1. LO 1.1Accounting is sometimes called the “language of
_____.” 2. LO 1.2Financial accounting information ________.
3. LO 1.2External users of financial accounting information include all of the following except ________.
4. LO 1.2Which of the following groups would have access to managerial accounting information?
5. LO 1.2All of the following are examples of managerial accounting activities except ________.
6. LO 1.3Which of the following is not true?
7. LO 1.3The primary purpose of what type of business is to serve a particular need in the community?
8. LO 1.3Which of the following is not an example of a retailer?
9. LO 1.3A governmental agency can best be described by which of the following statements?
10. LO 1.3Which of the following is likely not a type of not-for-profit entity?
11. LO 1.4Which of the following is not considered a stakeholder of an organization?
12. LO 1.4Stockholders can best be defined as which of the following?
13. LO 1.4Which of the following sell stock on an organized stock exchange such as the New York Stock Exchange?
14. LO 1.4All of the following are sustainable methods businesses can use to raise capital (funding) except for ________.
15. LO 1.4The accounting information of a privately held company is generally available to all of the following except for ________.
16. LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
17. LO 1.5Which of the following is typically required for entry-level positions in the accounting profession?
18. LO 1.5Typical accounting tasks include all of the following tasks except ________.
19. LO 1.5What type of organization primarily offers tax compliance, auditing, and consulting services?
20. LO 1.5Most states require 150 semester hours of college credit for which professional certification?
Which of the following is not a limitation of financial statement?Which of the following is not a limitation of 'Financial Statements Analysis'? It is affected by personal bias.
Which of the following is a characteristic of financial accounting information?Qualitative characteristics of accounting information that impact how useful the information is: Verifiability. Timeliness. Understandability.
Which of the following is not considered a qualitative characteristic of accounting information according?Option (e)- Consistency is not a qualitative characteristic, although it is important in the preparation of the financial statements. It indicates following the same accounting policies from one period to another to provide consistency of information.
Which one of the following characteristics does not describe an asset?The correct answer is C) Requires the payment of cash. This is the correct option because Assets do not require the payment of cash in any case because assets are the source of economic benefit. Being probable is also a characteristic of assets.
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