Accounting for Decision Makers - C213 Pre
Assessment Questions With All Correct & Verifie
Answers
1. Which of the following is the most correct definition of A system for
providing
accounting? quantitative information,
primarily financial in
na- ture, about
economic en- tities that
is intended to be useful
in making econom- ic
decisions
2. What is NOT typically true of accounting information? The information
relates to
future time periods.
3. Which is NOT a key component of the Qualitative
definition of accounting?
4. What is true about the double-entry system of It was developed in
book- keeping? the 1300s−1400s
in Italy.
5. Businesses use accounting systems to Analyze transactions;
Han- dle routine
bookkeep- ing tasks;
Evaluate perfor- mance
and health of the
business.
6. What is not a function of accounting? Executing sales
transac- tions for
organizations
7. What is NOT one of the three primary financial Statement of
state- ments?
, Accounting for Decision Makers - C213 Pre
Assessment Questions With All Correct & Verifie
Answers
retained earnings
8. Generally accepted accounting principles are Developed by accounting
rule makers
9. The initials GAAP stand for
, Accounting for Decision Makers - C213 Pre
Assessment Questions With All Correct & Verifie
Answers Generally Accepted Ac- counting
Principles
10. The current standard-setting board for Financial Accounting Standar
accounting in the private sector is the Board (FASB)
11. Which of the following organizations has specific legal Securities and
Exchange
authority to establish accounting standards forCommission (SEC)
pub- licly held companies?
12. Which is NOT a service typically provided Making management de- cisio
by large public accounting firms?
13. The organization that develops worldwide accounting International
Accounting
standards is the Standards Board (IASB)
14. The initials CPA stand for Certified Public
Accoun- tant
15. Which of the following financial statements Balance sheet
reports a company's resources, obligations,
and owner's equi- ty?
16. Which of the following financial statements Income statement
reports the excess of a company's revenues
over its expenses?
Statement of cash flows
17. Which of the following financial statements
reports the amount of cash collected and paid
out by a com- pany?
Investors and creditors
18. The emphasis in financial accounting is on
which of the following external user groups?
, Accounting for Decision Makers - C213 Pre
Assessment Questions With All Correct & Verifie
Answers
19. Management
Assessment Questions With All Correct & Verifie
Answers
1. Which of the following is the most correct definition of A system for
providing
accounting? quantitative information,
primarily financial in
na- ture, about
economic en- tities that
is intended to be useful
in making econom- ic
decisions
2. What is NOT typically true of accounting information? The information
relates to
future time periods.
3. Which is NOT a key component of the Qualitative
definition of accounting?
4. What is true about the double-entry system of It was developed in
book- keeping? the 1300s−1400s
in Italy.
5. Businesses use accounting systems to Analyze transactions;
Han- dle routine
bookkeep- ing tasks;
Evaluate perfor- mance
and health of the
business.
6. What is not a function of accounting? Executing sales
transac- tions for
organizations
7. What is NOT one of the three primary financial Statement of
state- ments?
, Accounting for Decision Makers - C213 Pre
Assessment Questions With All Correct & Verifie
Answers
retained earnings
8. Generally accepted accounting principles are Developed by accounting
rule makers
9. The initials GAAP stand for
, Accounting for Decision Makers - C213 Pre
Assessment Questions With All Correct & Verifie
Answers Generally Accepted Ac- counting
Principles
10. The current standard-setting board for Financial Accounting Standar
accounting in the private sector is the Board (FASB)
11. Which of the following organizations has specific legal Securities and
Exchange
authority to establish accounting standards forCommission (SEC)
pub- licly held companies?
12. Which is NOT a service typically provided Making management de- cisio
by large public accounting firms?
13. The organization that develops worldwide accounting International
Accounting
standards is the Standards Board (IASB)
14. The initials CPA stand for Certified Public
Accoun- tant
15. Which of the following financial statements Balance sheet
reports a company's resources, obligations,
and owner's equi- ty?
16. Which of the following financial statements Income statement
reports the excess of a company's revenues
over its expenses?
Statement of cash flows
17. Which of the following financial statements
reports the amount of cash collected and paid
out by a com- pany?
Investors and creditors
18. The emphasis in financial accounting is on
which of the following external user groups?
, Accounting for Decision Makers - C213 Pre
Assessment Questions With All Correct & Verifie
Answers
19. Management
