1
Accounting for Decision Makers - C213
Pre Assessment 2025/2026 Exam
Questions with 100% Correct Answers |
Latest Update
Which of the following is the most correct definition of accounting? - 🧠 ANSWER
✔✔A system for providing quantitative information, primarily financial in nature,
about economic entities that is intended to be useful in making economic decisions
What is NOT typically true of accounting information? - 🧠 ANSWER ✔✔The
information relates to future time periods.
Which is NOT a key component of the definition of accounting? - 🧠 ANSWER
✔✔Qualitative
What is true about the double-entry system of bookkeeping? - 🧠 ANSWER ✔✔It
was developed in the 1300s−1400s in Italy.
Businesses use accounting systems to - 🧠 ANSWER ✔✔Analyze transactions;
Handle routine bookkeeping tasks; Evaluate performance and health of the
business.
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
,2
What is not a function of accounting? - 🧠 ANSWER ✔✔Executing sales
transactions for organizations
What is NOT one of the three primary financial statements? - 🧠 ANSWER
✔✔Statement of retained earnings
Generally accepted accounting principles are - 🧠 ANSWER ✔✔Developed by
accounting rule makers
The initials GAAP stand for - 🧠 ANSWER ✔✔Generally Accepted Accounting
Principles
The current standard-setting board for accounting in the private sector is the - 🧠
ANSWER ✔✔Financial Accounting Standards Board (FASB)
Which of the following organizations has specific legal authority to establish
accounting standards for publicly held companies? - 🧠 ANSWER ✔✔Securities
and Exchange Commission (SEC)
Which is NOT a service typically provided by large public accounting firms? - 🧠
ANSWER ✔✔Making management decisions
The organization that develops worldwide accounting standards is the - 🧠
ANSWER ✔✔International Accounting Standards Board (IASB)
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
,3
The initials CPA stand for - 🧠 ANSWER ✔✔Certified Public Accountant
Which of the following financial statements reports a company's resources,
obligations, and owner's equity? - 🧠 ANSWER ✔✔Balance sheet
Which of the following financial statements reports the excess of a company's
revenues over its expenses? - 🧠 ANSWER ✔✔Income statement
Which of the following financial statements reports the amount of cash collected
and paid out by a company? - 🧠 ANSWER ✔✔Statement of cash flows
The emphasis in financial accounting is on which of the following external user
groups? - 🧠 ANSWER ✔✔Investors and creditors
The primary internal group that uses accounting information is - 🧠 ANSWER
✔✔Management
Internal reports are generally used by - 🧠 ANSWER ✔✔Management
Which of the following is NOT an external user of financial information? - 🧠
ANSWER ✔✔Management
Which of the following is NOT true of the Financial Accounting Standards Board
(FASB)? - 🧠 ANSWER ✔✔It is a government agency
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
, 4
Generally accepted accounting principles are - 🧠 ANSWER ✔✔Developed by
accounting rule makers
The initials GAAP stand for - 🧠 ANSWER ✔✔Generally Accepted Accounting
Principles
The current standard-setting board for accounting in the private sector is the - 🧠
ANSWER ✔✔Financial Accounting Standards Board (FASB)
Which of the following organizations has specific legal authority to establish
accounting standards for publicly held companies? - 🧠 ANSWER ✔✔Securities
and Exchange Commission (SEC)
Which of the following is NOT a service typically provided by large public
accounting firms? - 🧠 ANSWER ✔✔Making management decisions
The organization that develops worldwide accounting standards is the - 🧠
ANSWER ✔✔International Accounting Standards Board (IASB)
The initials CPA stand for - 🧠 ANSWER ✔✔Certified Public Accountant
Standards established by the International Accounting Standards Board are referred
to as - 🧠 ANSWER ✔✔International Financial Accounting Standards
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
4
STATEMENT. ALL RIGHTS RESERVED
Accounting for Decision Makers - C213
Pre Assessment 2025/2026 Exam
Questions with 100% Correct Answers |
Latest Update
Which of the following is the most correct definition of accounting? - 🧠 ANSWER
✔✔A system for providing quantitative information, primarily financial in nature,
about economic entities that is intended to be useful in making economic decisions
What is NOT typically true of accounting information? - 🧠 ANSWER ✔✔The
information relates to future time periods.
Which is NOT a key component of the definition of accounting? - 🧠 ANSWER
✔✔Qualitative
What is true about the double-entry system of bookkeeping? - 🧠 ANSWER ✔✔It
was developed in the 1300s−1400s in Italy.
Businesses use accounting systems to - 🧠 ANSWER ✔✔Analyze transactions;
Handle routine bookkeeping tasks; Evaluate performance and health of the
business.
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
1
STATEMENT. ALL RIGHTS RESERVED
,2
What is not a function of accounting? - 🧠 ANSWER ✔✔Executing sales
transactions for organizations
What is NOT one of the three primary financial statements? - 🧠 ANSWER
✔✔Statement of retained earnings
Generally accepted accounting principles are - 🧠 ANSWER ✔✔Developed by
accounting rule makers
The initials GAAP stand for - 🧠 ANSWER ✔✔Generally Accepted Accounting
Principles
The current standard-setting board for accounting in the private sector is the - 🧠
ANSWER ✔✔Financial Accounting Standards Board (FASB)
Which of the following organizations has specific legal authority to establish
accounting standards for publicly held companies? - 🧠 ANSWER ✔✔Securities
and Exchange Commission (SEC)
Which is NOT a service typically provided by large public accounting firms? - 🧠
ANSWER ✔✔Making management decisions
The organization that develops worldwide accounting standards is the - 🧠
ANSWER ✔✔International Accounting Standards Board (IASB)
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
2
STATEMENT. ALL RIGHTS RESERVED
,3
The initials CPA stand for - 🧠 ANSWER ✔✔Certified Public Accountant
Which of the following financial statements reports a company's resources,
obligations, and owner's equity? - 🧠 ANSWER ✔✔Balance sheet
Which of the following financial statements reports the excess of a company's
revenues over its expenses? - 🧠 ANSWER ✔✔Income statement
Which of the following financial statements reports the amount of cash collected
and paid out by a company? - 🧠 ANSWER ✔✔Statement of cash flows
The emphasis in financial accounting is on which of the following external user
groups? - 🧠 ANSWER ✔✔Investors and creditors
The primary internal group that uses accounting information is - 🧠 ANSWER
✔✔Management
Internal reports are generally used by - 🧠 ANSWER ✔✔Management
Which of the following is NOT an external user of financial information? - 🧠
ANSWER ✔✔Management
Which of the following is NOT true of the Financial Accounting Standards Board
(FASB)? - 🧠 ANSWER ✔✔It is a government agency
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
3
STATEMENT. ALL RIGHTS RESERVED
, 4
Generally accepted accounting principles are - 🧠 ANSWER ✔✔Developed by
accounting rule makers
The initials GAAP stand for - 🧠 ANSWER ✔✔Generally Accepted Accounting
Principles
The current standard-setting board for accounting in the private sector is the - 🧠
ANSWER ✔✔Financial Accounting Standards Board (FASB)
Which of the following organizations has specific legal authority to establish
accounting standards for publicly held companies? - 🧠 ANSWER ✔✔Securities
and Exchange Commission (SEC)
Which of the following is NOT a service typically provided by large public
accounting firms? - 🧠 ANSWER ✔✔Making management decisions
The organization that develops worldwide accounting standards is the - 🧠
ANSWER ✔✔International Accounting Standards Board (IASB)
The initials CPA stand for - 🧠 ANSWER ✔✔Certified Public Accountant
Standards established by the International Accounting Standards Board are referred
to as - 🧠 ANSWER ✔✔International Financial Accounting Standards
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
4
STATEMENT. ALL RIGHTS RESERVED
