Question 1

The measures used by an organization to provide reasonable assurance that the organization produces reliable financial reports,complies with applicable laws and regulations,and conducts its operations in an efficient and effective manner are collectively

Accepted Answer

A)  Generally accepted accounting principles.
B)  Financial accounting standards.
C)  Securities and exchange regulations.
D)  The internal control structure.

Question 2

Financial and management accounting information
Explain one way in which the characteristics of financial and management accounting information differ.

Accepted Answer

Financial accounting information is prim...

Question 3

A strong internal control structure:

Accepted Answer

A)  Contributes to the accuracy and verifiability of the accounting records.
B)  Will prevent a business from operating at a loss.
C)  Assures that a business will remain solvent.
D)  Will prevent fraud,theft,and embezzlement.

Question 4

Financial statements may be prepared for which time period?

Accepted Answer

A)  One year.
B)  Less than one year.
C)  More than one year.
D)  Any time period.

Question 5

The American Institute of Certified Public Accountants has a code of professional conduct that expresses the accounting profession's recognition of its responsibilities to all of the following except:

Accepted Answer

A)  The public.
B)  The client.
C)  Colleagues.
D)  The IRS.

Question 6

Generally accepted accounting principles are the "ground rules" used in the preparation of:

Accepted Answer

A)  Income tax returns.
B)  All accounting reports.
C)  Reports to federal and state regulatory agencies.
D)  Financial statements.

Question 7

The American Institute of Certified Public Accountants has the legal authority over publicly held corporations to enforce compliance with generally accepted accounting principles.

Accepted Answer

A) True 
 B)False

Question 8

Management accountants primarily are concerned with developing information:

Accepted Answer

A)  For use in income tax returns.
B)  Suited to the needs of stockholders,creditors,and other external decision makers.
C)  In conformity with generally accepted accounting principles.
D)  Suited to the needs of decision makers within the organization.

Question 9

The set of standards,assumptions,and concepts that form the "ground rules" for financial reporting in the United States is termed:

Accepted Answer

A)  The conceptual framework.
B)  Generally accepted accounting principles.
C)  Statements of Financial Accounting Concepts.
D)  American standards for certified public accountants.

Question 10

It is the function of management accounting to perform the following activities,except:

Accepted Answer

A)  Financial forecasts.
B)  Cost accounting.
C)  Internal audits.
D)  Audited financial statements.

Question 11

The Securities and Exchange Commission is instrumental in the development of financial accounting standards.

Accepted Answer

A) True 
 B)False

Question 12

Financial accounting standards issued by the FASB are considered generally accepted accounting principles.

Accepted Answer

A) True 
 B)False

Question 13

The Accounting Standards Codification was developed by:

Accepted Answer

A)  The Financial Accounting Standards Board.
B)  Certified public accountants.
C)  The Securities and Exchange Commission.
D)  The Internal Revenue Service.

Question 14

Which of the following is not recognized as a source of generally accepted accounting principles?

Accepted Answer

A)  Widespread and long-term use of a particular practice.
B)  The Financial Accounting Standards Board (FAS
B)  .
C)  The Securities and Exchange Commission (SE
C)  .
D)  Statements of the Committee of Sponsoring Organizations (COSO) .

Question 15

The field of accounting may best be described as:

Accepted Answer

A)  Recording the financial transactions of an economic entity.
B)  Developing information in conformity with generally accepted accounting principles.
C)  The art of interpreting,measuring,and describing economic activity.
D)  Developing the information required for the preparation of income tax returns.

Question 16

Financial statements are designed primarily to:

Accepted Answer

A)  Provide managers with detailed information tailored to the managers' specific information needs.
B)  Provide people outside the business organization with information about the company's financial position and operating results.
C)  Report to the Internal Revenue Service the company's taxable income.
D)  Indicate to investors in a particular company the current market values of their investments.

Exam 1: Accounting: Information for Decision Making

Financial accounting standards issued by the FASB are considered generally accepted accounting principles.

Correct Answer
verified

Financial statements are designed primarily to:

Correct Answer
verified

Generally accepted accounting principles are the "ground rules" used in the preparation of:

Correct Answer
verified

The American Institute of Certified Public Accountants has a code of professional conduct that expresses the accounting profession's recognition of its responsibilities to all of the following except:

Correct Answer
verified

The Securities and Exchange Commission is instrumental in the development of financial accounting standards.

Correct Answer
verified

Financial and management accounting information Explain one way in which the characteristics of financial and management accounting information differ.

Correct Answer
verified
Financial accounting information is prim...
View Answer

Management accountants primarily are concerned with developing information:

Correct Answer
verified

The Accounting Standards Codification was developed by:

Correct Answer
verified

The set of standards,assumptions,and concepts that form the "ground rules" for financial reporting in the United States is termed:

Correct Answer
verified

It is the function of management accounting to perform the following activities,except:

Correct Answer
verified

The American Institute of Certified Public Accountants has the legal authority over publicly held corporations to enforce compliance with generally accepted accounting principles.

Correct Answer
verified

The field of accounting may best be described as:

Correct Answer
verified

The measures used by an organization to provide reasonable assurance that the organization produces reliable financial reports,complies with applicable laws and regulations,and conducts its operations in an efficient and effective manner are collectively

Correct Answer
verified

Which of the following is not recognized as a source of generally accepted accounting principles?

Correct Answer
verified

A strong internal control structure:

Correct Answer
verified

Financial statements may be prepared for which time period?

Correct Answer
verified

Exam 1: Accounting: Information for Decision Making

Financial accounting standards issued by the FASB are considered generally accepted accounting principles.

Correct AnswerverifiedShow Answer

Financial statements are designed primarily to:

Correct AnswerverifiedShow Answer

Generally accepted accounting principles are the "ground rules" used in the preparation of:

Correct AnswerverifiedShow Answer

The American Institute of Certified Public Accountants has a code of professional conduct that expresses the accounting profession's recognition of its responsibilities to all of the following except:

Correct AnswerverifiedShow Answer

The Securities and Exchange Commission is instrumental in the development of financial accounting standards.

Correct AnswerverifiedShow Answer

Financial and management accounting information Explain one way in which the characteristics of financial and management accounting information differ.

Correct AnswerverifiedFinancial accounting information is prim...View AnswerShow Answer

Management accountants primarily are concerned with developing information:

Correct AnswerverifiedShow Answer

The Accounting Standards Codification was developed by:

Correct AnswerverifiedShow Answer

The set of standards,assumptions,and concepts that form the "ground rules" for financial reporting in the United States is termed:

Correct AnswerverifiedShow Answer

It is the function of management accounting to perform the following activities,except:

Correct AnswerverifiedShow Answer

The American Institute of Certified Public Accountants has the legal authority over publicly held corporations to enforce compliance with generally accepted accounting principles.

Correct AnswerverifiedShow Answer

The field of accounting may best be described as:

Correct AnswerverifiedShow Answer

The measures used by an organization to provide reasonable assurance that the organization produces reliable financial reports,complies with applicable laws and regulations,and conducts its operations in an efficient and effective manner are collectively

Correct AnswerverifiedShow Answer

Which of the following is not recognized as a source of generally accepted accounting principles?

Correct AnswerverifiedShow Answer

A strong internal control structure:

Correct AnswerverifiedShow Answer

Financial statements may be prepared for which time period?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
Financial accounting information is prim...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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