INTERMEDIATE ACCOUNTING 1 MIDTERM
1 EXAM PRACTICE QUESTIONS WITH
COMPLETE SOLUTIONS
◉ Which organization created the Certified Management
Accounting (CMA) certificate?
Answer: Institute of Management Accountants (IMA)
◉ Which of the following is a formal examination of an entity's
financial situation? Auditing, creating financial statements, record
keeping, or bookkeeping
Answer: Auditing
◉ The CPA certificate in Accounting stands for
Answer: Certified Public Accountant
◉ Which of the following accounting positions focuses on the day-
to-day execution of accounting tasks?
Answer: General Accounting Professionals
◉ What is considered to be the most important skill in
accounting?
Answer: A deep understanding of the principles and
fundamentals of the accounting field
1 EXAM PRACTICE QUESTIONS WITH
COMPLETE SOLUTIONS
◉ Which organization created the Certified Management
Accounting (CMA) certificate?
Answer: Institute of Management Accountants (IMA)
◉ Which of the following is a formal examination of an entity's
financial situation? Auditing, creating financial statements, record
keeping, or bookkeeping
Answer: Auditing
◉ The CPA certificate in Accounting stands for
Answer: Certified Public Accountant
◉ Which of the following accounting positions focuses on the day-
to-day execution of accounting tasks?
Answer: General Accounting Professionals
◉ What is considered to be the most important skill in
accounting?
Answer: A deep understanding of the principles and
fundamentals of the accounting field
