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Test Bank for Accounting for Managers I Multiple Choice Questions for Chapter 1 1 Accounting can best be defined as the: a) Financial representation of business activity b) Systematic recording and reporting of business transactions c) Analysis of financial information for users d) Systematic recording, reporting, and analysis of financial transactions Answer d 2 The term accountability can best be understood as the: a) Process of carrying out the accounting function b) Responsibil...

Test bank for business and Chapter 1 Introduction 1. Which of the following is the primary objective of a firm? A. employees' benefits B. satisfaction of customers C. satisfaction of suppliers D. prompt payment to creditors * E. maximize stockholder wealth 2. Financial risk involves ___. A. fluctuation in exchange rates B. different interest and inflation rates C. balance of payments position D. A and B * E. A, B, and C 3. Three sweeping changes include ___. A. the end of Col...