FULL TEST BANK FOR Financial and Managerial Accounting the basis for Business Decisions 19th Edition by Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

FULL TEST BANK FOR Financial and Managerial Accounting the basis for Business Decisions 19th Edition by Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello. 1) Managerial accounting information is designed primarily to assist investors and creditors in deciding how to allocate scarce resources. true false 2) Information provided to decision makers in an organization is comprised only of the accounting information generated by the organization’s information system. true false 3) All internal control systems need to be monitored. true false 4) Management accounting information is oriented toward the future while financial accounting information is historical in nature. true false 5) Return on investment is the same as return of investment. true false 6) The IRS tax return is one of the primary financial statements. true false 7) The tailoring of an accounting report to meet the needs of a specific decision maker is more characteristic of financial accounting reports than of management accounting reports. true false 8) A data analytics system is the integrated management of core business processes that an organization can use to collect, store, manage, and interpret data across a wide range of business activities. true false 9) The annual financial statements of large corporations such as Microsoft or PepsiCo need not be audited by independent certified public accountants, since these companies maintain large accounting departments as part of their organizations. true false 10) The statement of financial position and the income statement are one and the same. true false 11) Investors are individuals and other enterprises that have provided equity to the reporting enterprise. true false 12) A statement of cash flows depicts the way profits have changed during a designated period. true false 13) Management accounting refers to the preparation and use of accounting information designed to meet the needs of decision makers outside the business organization. true false 14) The content of management accounting reports needs to be presented in conformity with generally accepted accounting principles. true false 15) External users of accounting information have a financial interest in an entity but are not involved with the day-to-day operations of the enterprise. true false 16) One purpose of generally accepted accounting principles is to make accounting information prepared by different companies more comparable. true false 17) An accounting practice can become a "generally accepted accounting principle" through widespread use, even if the practice is not mentioned in the official pronouncements of the accounting standard-setting organizations. true false 18) The Public Company Accounting Oversight Board is responsible for creating and promoting International Financial Reporting Standards. true false 19) Today, the most authoritative source of generally accepted accounting principles is the American Accounting Association. true false 20) The Securities and Exchange Commission is instrumental in the development of financial accounting standards. true false 21) Generally accepted accounting principles were established by the American Accounting Association in 1934 and are updated annually by Congress. true false 22) The CPA examination is administered by the General Accounting Office of the U.S.Government. true false 23) The Sarbanes-Oxley Act places responsibility on CEOsand CFOs of companies to certify the fairness of a company's financial statements. The Act also created the Public Company Accounting Oversight Board, which oversees the public accounting profession. true false 24) The Code of Ethics of the AICPA calls for a commitment to ethical behavior but not at the sacrifice of personal advantage. true false 25) The Code of Ethics of the AICPA calls for a member in public practice to be independent in fact and appearance when providing auditing services. true false 26) Public accounting is the segment of the profession where professionals offer audit, tax, and consulting services to clients. true false 27) Career opportunities in accounting exist in public accounting, management accounting, governmental accounting, and accounting education. true false