MIE 201 Exam 5 Questions & Answers 100% Updated!

Organizations evaluate their operations through the recording, measurement, and interpretation of financial information. This process is known as _______. Multiple choice question. processing finance bookkeeping accounting - ANSWERSaccounting Select from the following those items that characterize a certified public accountant. (Select all that apply) Multiple select question. May file tax returns Is certified through the federal government Reason: A CPA is certified by the states. May provide opinions regarding the accuracy of financial statements Must be self-employed to avoid conflicts of interest Reason: CPAs may either be self-employed or work for another firm. May complete audits of corporate financial records - ANSWERSMay file tax returns May provide opinions regarding the accuracy of financial statements May complete audits of corporate financial records What is the main distinguishing factor between accountants and bookkeepers? Multiple choice question. Accountants analyze and interpret financial information and bookkeepers do not. Bookkeepers record financial information and accountants do not. Accounting is more mechanical and narrow in focus compared to bookkeeping. Bookkeepers require additional training beyond a college accounting degree and accountants do not. - ANSWERSAccountants analyze and interpret financial information and bookkeepers do not. The internal use of accounting statements by managers in planning and directing the organization's activities is referred to as ______. Multiple choice question. plan accounting managerial accounting bookkeeping cost accounting - ANSWERSmanagerial accounting _____ is an intangible asset that reflects an organization's positive reputation. Multiple choice question. Goodwill Equity A dividend Cash - ANSWERSgoodwill True or false: In order to keep the accounting equation in balance, each business transaction must be recorded in two separate accounts. - ANSWERStrue