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ACCOUNTING 3300 1 QUESTIONS AND
ANSWERS 2025
General-purpose financial statements are the product of -
correct answer- financial accounting.
The following are users of financial reports: - correct answer-
Creditors, Government agencies, Unions.
The financial statements most frequently provides: - correct
answer- balance sheet, income statement, and statement of
cash flows. Not, statement of retained earnings.
The information provided by financial reporting pertains to: -
correct 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: -
correct 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.
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Which of the following represents a form of communication
through financial reporting but not through financial
statements?
a.) Balance sheet.
b.) President's letter.
c.) Income statement.
d.) Notes to financial statements. - correct 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. - correct answer- b.) managerial accounting.
How does accounting help the capital allocation process attract
investment capital? - correct answer- a.) By providing timely,
relevant information.
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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. - correct answer- d.)
All of these answer choices are correct.
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. - 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. - correct answer-
c.) hard assets (inventory and plant assets).
ACCOUNTING 3300 1 QUESTIONS AND
ANSWERS 2025
General-purpose financial statements are the product of -
correct answer- financial accounting.
The following are users of financial reports: - correct answer-
Creditors, Government agencies, Unions.
The financial statements most frequently provides: - correct
answer- balance sheet, income statement, and statement of
cash flows. Not, statement of retained earnings.
The information provided by financial reporting pertains to: -
correct 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: -
correct 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.
,2 | Page
Which of the following represents a form of communication
through financial reporting but not through financial
statements?
a.) Balance sheet.
b.) President's letter.
c.) Income statement.
d.) Notes to financial statements. - correct 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. - correct answer- b.) managerial accounting.
How does accounting help the capital allocation process attract
investment capital? - correct answer- a.) By providing timely,
relevant information.
, 3 | Page
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. - correct answer- d.)
All of these answer choices are correct.
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. - 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. - correct answer-
c.) hard assets (inventory and plant assets).
