TEST-BANK-FOR ACCOUNTING- PRINCIPLES 7TH-EDITION WEYGA

TEST-BANK-FOR ACCOUNTING- PRINCIPLES 7TH-EDITION WEYGA Achievement Test 1: Chapters 1 and 2 Name Accounting Principles, 7e Instructor Weygandt, Kieso, & Kimmel Section # Date Part I II III IV Total Points Score PART I — MULTIPLE CHOICE (54 points) Instructions: Designate the best answer for each of the following questions. 1. "GAAP" refers to a. General Accounting and Auditing Principles. b. Guidelines for American Accounting Procedures. c. General Association of Accounting Practitioners. d. None of the above. 2. The requirement that only transaction data capable of being expressed in terms of money be included in the accounting records relates to the a. cost principle. b. monetary unit assumption. c. economic entity assumption. d. both a and b above. 3. The initials CPA stand for a. Certified Practical Auditor. b. Chartered Public Auditor. c. Certified Public Accountant. d. Can't Pass Accounting. 4. Which of the following is not an external user of accounting data? a. Company officers b. Regulatory agency c. Labor union d. Taxing authority 5. Which of the following is not generally understood to be a major service of a public accounting firm? a. Auditing b. Taxation c. Budgeting d. Management consulting AT1- 2 Test Bank for Accounting Principles, Seventh Edition 6. Which of the following presents key aspects of the process of accounting in the correct chronological order? a. Totaling, auditing, and budgeting b. Budgeting, recording, and communicating c. Recording, totaling, and auditing d. Identifying, recording, and communicating