International Financial Reporting Standards and Accounting Principles
21. General-purpose financial statements are the product of a. financial accounting. b. managerial accounting. c. both financial and managerial accounting. d. neither financial nor managerial accounting.
22. Users of financial reports include all of the following except a. creditors. b. government agencies. c. unions. d. All of these are users.
23. The financial statements most frequently provided include all of the following except the a. balance sheet. b. income statement. c. statement of cash flows. d. statement of retained earnings.
24. The information provided by financial reporting pertains to a. individual business enterprises, rather than to industries or an economy as a whole or to members of society as consumers. b. business industries, rather than to individual enterprises or an economy as a whole or to members of society as consumers. c. individual business enterprises, industries, and an economy as a whole, rather than to members of society as consumers. d. an economy as a whole and to members of society as consumers, rather than to individual enterprises or industries.
25. All the following are differences between financial and managerial accounting in how accounting information is used except to a. plan and control company 's operations. b. decide whether to invest in the company. c. evaluate borrowing capacity to determine the extent of a loan to grant. d. All the above.
26. Which of the following represents a form of communication through financial reporting but not through financial statements? a. Balance sheet. b. President 's letter. c. Income statement. d. Notes to financial statements.
P27. The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate,
22. Users of financial reports include all of the following except a. creditors. b. government agencies. c. unions. d. All of these are users.
23. The financial statements most frequently provided include all of the following except the a. balance sheet. b. income statement. c. statement of cash flows. d. statement of retained earnings.
24. The information provided by financial reporting pertains to a. individual business enterprises, rather than to industries or an economy as a whole or to members of society as consumers. b. business industries, rather than to individual enterprises or an economy as a whole or to members of society as consumers. c. individual business enterprises, industries, and an economy as a whole, rather than to members of society as consumers. d. an economy as a whole and to members of society as consumers, rather than to individual enterprises or industries.
25. All the following are differences between financial and managerial accounting in how accounting information is used except to a. plan and control company 's operations. b. decide whether to invest in the company. c. evaluate borrowing capacity to determine the extent of a loan to grant. d. All the above.
26. Which of the following represents a form of communication through financial reporting but not through financial statements? a. Balance sheet. b. President 's letter. c. Income statement. d. Notes to financial statements.
P27. The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate,