1
Accounting 3300 1| UPDATE| COMPLETE
FREQUENTLY TESTED QUESTIONS WITH
VERIFIED ANSWERS|GET IT 100%
ACCURATE!!
General-purpose financial statements are the product of - (ANSWER)financial
accounting.
The following are users of financial reports: - (ANSWER)Creditors, Government
agencies, Unions.
The financial statements most frequently provides: - (ANSWER)balance sheet,
income statement, and statement of cash flows. Not, statement of retained
earnings.
The information provided by financial reporting pertains to: - (ANSWER)Individual
business enterprises, rather than to industries or an economy as a whole or to
members of society as consumers.
All the following are differences between financial and managerial accounting in
how accounting information is used: - (ANSWER)Plan and control company's
operations, decide whether to invest in the company, and evaluate borrowing
capacity to determine the extent of a loan to grant.
Which of the following represents a form of communication through financial
reporting but not through financial statements?
,2
a.) Balance sheet.
b.) President's letter.
c.) Income statement.
d.) Notes to financial statements. - (ANSWER)b.) President's letter.
The process of identifying, measuring, analyzing, and communicating financial
information needed by management to plan, evaluate, and control an
organization's operations is called
a.) financial accounting.
b.) managerial accounting.
c.) tax accounting.
d.) auditing. - (ANSWER)b.) managerial accounting.
How does accounting help the capital allocation process attract investment
capital? - (ANSWER)a.) By providing timely, relevant information.
Which of the following helps in determining whether a business thrives?
a.) Markets.
b.) Free enterprise.
c.) Competition.
d.) All of these answer choices are correct. - (ANSWER)d.) All of these answer
choices are correct.
, 3
Which of the following is related to an effective capital allocation?
a.) Promoting productivity.
b.) Encouraging innovation.
c.) Providing an efficient market for buying and selling securities.
d.) All of these answer choices are correct. - (ANSWER)d.) All of these answer
choices are correct.
Financial statements in the early 2000s provide information related to
a.) nonfinancial measurements.
b.) forward-looking data.
c.) hard assets (inventory and plant assets).
d.) None of these answer choices are correct. - (ANSWER)c.) hard assets
(inventory and plant assets).
Which of the following is not a major challenge facing the accounting profession?
a.) Nonfinancial measurements.
b.) Timeliness.
c.) Accounting for hard assets.
d.) Forward-looking information. - (ANSWER)c.) Accounting for hard assets.
What is the objective of financial reporting? - (ANSWER)c.) Provide information
about the reporting entity that is useful to present and potential equity investors,
lenders, and other creditors.
Accounting 3300 1| UPDATE| COMPLETE
FREQUENTLY TESTED QUESTIONS WITH
VERIFIED ANSWERS|GET IT 100%
ACCURATE!!
General-purpose financial statements are the product of - (ANSWER)financial
accounting.
The following are users of financial reports: - (ANSWER)Creditors, Government
agencies, Unions.
The financial statements most frequently provides: - (ANSWER)balance sheet,
income statement, and statement of cash flows. Not, statement of retained
earnings.
The information provided by financial reporting pertains to: - (ANSWER)Individual
business enterprises, rather than to industries or an economy as a whole or to
members of society as consumers.
All the following are differences between financial and managerial accounting in
how accounting information is used: - (ANSWER)Plan and control company's
operations, decide whether to invest in the company, and evaluate borrowing
capacity to determine the extent of a loan to grant.
Which of the following represents a form of communication through financial
reporting but not through financial statements?
,2
a.) Balance sheet.
b.) President's letter.
c.) Income statement.
d.) Notes to financial statements. - (ANSWER)b.) President's letter.
The process of identifying, measuring, analyzing, and communicating financial
information needed by management to plan, evaluate, and control an
organization's operations is called
a.) financial accounting.
b.) managerial accounting.
c.) tax accounting.
d.) auditing. - (ANSWER)b.) managerial accounting.
How does accounting help the capital allocation process attract investment
capital? - (ANSWER)a.) By providing timely, relevant information.
Which of the following helps in determining whether a business thrives?
a.) Markets.
b.) Free enterprise.
c.) Competition.
d.) All of these answer choices are correct. - (ANSWER)d.) All of these answer
choices are correct.
, 3
Which of the following is related to an effective capital allocation?
a.) Promoting productivity.
b.) Encouraging innovation.
c.) Providing an efficient market for buying and selling securities.
d.) All of these answer choices are correct. - (ANSWER)d.) All of these answer
choices are correct.
Financial statements in the early 2000s provide information related to
a.) nonfinancial measurements.
b.) forward-looking data.
c.) hard assets (inventory and plant assets).
d.) None of these answer choices are correct. - (ANSWER)c.) hard assets
(inventory and plant assets).
Which of the following is not a major challenge facing the accounting profession?
a.) Nonfinancial measurements.
b.) Timeliness.
c.) Accounting for hard assets.
d.) Forward-looking information. - (ANSWER)c.) Accounting for hard assets.
What is the objective of financial reporting? - (ANSWER)c.) Provide information
about the reporting entity that is useful to present and potential equity investors,
lenders, and other creditors.
