ACCY 501 MIDTERM 1 (LATEST UPDATE) REAL QUESTIONS
AND VERIFIED ANSWERS |100% CORRECT | ALREADY
GRADED A
The type of financial information to external decision makers is referred
to as:
Public accounting.
Government accounting.
Financial accounting.
Managerial accounting. Ans✓✓✓Financial Accounting
Financial statements generally include all of the following except:
Income statement.
Federal income tax return.
Balance sheet.
Statement of cash flows. Ans✓✓✓Federal Income Tax Return
The primary objective of financial reporting is to provide information:
About a firm's financing and investing activities.
About a firm's management team.
About a firm's product lines.
, That is useful in decision making. Ans✓✓✓that is useful in decision
making
The two primary decision-specific qualities that make accounting
information useful are:
Verifiability and representational faithfulness.
Predictive value and feedback value.
Cost effectiveness and materiality.
Relevance and faithful representation. Ans✓✓✓Relevance and faithful
representation
Relevance requires that information possess predictive and/or:
Neutrality.
Completeness.
Confirmatory value.
Freedom from error. Ans✓✓✓Confirmatory value
The qualitative characteristic that means there is agreement between a
measure and a real-world phenomenon is:
Verifiability.
Representational faithfulness.
AND VERIFIED ANSWERS |100% CORRECT | ALREADY
GRADED A
The type of financial information to external decision makers is referred
to as:
Public accounting.
Government accounting.
Financial accounting.
Managerial accounting. Ans✓✓✓Financial Accounting
Financial statements generally include all of the following except:
Income statement.
Federal income tax return.
Balance sheet.
Statement of cash flows. Ans✓✓✓Federal Income Tax Return
The primary objective of financial reporting is to provide information:
About a firm's financing and investing activities.
About a firm's management team.
About a firm's product lines.
, That is useful in decision making. Ans✓✓✓that is useful in decision
making
The two primary decision-specific qualities that make accounting
information useful are:
Verifiability and representational faithfulness.
Predictive value and feedback value.
Cost effectiveness and materiality.
Relevance and faithful representation. Ans✓✓✓Relevance and faithful
representation
Relevance requires that information possess predictive and/or:
Neutrality.
Completeness.
Confirmatory value.
Freedom from error. Ans✓✓✓Confirmatory value
The qualitative characteristic that means there is agreement between a
measure and a real-world phenomenon is:
Verifiability.
Representational faithfulness.
