standards is said to be:

Accepted Answer

A) Legal 
B) Ethical 
C) Illegal 
D) Complying 
A) Legal 
B) Ethical 
C) Illegal 
D) Complying

Question 18

Which statement relating to ethics is not correct?

Accepted Answer

A) A high standard of ethical behaviour is in the long-term interest of businesses 
B) The accounting professional bodies have set down rules of professional conduct for their members 
C) Ethics is concerned with whether human actions are proper or improper 
D) Ethical decisions are always easy to make 
A) A high standard of ethical behaviour is in the long-term interest of businesses 
B) The accounting professional bodies have set down rules of professional conduct for their members 
C) Ethics is concerned with whether human actions are proper or improper 
D) Ethical decisions are always easy to make

Question 19

Accounting is a profession that has evolved in response to society's need for economic information to help people make:

Accepted Answer

A) Dollars 
B) Decisions 
C) Demands 
D) Donations 
A) Dollars 
B) Decisions 
C) Demands 
D) Donations

Question 20

The initials CPA stand for __________ __________ __________.

Accepted Answer

Certified

Exam 1: Decision Making and the Role of Accounting

The term used to describe the economic events which are the inputs of the accounting information system is:

External decision-makers:

Ownership units in a company are called s__________________.

Which type of information about J Company would be of most interest to its production manager?

Accounting reports prepared for users who have the authority to obtain the information they need for decision-making are called ___________-purpose financial reports.

The initials ICAA stand for _________________ of _______________ ______________ in _________________.

The conversion of raw materials into finished products by a manufacturing entity is which of the following? Internal transaction External transaction a. Yes Yes b. Yes No c. No Yes d No No

'General purpose' in the term general-purpose financial reports refers to the fact that the reports are:

Which of these is not an economic decision?

The type of accounting that deals with the collection,allocation and control of costs in an organisation is called:

Accounting reports prepared for a range of users who do not have the authority to obtain the information they need for decision-making are called _____________-purpose financial reports.

The job of the modern accountant is a challenging one.The most critical requirement is:

The area of accounting that deals with the preparation of plans and forecasts of future operations is called:

How many of the following are differences between management and financial accounting? O Types of reports produced O Frequency of reports O The format of reports O The users of reports

The type of behaviour that would not be regarded as ethical is:

How many of the following decisions would be made by external as opposed to internal decision-makers? Investing funds in the business,assessing an application for a loan,expanding the product range,hiring staff.

Behaviour which conforms to established professional standards is said to be:

Which statement relating to ethics is not correct?

Accounting is a profession that has evolved in response to society's need for economic information to help people make:

The initials CPA stand for __________ __________ __________.

Financial Statements for Decision Making

Recording Transactions

Adjusting the Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Retailing

Accounting for Systems

Accounting for Manufacturing

Cost Accounting Systems

Cash Management and Internal Control

Cost-Volume-Profit Analysis for Decision Making

Budgeting for Planning and Control

Performance Evaluation for Managers

Differential Analysis,profitability Analysis and Capital Budgeting

Partnerships: Formation,operation and Reporting

Companies: Formation and Operations

Regulation and the Conceptual Framework

Receivables

Inventories

Non-Current Assets: Acquisition and Depreciation

Non-Current Assets: Revaluation,disposal and Other Aspects

Liabilities

Presentation of Financial Statements

Liabilities

Analysis and Interpretation of Financial Statements

Filters

The initials ICAA stand for _________ of _ in _________.

The initials CPA stand for __.