Question 1

Which of the following is NOT a service of public accounting firms?

Accepted Answer

A)  Auditing 
B)  Tax accounting 
C)  Management advisory services 
D)  Investment services 
A)  Auditing 
B)  Tax accounting 
C)  Management advisory services 
D)  Investment services

Question 2

What is the "language of business?" List three groups who use this financial information.

Accepted Answer

Accounting is the language of business.

Question 3

Most owners and managers rely heavily on the accountant's judgment and knowledge when making financial decisions.

Accepted Answer

A) True 
 B)False

Question 4

The three major legal forms of business entity are the sole proprietorship, the partnership, and the ____________________.

Accepted Answer

The answer of The three major legal forms of business...

Question 5

You have just entered college and decide to pursue a career as an accountant. What are the three areas in which an accountant can practice?

Accepted Answer

Public accounting, m

Question 6

Ownership in a corporation is evidenced by shares of ____________________.

Accepted Answer

The answer of Ownership in a corporation is evidenced by...

Question 7

Discuss the differences among: entity, economic entity, and social entity.

Accepted Answer

Entity-recognized as having it

Question 8

Owners are not personally responsible for the debts of the business if the form of business organization is

Accepted Answer

A)  the sole proprietorship. 
B)  the partnership. 
C)  the corporation. 
D)  the nonprofit organization. 
A)  the sole proprietorship. 
B)  the partnership. 
C)  the corporation. 
D)  the nonprofit organization.

Question 9

There are three general services public accountants offer. List and briefly describe each.

Accepted Answer

Auditing: the review of financial statem

Question 10

Tax planning includes

Accepted Answer

A)  preparing tax returns. 
B)  auditing tax returns. 
C)  correcting tax returns. 
D)  suggesting actions to reduce tax liability. 
A)  preparing tax returns. 
B)  auditing tax returns. 
C)  correcting tax returns. 
D)  suggesting actions to reduce tax liability.

Question 11

The Sarbanes-Oxley Act includes rules on

Accepted Answer

A)  auditor retention. 
B)  auditor reliability. 
C)  auditor rotation. 
D)  auditor reporting. 
A)  auditor retention. 
B)  auditor reliability. 
C)  auditor rotation. 
D)  auditor reporting.

Question 12

Generally accepted accounting ____________________ are financial accounting standards that are changed and refined in response to changes in the environment in which businesses operate.

Accepted Answer

The answer of Generally accepted accounting ____________________ are financial accounting...

Question 13

When a business is organized as a sole proprietorship, the owner may combine his/her personal financial information with the business financial information.

Accepted Answer

A) True 
 B)False

Question 14

The FASB develops Statements of Financial Accounting Standards in the following order

Accepted Answer

A)  issues an exposure draft, obtains responses to the exposure draft, issues a statement of principle, issues a discussion memorandum, obtains responses to the discussion memorandum 
B)  issues a discussion memorandum, obtains responses to the discussion memorandum, issues an exposure draft, obtains responses to the exposure draft, issues a statement of principle 
C)  issues a discussion memorandum, obtains responses to the discussion memorandum, issues a statement of principle, issues an exposure draft, obtains responses to the exposure draft 
D)  issues a statement of principle, issues a discussion memorandum, obtains responses to the discussion memorandum, issues an exposure draft, obtains responses to the exposure draft 
A)  issues an exposure draft, obtains responses to the exposure draft, issues a statement of principle, issues a discussion memorandum, obtains responses to the discussion memorandum 
B)  issues a discussion memorandum, obtains responses to the discussion memorandum, issues an exposure draft, obtains responses to the exposure draft, issues a statement of principle 
C)  issues a discussion memorandum, obtains responses to the discussion memorandum, issues a statement of principle, issues an exposure draft, obtains responses to the exposure draft 
D)  issues a statement of principle, issues a discussion memorandum, obtains responses to the discussion memorandum, issues an exposure draft, obtains responses to the exposure draft

Question 15

The government agency that has final authority over the financial reporting of publicly owned corporations is

Accepted Answer

A)  the Securities and Exchange Commission. 
B)  the Federal Trade Commission. 
C)  the Internal Revenue Service. 
D)  the Financial Accounting Standards Board. 
A)  the Securities and Exchange Commission. 
B)  the Federal Trade Commission. 
C)  the Internal Revenue Service. 
D)  the Financial Accounting Standards Board.

Question 16

The death or withdrawal of one partner ends the partnership.

Accepted Answer

A) True 
 B)False

Question 17

Audited financial statements include an auditor's report. What does this auditor's report contain?

Accepted Answer

It contains the auditor's opin

Question 18

The purpose of accounting is to provide financial information about an economic or social entity.

Accepted Answer

A) True 
 B)False

Question 19

A partnership has ____________________ or more owners.

Accepted Answer

The answer of A partnership has ____________________ or more owners....

Question 20

The people, companies, or government agencies to whom a firm owes money are called ____________________.

Accepted Answer

The answer of The people, companies, or government agencies to...

Which of the following is NOT a service of public accounting firms?

What is the "language of business?" List three groups who use this financial information.

Most owners and managers rely heavily on the accountant's judgment and knowledge when making financial decisions.

The three major legal forms of business entity are the sole proprietorship, the partnership, and the ____________________.

You have just entered college and decide to pursue a career as an accountant. What are the three areas in which an accountant can practice?

Ownership in a corporation is evidenced by shares of ____________________.

Discuss the differences among: entity, economic entity, and social entity.

Owners are not personally responsible for the debts of the business if the form of business organization is

There are three general services public accountants offer. List and briefly describe each.

Tax planning includes

The Sarbanes-Oxley Act includes rules on

Generally accepted accounting ____________________ are financial accounting standards that are changed and refined in response to changes in the environment in which businesses operate.

When a business is organized as a sole proprietorship, the owner may combine his/her personal financial information with the business financial information.

The FASB develops Statements of Financial Accounting Standards in the following order

The government agency that has final authority over the financial reporting of publicly owned corporations is

The death or withdrawal of one partner ends the partnership.

Audited financial statements include an auditor's report. What does this auditor's report contain?

The purpose of accounting is to provide financial information about an economic or social entity.

A partnership has ____________________ or more owners.

The people, companies, or government agencies to whom a firm owes money are called ____________________.

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Filters

Exam 1: Accounting: the Language of Business

Which of the following is NOT a service of public accounting firms?

What is the "language of business?" List three groups who use this financial information.

Most owners and managers rely heavily on the accountant's judgment and knowledge when making financial decisions.

The three major legal forms of business entity are the sole proprietorship, the partnership, and the ____________________.

You have just entered college and decide to pursue a career as an accountant. What are the three areas in which an accountant can practice?

Ownership in a corporation is evidenced by shares of ____________________.

Discuss the differences among: entity, economic entity, and social entity.

Owners are not personally responsible for the debts of the business if the form of business organization is

There are three general services public accountants offer. List and briefly describe each.

Tax planning includes

The Sarbanes-Oxley Act includes rules on

Generally accepted accounting ____________________ are financial accounting standards that are changed and refined in response to changes in the environment in which businesses operate.

When a business is organized as a sole proprietorship, the owner may combine his/her personal financial information with the business financial information.

The FASB develops Statements of Financial Accounting Standards in the following order

The government agency that has final authority over the financial reporting of publicly owned corporations is

The death or withdrawal of one partner ends the partnership.

Audited financial statements include an auditor's report. What does this auditor's report contain?

The purpose of accounting is to provide financial information about an economic or social entity.

A partnership has ____________________ or more owners.

The people, companies, or government agencies to whom a firm owes money are called ____________________.

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Filters