MBA 510 EVALUATION EXAMS ANSWERS AND
QUESTIONS SET A+
Identifies, records, and communicates information about an organizations business
activities - ✔✔Accounting
✔✔Selecting transactions and events - ✔✔Identifying
✔✔Inputting, measuring, and logging - ✔✔Recording
✔✔Preparing, analyzing, and interpreting - ✔✔Communication
✔✔Preparing and entering list of sales invoices, like price and quantities for a company
record keeper is an example of what? - ✔✔Identifying
✔✔Applying information for a financial report is an example of what? - ✔✔Recording
✔✔Preparing financial statements for creditors is an example of what? -
✔✔Communication
✔✔A punch time card is an example of what? - ✔✔Identifying
✔✔Preparing and entering checks is an example of what? - ✔✔Recording
✔✔Using a cash register is an example of what? - ✔✔Communication
✔✔Recording of transactions and events only, either manually or electronically -
✔✔Record keeping
✔✔This type of user is not directly involved in running the organization - ✔✔External
user
, ✔✔Lenders, shareholders, governments, consumer groups, external auditors,
customers, supplies, bankers, labor union, and the press are all examples of what type
of user? - ✔✔External user
✔✔This type of user has limited access, therefore, business decisions depend on info
that is reliable, relevant, and comparable - ✔✔External user
✔✔Financial accounting is used with what type of user? - ✔✔External user
✔✔This type of user is directly involved in managing and operating an organization -
✔✔Internal user
✔✔Officers, managers, internal auditors, sales staff, budget officers, and controllers are
examples of what type of user? - ✔✔Internal user
✔✔This type of user uses info to help improve efficiency and effectiveness of the
company - ✔✔Internal user
✔✔Managerial accounting serves decision-making needs of what type of user? -
✔✔Internal user
✔✔Are the reports of financial accounting and managerial accounting made with the
same rules? - ✔✔No
✔✔This type of accounting is done working for a business - ✔✔Private accounting
✔✔This type of accounting is done through services like auditing and tax advice to
businesses - ✔✔Private accounting
✔✔This is an internal control system that includes procedures to ensure protection,
reliability, efficiency, and adherence within accounting - ✔✔SOX
✔✔This was created to promote accountability and transparency, put an end to notion
of "too big to fall", and protect consumers from abusive financial services - ✔✔Dodd-
Frank Wall Street Reform
✔✔Financial accounting is formed by who? - ✔✔GAAP
✔✔Who oversees GAAP? - ✔✔SEC
✔✔Who is responsible for developing GAAP for use of all US companies? - ✔✔FASB
QUESTIONS SET A+
Identifies, records, and communicates information about an organizations business
activities - ✔✔Accounting
✔✔Selecting transactions and events - ✔✔Identifying
✔✔Inputting, measuring, and logging - ✔✔Recording
✔✔Preparing, analyzing, and interpreting - ✔✔Communication
✔✔Preparing and entering list of sales invoices, like price and quantities for a company
record keeper is an example of what? - ✔✔Identifying
✔✔Applying information for a financial report is an example of what? - ✔✔Recording
✔✔Preparing financial statements for creditors is an example of what? -
✔✔Communication
✔✔A punch time card is an example of what? - ✔✔Identifying
✔✔Preparing and entering checks is an example of what? - ✔✔Recording
✔✔Using a cash register is an example of what? - ✔✔Communication
✔✔Recording of transactions and events only, either manually or electronically -
✔✔Record keeping
✔✔This type of user is not directly involved in running the organization - ✔✔External
user
, ✔✔Lenders, shareholders, governments, consumer groups, external auditors,
customers, supplies, bankers, labor union, and the press are all examples of what type
of user? - ✔✔External user
✔✔This type of user has limited access, therefore, business decisions depend on info
that is reliable, relevant, and comparable - ✔✔External user
✔✔Financial accounting is used with what type of user? - ✔✔External user
✔✔This type of user is directly involved in managing and operating an organization -
✔✔Internal user
✔✔Officers, managers, internal auditors, sales staff, budget officers, and controllers are
examples of what type of user? - ✔✔Internal user
✔✔This type of user uses info to help improve efficiency and effectiveness of the
company - ✔✔Internal user
✔✔Managerial accounting serves decision-making needs of what type of user? -
✔✔Internal user
✔✔Are the reports of financial accounting and managerial accounting made with the
same rules? - ✔✔No
✔✔This type of accounting is done working for a business - ✔✔Private accounting
✔✔This type of accounting is done through services like auditing and tax advice to
businesses - ✔✔Private accounting
✔✔This is an internal control system that includes procedures to ensure protection,
reliability, efficiency, and adherence within accounting - ✔✔SOX
✔✔This was created to promote accountability and transparency, put an end to notion
of "too big to fall", and protect consumers from abusive financial services - ✔✔Dodd-
Frank Wall Street Reform
✔✔Financial accounting is formed by who? - ✔✔GAAP
✔✔Who oversees GAAP? - ✔✔SEC
✔✔Who is responsible for developing GAAP for use of all US companies? - ✔✔FASB
