Question 1

List at least five activities performed by managerial accountants.

Accepted Answer

establishing accounting policies,managin...

Question 2

The Securities and Exchange Commission (SEC)regulates the accounting methods and financial reporting of ____________________ owned corporations.

Accepted Answer

The answer of The Securities and Exchange Commission (SEC)regulates the...

Question 3

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,ma...

Question 4

As the first step in the development of generally accepted accounting principles,the FASB writes an exposure draft,which explains the topic under consideration.

Accepted Answer

A) True 
 B)False

Question 5

A business partnership can have only two partners.

Accepted Answer

A) True 
 B)False

Question 6

An independent accountant who provides accounting services to the public for a fee is a

Accepted Answer

A)   CIA.
B)   CFE.
C)   CMA.
D)   CPA.E) B) and C)
F) A) and C)

Question 7

Which of the following is NOT an area in which accountants usually practice?

Accepted Answer

A)   Public Accounting
B)   Industrial Accounting
C)   Governmental Accounting
D)   Managerial (Private) AccountingE) All of the above
F) B) and D)

Question 8

The Financial Accounting Standards Board is responsible for

Accepted Answer

A)   auditing financial statements.
B)   developing generally accepted accounting principles.
C)   establishing accounting systems for businesses.
D)   making recommendations to the Securities and Exchange Commission.E) C) and D)
F) A) and B)

Question 9

Ownership in a corporation is evidenced by shares of ___________________.

Accepted Answer

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

Question 10

How do sole proprietorships,partnerships,and corporations differ?

Accepted Answer

Sole proprietorships-business entities o...

Question 11

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

Accepted Answer

Accounting is the language of business.T...

Question 12

An accounting system is designed to accumulate and classify data about a firm's financial affairs and summarize it in the general journal.

Accepted Answer

A) True 
 B)False

Question 13

List at least three of the provisions of the Sarbanes-Oxley Act.

Accepted Answer

The act: tightens regulation of financia...

Question 14

An example of an economic entity is

Accepted Answer

A)   a town.
B)   a business.
C)   a politician.
D)   a church.E) All of the above
F) A) and B)

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.E) B) and C)
F) None of the above

Question 16

The Sarbanes-Oxley Act includes rules on

Accepted Answer

A)   auditor retention.
B)   auditor reliability.
C)   auditor rotation.
D)   auditor reporting.E) B) and C)
F) A) and D)

Question 17

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 whom a...

Question 18

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 19

Tax accounting is a service offered by public accounting firms that involves tax ____________________ and tax planning.

Accepted Answer

The answer of Tax accounting is a service offered by...

Question 20

Tax planning includes

Accepted Answer

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

Exam 1: Accounting: the Language of Business

How do sole proprietorships,partnerships,and corporations differ?

Correct AnswerverifiedSole proprietorships-business entities o...View AnswerShow Answer

Ownership in a corporation is evidenced by shares of ___________________.

Correct AnswerverifiedShow Answer

An independent accountant who provides accounting services to the public for a fee is a

Correct AnswerverifiedShow Answer

A business partnership can have only two partners.

Correct AnswerverifiedShow Answer

List at least three of the provisions of the Sarbanes-Oxley Act.

Correct AnswerverifiedThe act: tightens regulation of financia...View AnswerShow Answer

List at least five activities performed by managerial accountants.

Correct Answerverifiedestablishing accounting policies,managin...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedAccounting is the language of business.T...View AnswerShow Answer

As the first step in the development of generally accepted accounting principles,the FASB writes an exposure draft,which explains the topic under consideration.

Correct AnswerverifiedShow Answer

An example of an economic entity is

Correct AnswerverifiedShow Answer

An accounting system is designed to accumulate and classify data about a firm's financial affairs and summarize it in the general journal.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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?

Correct Answerverifiedpublic accounting,ma...View AnswerShow Answer

Which of the following is NOT an area in which accountants usually practice?

Correct AnswerverifiedShow Answer

The Financial Accounting Standards Board is responsible for

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Tax accounting is a service offered by public accounting firms that involves tax ____________________ and tax planning.

Correct AnswerverifiedShow Answer

The Sarbanes-Oxley Act includes rules on

Correct AnswerverifiedShow Answer

The Securities and Exchange Commission (SEC)regulates the accounting methods and financial reporting of ____________________ owned corporations.

Correct AnswerverifiedShow Answer

Tax planning includes

Correct AnswerverifiedShow Answer

Correct Answer
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Sole proprietorships-business entities o...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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The act: tightens regulation of financia...
View Answer

Correct Answer
verified
establishing accounting policies,managin...
View Answer

Correct Answer
verified

Correct Answer
verified
Accounting is the language of business.T...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
public accounting,ma...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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