1
Accounting Mcgraw Hill Exam 1 Questions and
Answers Best rated A+ Guaranteed Success Latest
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True or False: Management Accounting Information is oriented toward the future
while financial accounting information is historical in nature. - (answers)True
True or False: 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. - (answers)False
True or False: Management accounting refers to the preparation and use of
accounting information designed to meet the needs of decision makers outside
the business organization. - (answers)False
True or False: The content of management accounting reports needs to be
presented in conformity with generally accepted accounting principles. -
(answers)False
True or False: One purpose of generally accepted accounting principles is to make
accounting information prepared by different companies more comparable. -
(answers)True
The information systems of most business organizations:
1)Are tailored to meet the organization's needs for accounting information and
the resources available for operating the system.
, 2
2)Are similar in design to the journals, ledgers, and worksheets illustrated in this
text.
3)Utilize data bases, rather than ledger accounts
4)Are designed by the certified public accountant (CPA) firm that performs the
annual financial audit. - (answers)Are tailored to meet the organization's needs
for accounting information and the resources available for operating the system.
The objectives of an accounting system include all of the following, except:
1) Interpret and record the effects of business transactions
2) Classify the effects of transactions to facilitate the preparation of reports
3) Summarize and communicate information to decision makers
4) Dictate the specific types of business transactions the enterprise may pursue -
(answers)Dictate the specific types of business transactions the enterprise may
pursue
Which financial statement is prepared as of a specific date?
1) The balance sheet
2) The income statement
, 3
3) The statement of cash flows
4)The balance sheet, income statement, and statement of cash flows are all for a
period of time rather than at a specific date - (answers)The balance sheet
In comparison with a financial statement prepared in conformity with generally
accepted accounting principles, a management accounting report is more likely
to:
1) Be used by decision makers outside of the business organization
2) Focus upon the operation results of the most recently completed accounting
period
3) View the entire organization as the reporting entity.
4) Be tailored to the specific needs of an individual decision maker. - (answers)Be
tailored to the specific needs of an individual decision maker
Which financial statement is primarily concerned with reporting the financial
position of a business at a particular time?
1) The balance sheet.
2) The income statement.
3) The statement of cash flows.
4) Consolidated statement of stockholders' equity. - (answers)The balance sheet
Financial statements are prepared:
Accounting Mcgraw Hill Exam 1 Questions and
Answers Best rated A+ Guaranteed Success Latest
Update
True or False: Management Accounting Information is oriented toward the future
while financial accounting information is historical in nature. - (answers)True
True or False: 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. - (answers)False
True or False: Management accounting refers to the preparation and use of
accounting information designed to meet the needs of decision makers outside
the business organization. - (answers)False
True or False: The content of management accounting reports needs to be
presented in conformity with generally accepted accounting principles. -
(answers)False
True or False: One purpose of generally accepted accounting principles is to make
accounting information prepared by different companies more comparable. -
(answers)True
The information systems of most business organizations:
1)Are tailored to meet the organization's needs for accounting information and
the resources available for operating the system.
, 2
2)Are similar in design to the journals, ledgers, and worksheets illustrated in this
text.
3)Utilize data bases, rather than ledger accounts
4)Are designed by the certified public accountant (CPA) firm that performs the
annual financial audit. - (answers)Are tailored to meet the organization's needs
for accounting information and the resources available for operating the system.
The objectives of an accounting system include all of the following, except:
1) Interpret and record the effects of business transactions
2) Classify the effects of transactions to facilitate the preparation of reports
3) Summarize and communicate information to decision makers
4) Dictate the specific types of business transactions the enterprise may pursue -
(answers)Dictate the specific types of business transactions the enterprise may
pursue
Which financial statement is prepared as of a specific date?
1) The balance sheet
2) The income statement
, 3
3) The statement of cash flows
4)The balance sheet, income statement, and statement of cash flows are all for a
period of time rather than at a specific date - (answers)The balance sheet
In comparison with a financial statement prepared in conformity with generally
accepted accounting principles, a management accounting report is more likely
to:
1) Be used by decision makers outside of the business organization
2) Focus upon the operation results of the most recently completed accounting
period
3) View the entire organization as the reporting entity.
4) Be tailored to the specific needs of an individual decision maker. - (answers)Be
tailored to the specific needs of an individual decision maker
Which financial statement is primarily concerned with reporting the financial
position of a business at a particular time?
1) The balance sheet.
2) The income statement.
3) The statement of cash flows.
4) Consolidated statement of stockholders' equity. - (answers)The balance sheet
Financial statements are prepared:
