QUIZ) UPDATED ACTUAL Exam
Questions and CORRECT Answers
The emphasis in financial accounting is on which of the following external user groups?
· Investors and creditors
· Educators
· Management
· Certified public accountants - CORRECT ANSWER Investors and creditors
The primary internal group that uses accounting information is
· Investors
· Government agencies
· Management
· Competitors - CORRECT ANSWER Management
Which of the following is NOT an external user of financial information?
Competitors
Customers
Suppliers
Management - CORRECT ANSWER Management
Internal reports are generally used by
Suppliers
, Lenders
Management
Employee - CORRECT ANSWER Management
Which of the following is NOT true of the Financial Accounting Standards Board (FASB)?
· It seeks consistency for its proposed standards
· It is a government agency
· It consists of seven full-time members
· It has no legal power to enforce the standards it sets - CORRECT ANSWER It is a
government agency
Generally accepted accounting principles are
· Natural laws
· Based on scientific proofs
· Developed by accounting rule makers
· None of these are correct - CORRECT ANSWER Developed by accounting rule makers
The initials GAAP stand for
General Accounting Administration Practices
Generally Accepted Accounting Practices
Generally Applied Accounting Procedures
Generally Accepted Accounting Principles - CORRECT ANSWER Generally Accepted
Accounting Principles
The current standard-setting board for accounting in the private sector is the