Financial Accounting
1. Accounting is an information and measurement system that:
A. Identifies business activities.
B. Records business activities.
C. Communicates business activities.
D. Helps people make better decisions.
E. All of these. 2. Technology
A. Has replaced accounting.
B. Has not changed the work that accountants do.
C. Has closely linked accounting with consulting, planning, and other financial services.
D. In accounting has replaced the need for decision makers.
E. In accounting is only available to large corporations. 3. The primary objective of financial accounting is:
A. To serve the decision-making needs of internal users.
B. To provide financial statements to help external users analyze an organization 's activities.
C. To monitor and control company activities.
D. To provide information on both the costs and benefits of looking after products and services.
E. To know what, when, and how much to produce.
4. Internal users of accounting information include:
A. Shareholders.
B. Managers.
C. Lenders.
D. Suppliers.
E. Customers.
5. The area of accounting aimed at serving the decision making needs of internal users is:
A. Financial accounting.
B. Managerial accounting.
C. External auditing.
D. SEC reporting.
E. Bookkeeping.
6. The operating functions of a business include:
A. Research and development. B. Purchasing.
C. Marketing.
D. Distribution.
E. All of these. 7. External users of accounting information include:
A. Shareholders.
B. Customers.
C. Creditors.
D. Government regulators.
E. All of these.
8. Career opportunities in accounting include:
A. Auditing.
B. Management consulting.
C. Tax accounting.
D. Cost accounting.
E. All of these. 9. Career opportunities in accounting include:
A. Budgeting.
B. Auditing.
C. Cost accounting.
D. Internal Auditing.
E. All of these.
10. Accounting certifications include the:
A. Certified Public Accountant.
B. Certified Management Accountant.
A. Identifies business activities.
B. Records business activities.
C. Communicates business activities.
D. Helps people make better decisions.
E. All of these. 2. Technology
A. Has replaced accounting.
B. Has not changed the work that accountants do.
C. Has closely linked accounting with consulting, planning, and other financial services.
D. In accounting has replaced the need for decision makers.
E. In accounting is only available to large corporations. 3. The primary objective of financial accounting is:
A. To serve the decision-making needs of internal users.
B. To provide financial statements to help external users analyze an organization 's activities.
C. To monitor and control company activities.
D. To provide information on both the costs and benefits of looking after products and services.
E. To know what, when, and how much to produce.
4. Internal users of accounting information include:
A. Shareholders.
B. Managers.
C. Lenders.
D. Suppliers.
E. Customers.
5. The area of accounting aimed at serving the decision making needs of internal users is:
A. Financial accounting.
B. Managerial accounting.
C. External auditing.
D. SEC reporting.
E. Bookkeeping.
6. The operating functions of a business include:
A. Research and development. B. Purchasing.
C. Marketing.
D. Distribution.
E. All of these. 7. External users of accounting information include:
A. Shareholders.
B. Customers.
C. Creditors.
D. Government regulators.
E. All of these.
8. Career opportunities in accounting include:
A. Auditing.
B. Management consulting.
C. Tax accounting.
D. Cost accounting.
E. All of these. 9. Career opportunities in accounting include:
A. Budgeting.
B. Auditing.
C. Cost accounting.
D. Internal Auditing.
E. All of these.
10. Accounting certifications include the:
A. Certified Public Accountant.
B. Certified Management Accountant.