28 Free Test Bank for College Accounting A Contemporary Approach 2nd Edition by Haddock

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Which of the following is NOT a type of information communicated by the financial statements?

•  A.The equity, or value, of the business
•  B.The amount spent on costs (expenses) of the business
•  C.The types of products and services the business provides
•  D.The amount of revenue earned by the business

Which of the following is NOT a type of information communicated by the financial statements?

•  A.Whether or not the business is profitable
•  B.What types of assets business owns
•  C.How long the business has been in operation
•  D.How much the business owes others

Tax planning includes

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

An act passed in response to the wave of corporate accounting scandals is the

•  A.Saxon-Ordanly Act.
•  B.Sarbanes-Oxley Act.
•  C.Sardonic-Oxone Act.
•  D.Sorbine-Oxide Act.

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

•  A.Auditing
•  B.Tax accounting
•  C.Management advisory services
•  D.Investment services

The group of accounting educators who offer their opinions about proposed FASB statements, after research has been done to determine the possible effects on financial reporting and the economy, is

•  A.the FCC.
•  B.the AICPA.
•  C.the SEC.
•  D.the AAA.

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

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

Owners and managers need financial information in order to

•  A.grant loans.
•  B.issue credit.
•  C.collect taxes.
•  D.make decisions.

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

•  A.CIA.
•  B.CFE.
•  C.CMA.
•  D.CPA.

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

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

Tax accounting involves tax compliance and

•  A.tax evaluation.
•  B.tax planning.
•  C.tax configuration.
•  D.tax obfuscation.

A firm issues periodic reports called

•  A.financial statements.
•  B.summaries.
•  C.tax returns.
•  D.audits.

Which of the following is NOT part of the process of accounting for financial information?

•  A.Recording
•  B.Identifying
•  C.Communicating
•  D.Classifying

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

•  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

The review of financial statements to assess their fairness and adherence to GAAP is

•  A.accounting.
•  B.preparation.
•  C.compliance.
•  D.auditing.

The area of accounting that involves the preparation of internal reports for a firm's executives and the analysis of the data in these reports to aid in decision making is known as

•  A.financial accounting.
•  B.managerial accounting.
•  C.auditing.
•  D.cost accounting.

The form of a business organization that is not affected by the withdrawal or death of an owner and can continue forever is

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

The corporations whose stock can be bought and sold on stock exchanges and in over-the counter markets are referred to as

•  A.privately owned corporations.
•  B.closely held corporations.
•  C.publicly owned corporations.
•  D.sole proprietorships.

A form of the partnerships business entity is

•  A.LLP.
•  B.LLC.
•  C.INC.
•  D.DBA.

Managerial accounting is

•  A.public accounting.
•  B.government accounting.
•  C.private accounting.
•  D.tax accounting.

The financial affairs of a business and the financial affairs of the owners should be

•  A.combined in the firm's accounting records.
•  B.reported in different parts of the firm's accounting records.
•  C.combined only if the owner wants them to be.
•  D.kept totally separate.

An example of an economic entity is

•  A.a town.
•  B.a business.
•  C.a nonprofit hospital.
•  D.a church.

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

•  A.Public Accounting
•  B.Industrial Accounting
•  C.Governmental Accounting
•  D.Managerial (Private) Accounting

The following are all government agencies except

•  A.SEC.
•  B.AICPA.
•  C.IRS.
•  D.FBI.