Question 1

Both public accountants and managerial accountants are required to adhere to a code of professional conduct.

Accepted Answer

A) True 
 B)False  True

Question 2

The Sarbanes-Oxley Act of 2002 came,in part,as a result of

Accepted Answer

A) the Enron scandal 
B) the WorldCom scandal 
C) the Target scandal 
D) the Enron and WorldCom scandals 
A) the Enron scandal 
B) the WorldCom scandal 
C) the Target scandal 
D) the Enron and WorldCom scandals D

Question 3

The primary external users of accounting information are investors and management.

Accepted Answer

A) True 
 B)False  False

Question 4

Companies listed on the stock exchanges must file financial statements with the

Accepted Answer

A) Financial Accounting Standards Board. 
B) American Institute of Certified Public Accountants. 
C) Securities and Exchange Commission. 
D) Internal Revenue Service. 
A) Financial Accounting Standards Board. 
B) American Institute of Certified Public Accountants. 
C) Securities and Exchange Commission. 
D) Internal Revenue Service.

Question 5

Distinguish between profitability and liquidity.

Accepted Answer

Profitability is the ability t

Question 6

Inventory is an example of a nonmonetary asset.

Accepted Answer

A) True 
 B)False

Question 7

Using cash to expand by purchasing land and a building is an example of an operating activity.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following might be motivation for fraudulently covering up a financial weakness?

Accepted Answer

A) to obtain a loan 
B) to meet stockholder expectations 
C) to obtain bonus compensation 
D) all of these are possible motivations 
A) to obtain a loan 
B) to meet stockholder expectations 
C) to obtain bonus compensation 
D) all of these are possible motivations

Question 9

The statement of owner's equity discloses the owner's withdrawals made during the period.

Accepted Answer

A) True 
 B)False

Question 10

The group of users of accounting information charged with achieving the goals of the business is its

Accepted Answer

A) auditors. 
B) creditors. 
C) managers. 
D) investors. 
A) auditors. 
B) creditors. 
C) managers. 
D) investors.

Question 11

A partnership is dissolved when any partner leaves the business or dies.

Accepted Answer

A) True 
 B)False

Question 12

Financial accounting information is used primarily by management.

Accepted Answer

A) True 
 B)False

Question 13

Net income is another term for revenues.

Accepted Answer

A) True 
 B)False

Question 14

Sinoyianis Realty Company had the following balance sheet accounts and balances:   If the equipment were sold for $14,000,what would be the total of owner's equity?

Accepted Answer

A) $8,000 
B) $22,000 
C) $36,000 
D) $40,000 
A) $8,000 
B) $22,000 
C) $36,000 
D) $40,000

Question 15

Staff accountants express their duty to ensure financial reports are not false or misleading in the management report that appears as part of the company's annual report.

Accepted Answer

A) True 
 B)False

Question 16

Sinoyianis Realty Company had the following balance sheet accounts and balances:   What is the total of liabilities and owner's equity?

Accepted Answer

A) $26,000 
B) $32,000 
C) $36,000 
D) $52,000 
A) $26,000 
B) $32,000 
C) $36,000 
D) $52,000

Question 17

Responsibility for ethical financial reporting rests solely with the accountant.

Accepted Answer

A) True 
 B)False

Question 18

The statement of cash flows would disclose the purchase of a building for cash

Accepted Answer

A) nowhere on the statement. 
B) in the operating activities section. 
C) in the investing activities section. 
D) in the financing activities section. 
A) nowhere on the statement. 
B) in the operating activities section. 
C) in the investing activities section. 
D) in the financing activities section.

Question 19

Objectivity is the avoidance of all relationships that impair or appear to impair the objectivity of the accountant.

Accepted Answer

A) True 
 B)False

Question 20

The Public Company Accounting Oversight Board (PCAOB)was created to determine the standards that auditors must follow.

Accepted Answer

A) True 
 B)False

Both public accountants and managerial accountants are required to adhere to a code of professional conduct.

The Sarbanes-Oxley Act of 2002 came,in part,as a result of

The primary external users of accounting information are investors and management.

Companies listed on the stock exchanges must file financial statements with the

Distinguish between profitability and liquidity.

Inventory is an example of a nonmonetary asset.

Using cash to expand by purchasing land and a building is an example of an operating activity.

Which of the following might be motivation for fraudulently covering up a financial weakness?

The statement of owner's equity discloses the owner's withdrawals made during the period.

The group of users of accounting information charged with achieving the goals of the business is its

A partnership is dissolved when any partner leaves the business or dies.

Financial accounting information is used primarily by management.

Net income is another term for revenues.

Sinoyianis Realty Company had the following balance sheet accounts and balances: If the equipment were sold for $14,000,what would be the total of owner's equity?

Staff accountants express their duty to ensure financial reports are not false or misleading in the management report that appears as part of the company's annual report.

Sinoyianis Realty Company had the following balance sheet accounts and balances: What is the total of liabilities and owner's equity?

Responsibility for ethical financial reporting rests solely with the accountant.

The statement of cash flows would disclose the purchase of a building for cash

Objectivity is the avoidance of all relationships that impair or appear to impair the objectivity of the accountant.

The Public Company Accounting Oversight Board (PCAOB)was created to determine the standards that auditors must follow.

Analyzing and Recording Business Transactions

Adjusting the Accounts

Completing the Accounting Cycle

Foundations of Financial Reporting and the Classified Balance Sheet

Accounting for Merchandising Operations

Supplement: Accounting for Merchandising Operations

Inventories

Cash and Internal Control

Receivables

Long -Term Assets

Current Liabilities and Fair Value Accounting

Accounting for Partnerships

Accounting for Corporations

Long Term Liabilities

The Statement of Cash Flows

Supplement: the Statement of Cash Flows

Financial Statement Analysis

Accounting for Investments

Filters

Exam 1: Accounting Principles and the Financial Statements

Both public accountants and managerial accountants are required to adhere to a code of professional conduct.

The Sarbanes-Oxley Act of 2002 came,in part,as a result of

The primary external users of accounting information are investors and management.

Companies listed on the stock exchanges must file financial statements with the

Distinguish between profitability and liquidity.

Inventory is an example of a nonmonetary asset.

Using cash to expand by purchasing land and a building is an example of an operating activity.

Which of the following might be motivation for fraudulently covering up a financial weakness?

The statement of owner's equity discloses the owner's withdrawals made during the period.

The group of users of accounting information charged with achieving the goals of the business is its

A partnership is dissolved when any partner leaves the business or dies.

Financial accounting information is used primarily by management.

Net income is another term for revenues.

Sinoyianis Realty Company had the following balance sheet accounts and balances: If the equipment were sold for $14,000,what would be the total of owner's equity?

Staff accountants express their duty to ensure financial reports are not false or misleading in the management report that appears as part of the company's annual report.

Sinoyianis Realty Company had the following balance sheet accounts and balances: What is the total of liabilities and owner's equity?

Responsibility for ethical financial reporting rests solely with the accountant.

The statement of cash flows would disclose the purchase of a building for cash

Objectivity is the avoidance of all relationships that impair or appear to impair the objectivity of the accountant.

The Public Company Accounting Oversight Board (PCAOB)was created to determine the standards that auditors must follow.

Analyzing and Recording Business Transactions

Adjusting the Accounts

Completing the Accounting Cycle

Foundations of Financial Reporting and the Classified Balance Sheet

Accounting for Merchandising Operations

Supplement: Accounting for Merchandising Operations

Inventories

Cash and Internal Control

Receivables

Long -Term Assets

Current Liabilities and Fair Value Accounting

Accounting for Partnerships

Accounting for Corporations

Long Term Liabilities

The Statement of Cash Flows

Supplement: the Statement of Cash Flows

Financial Statement Analysis

Accounting for Investments

Filters