Intermediate Accounting 1 Midterm 1 Exam question n answers

Intermediate Accounting 1 Midterm 1 ExamWhich of the following is not a user of financial reports? A. Government Agencies B. Customers C. Unions D. Creditors - correct answer B The information provided by financial reporting pertains to A. individual business enterprises, industries, and an economy as a whole, rather than to members of society as consumers. B. an economy as a whole and to members of society as consumers, rather than to individual enterprises or industries. C. individual business enterprises, rather than to industries or an economy as a whole or to members of society as consumers. D. business industries, rather than to individual enterprises or an economy as a whole or to members of society as consumers. - correct answer C All of the following are ways in which accounting information is used by financial accounting except to A. buy, sell, hold equity and debit instruments. B. decide whether to invest in the company. C. evaluate borrowing capacity to determine the extent of a loan to grant. D. plan and control company's operations. - correct answer D What is the objective of financial reporting?