Accounting for Decision Makers - C213 Pre Assessment Questions and Answers 100% Pass

Accounting for Decision Makers - C213 Pre Assessment Questions and Answers 100% Pass Which of the following is the most correct definition of accounting? - Correct Answer ️️ -A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions What is NOT typically true of accounting information? - Correct Answer ️️ -The information relates to future time periods. Which is NOT a key component of the definition of accounting? - Correct Answer ️️ - Qualitative What is true about the double-entry system of bookkeeping? - Correct Answer ️️ -It was developed in the 1300s−1400s in Italy. Businesses use accounting systems to - Correct Answer ️️ -Analyze transactions; Handle routine bookkeeping tasks; Evaluate performance and health of the business. What is not a function of accounting? - Correct Answer ️️ -Executing sales transactions for organizations What is NOT one of the three primary financial statements? - Correct Answer ️️ - Statement of retained earnings Generally accepted accounting principles are - Correct Answer ️️ -Developed by accounting rule makers The initials GAAP stand for - Correct Answer ️️ -Generally Accepted Accounting Principles The current standard-setting board for accounting in the private sector is the - Correct Answer ️️ -Financial Accounting Standards Board (FASB) Which of the following organizations has specific legal authority to establish accounting standards for publicly held companies? - Correct Answer ️️ -Securities and Exchange Commission (SEC) Which is NOT a service typically provided by large public accounting firms? - Correct Answer ️️ -Making management decisions The organization that develops worldwide accounting standards is the - Correct Answer ️️ -International Accounting Standards Board (IASB) The initials CPA stand for - Correct Answer ️️ -Certified Public Accountant Which of the following financial statements reports a company's resources, obligations, and owner's equity? - Correct Answer ️️ -Balance sheet Which of the following financial statements reports the excess of a company's revenues over its expenses? - Correct Answer ️️ -Income statement Which of the following financial statements reports the amount of cash collected and paid out by a company? - Correct Answer ️️ -Statement of cash flows The emphasis in financial accounting is on which of the following external user groups? - Correct Answer ️️ -Investors and creditors The primary internal group that uses accounting information is - Correct Answer ️️ - Management Internal reports are generally used by - Correct Answer ️️ -Management Which of the following is NOT an external user of financial information? - Correct Answer ️️ -Management Which of the following is NOT true of the Financial Accounting Standards Board (FASB)? - Correct Answer ️️ -It is a government agency Generally accepted accounting principles are - Correct Answer ️️ -Developed by accounting rule makers The initials GAAP stand for - Correct Answer ️️ -Generally Accepted Accoun