Question 1

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) A) and B)
F) B) and C)

Question 2

List at least five activities performed by managerial accountants.

Accepted Answer

establishing accounting policies,managin...

Question 3

How do sole proprietorships,partnerships,and corporations differ?

Accepted Answer

Sole proprietorships-business entities o...

Question 4

The Sarbanes-Oxley Act includes rules on

Accepted Answer

A)   auditor retention.
B)   auditor reliability.
C)   auditor rotation.
D)   auditor reporting.E) C) and D)
F) None of the above

Question 5

A business partnership can have only two partners.

Accepted Answer

A) True 
 B)False

Question 6

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) B) and C)
F) A) and C)

Question 7

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 8

An example of an economic entity is

Accepted Answer

A)   a town.
B)   a business.
C)   a politician.
D)   a church.E) A) and B)
F) A) and C)

Question 9

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 10

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) A) and B)
F) B) and D)

Question 11

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 12

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 13

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

Accepted Answer

The act: tightens regulation of financia...

Question 14

Ownership in a corporation is evidenced by shares of ___________________.

Accepted Answer

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

Question 15

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) All of the above
F) A) and B)

Question 16

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 D)

Question 17

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 18

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

Accepted Answer

Accounting is the language of business.T...

Question 19

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 20

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...

Exam 1: Accounting: the Language of Business

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

A business partnership can have only two partners.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

List at least five activities performed by managerial accountants.

Correct Answerverifiedestablishing accounting policies,managin...View AnswerShow 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

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

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

The Sarbanes-Oxley Act includes rules on

Correct AnswerverifiedShow Answer

How do sole proprietorships,partnerships,and corporations differ?

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

Tax planning includes

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Ownership in a corporation is evidenced by shares of ___________________.

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

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

An example of an economic entity is

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The Financial Accounting Standards Board is responsible for

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

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

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

Correct Answer
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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
verified

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