Accounting for Decision Making Exam (40
questions with answers)
Cost accounting is a subset of which of the following? - - Managerial accounting
-The officer of a corporation responsible for the firm's published financial
statements would be most concerned about pronouncements of the: - - FASB
-Which of the following are qualified to express an auditor's opinion about an
entity's financial statements? - - A Certified Public Accountant
-Which classification of accounting is most concerned with the use of economic and
financial information to plan and control many of the activities of the entity? - -
Managerial accounting
-Which of the following statements about the Financial Accounting Standards Board
is correct? - - The FASB follows a due process procedure that permits input from
interested parties before a standard is issued.
-The ethical concept of integrity means that an individual must: - - attempt to be
honest and forthright in dealings and communications with others
-The authoritative financial accounting standards-setting body in the United States
is presently the: - - Financial Accounting Standards Board (FASB)
-Which of the following is not an example of a decision or informed judgment that a
potential employee could make from accounting information? - - Personnel turnover
statistics (i.e., hiring and terminations)
-Accounting can be defined as: - - the process of identifying, measuring, and
communicating economic information about an organization for the purpose of
making decisions and informed judgments.
-Major classifications of accounting activity would not include: - - financial
accounting, national accounting, cost accounting
-Consolidated financial statements report financial position, results of operations,
and cash flows for: - - a parent corporation and its subsidiaries.
-Which of the following accounting methods accomplishes much of the matching of
revenues and expenses? - - Accrual accounting.
-The balance sheet equation can be represented by: - - Assets - Liabilities =
Stockholders' Equity, Net Assets = Stockholders' Equity, Assets = Liabilities +
Stockholders' Equity
-The Statement of Cash Flows: - - shows how cash changed during the period.
questions with answers)
Cost accounting is a subset of which of the following? - - Managerial accounting
-The officer of a corporation responsible for the firm's published financial
statements would be most concerned about pronouncements of the: - - FASB
-Which of the following are qualified to express an auditor's opinion about an
entity's financial statements? - - A Certified Public Accountant
-Which classification of accounting is most concerned with the use of economic and
financial information to plan and control many of the activities of the entity? - -
Managerial accounting
-Which of the following statements about the Financial Accounting Standards Board
is correct? - - The FASB follows a due process procedure that permits input from
interested parties before a standard is issued.
-The ethical concept of integrity means that an individual must: - - attempt to be
honest and forthright in dealings and communications with others
-The authoritative financial accounting standards-setting body in the United States
is presently the: - - Financial Accounting Standards Board (FASB)
-Which of the following is not an example of a decision or informed judgment that a
potential employee could make from accounting information? - - Personnel turnover
statistics (i.e., hiring and terminations)
-Accounting can be defined as: - - the process of identifying, measuring, and
communicating economic information about an organization for the purpose of
making decisions and informed judgments.
-Major classifications of accounting activity would not include: - - financial
accounting, national accounting, cost accounting
-Consolidated financial statements report financial position, results of operations,
and cash flows for: - - a parent corporation and its subsidiaries.
-Which of the following accounting methods accomplishes much of the matching of
revenues and expenses? - - Accrual accounting.
-The balance sheet equation can be represented by: - - Assets - Liabilities =
Stockholders' Equity, Net Assets = Stockholders' Equity, Assets = Liabilities +
Stockholders' Equity
-The Statement of Cash Flows: - - shows how cash changed during the period.
