OA Prep D196 UPDATED ACTUAL Exam
Questions and CORRECT Answers
The role of the IRS - CORRECT ANSWER ensure that tax filing complies with financial
accounting standards.
Financial reports are used by - CORRECT ANSWER individuals and organizations that have
an economic interest in the business. ( management, creditors, investors.)
Financial reports - CORRECT ANSWER summarized information about the financial
performance of a business
role of the SEC - CORRECT ANSWER (Federal Government Agency) monitor data to ensure
that the company is providing sufficient information for investors
Which role of accounting involves obtaining and using financial information to determine the
financial health and performance of a business or product line? - CORRECT
ANSWER Evaluation
AICPA (American Institute of Certified Public Accountants) - CORRECT ANSWER Enforce
professional sanctions by taking away the CPA designation from an accountant who has acted
unethically.
Accounting - CORRECT ANSWER systematic collection of financial information that is
compiled and presented in summary form
primary users of financial accounting information - CORRECT ANSWER individuals and
groups outside of a company. These parties use summary financial information to make
investment and credit decisions and decisions relating to selling to a company or working for a
company.
Questions and CORRECT Answers
The role of the IRS - CORRECT ANSWER ensure that tax filing complies with financial
accounting standards.
Financial reports are used by - CORRECT ANSWER individuals and organizations that have
an economic interest in the business. ( management, creditors, investors.)
Financial reports - CORRECT ANSWER summarized information about the financial
performance of a business
role of the SEC - CORRECT ANSWER (Federal Government Agency) monitor data to ensure
that the company is providing sufficient information for investors
Which role of accounting involves obtaining and using financial information to determine the
financial health and performance of a business or product line? - CORRECT
ANSWER Evaluation
AICPA (American Institute of Certified Public Accountants) - CORRECT ANSWER Enforce
professional sanctions by taking away the CPA designation from an accountant who has acted
unethically.
Accounting - CORRECT ANSWER systematic collection of financial information that is
compiled and presented in summary form
primary users of financial accounting information - CORRECT ANSWER individuals and
groups outside of a company. These parties use summary financial information to make
investment and credit decisions and decisions relating to selling to a company or working for a
company.
