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financial accounting for managers
Loose Leaf For Financial Accounting For Managers 1st Edition Wayne Thomas ,Michael Drake ,Jake Thornock ,David Spiceland - Solutions
Ethics are the standards of conduct by which one's actions are judged asa. right or wrong.b. honest or dishonest.c. fair or unfair.d. All of these answers are correct.
The first step in solving an ethical dilemma is toa. identify and analyze the principal elements in the situation.b. identify the alternatives.c. recognize an ethical situation and the ethical issues involved.d. weigh the impact of each alternative on various stakeholders.
The final step in solving an ethical dilemma is toa. identify and analyze the principal elements in the situation.b. recognize an ethical situation.c. identify the alternatives and weigh the impact of each alternative on stakeholders.d. recognize the ethical issues involved.
Financial accounting provides economic and financial information for all of the following external users excepta. creditors.b. investors.c. managers.d. regulators.
The origins of accounting are generally attributed to the work ofa. Christopher Columbus.b. Abner Doubleday.c. Luca Pacioli.d. Leonardo da Vinci.
Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process?a. Identificationb. Communicationc. Recordingd. Analysis
Which one of the following is not an external user of accounting information?a. Regulatory agencyb. Customerc. Investord. All of these are external users.
Which of the following is an external user of accounting information?a. Labor unionb. Finance directorc. Company officerd. Manager
Which of the following would not be considered internal users of accounting data for a company?a. The president of a companyb. The controller of a companyc. Creditors of a companyd. Salesmen of the company
Which of the following would not be considered an external user of accounting data for the GHI Company?a. Internal Revenue Service Agentb. Managementc. Creditorsd. Customers
Which of the following is not considered an internal user of accounting data?a. President of the companyb. Production managerc. Merchandise inventory clerkd. President of the employees' labor union
All of the following statements are correct excepta. Good decision-making depends on good information.b. A vital element in communicating economic events is the accountant's ability to analyze and interpret reported information.c. The origins of accounting are generally attributed to Socrates, a
Accounting consists of three basic activities that are related to economic events of an organization. These includea. identifying, recording, and communicating.b. identifying, calculating, and responding.c. classifying, numbering, and reporting.d. issuing, reporting, and classifying.
Which of the following techniques is not used by accountants to interpret and report financial information?a. Graphsb. Special memos for each class of external usersc. Chartsd. Ratios
The accounting process is correctly sequenced asa. identification, communication, recording.b. recording, communication, identification.c. identification, recording, communication.d. communication, recording, identification.
Interpretation of reported information involves each of the following excepta. limitations of reported data.b. meaning of reported data.c. uses of reported data.d. All of these choices are correct.49.The accounting process involves all of the following excepta. identifying economic transactions
Which of the following events cannot be quantified into dollars and cents and recorded as an accounting transaction?a. The appointment of a new CPA firm to perform an auditb. The purchase of a new computerc. The sale of store equipmentd. Payment of income taxes
Communication of economic events is the part of the accounting process that involvesa. identifying economic events.b. quantifying transactions into dollars and cents.c. preparing accounting reports.d. recording and classifying information.
The starting point of the accounting process isa. communicating information to users.b. identifying economic events.c. recording economic events.d. None of these answers are correct.
Accountants refer to an economic event as aa. purchase.b. sale.c. transaction.d. change in ownership.
True or False In the retained earnings statement, revenues are listed first, followed by expenses, and net income (or net loss).
True or False External transactions involve economic events between the company and some other enterprise or party.
True or False The basic accounting equation is in balance when the creditor and ownership claims against the business equal the assets.
True or False The monetary unit assumption requires that all dollar amounts be rounded to the nearest dollar.
True or False At the time an asset is acquired, cost and fair value should be the same.
True or False Accountants do not have to worry about issues of ethics.
True or False Management consulting includes examining the financial statements of companies and expressing an opinion as to the fairness of their presentation.
True or False Identifying is the process of keeping a chronological diary of events measured in dollars and cents.
True or False Expressing an opinion as to the fairness of the information presented in financial statements is a service performed by CPAs.
True or False Private accountants are accountants who are not employees of business enterprises.
True or False The study of accounting will be useful only if a student is interested in working for a profitoriented business firm.
True or False The ending retained earnings balance is reported on both the retained earnings statement and the balance sheet.
True or False A balance sheet reports the assets and liabilities of a company for a specific period of time.
True or False The income statement is sometimes referred to as the statement of operations.
True or False Net income for the period is determined by subtracting total expenses and drawings from total revenues.
True or False The primary purpose of the statement of cash flows is to provide information about the cash receipts and cash payments of a company during a period.
True or False The purchase of office equipment on credit increases total assets and total liabilities.
True or False The purchase of store equipment for cash reduces assets and stockholders’ equity by an equal amount.
True or False Internal transactions do not affect the basic accounting equation because they are economic events that occur entirely within one company.
True or False Both internal and external transactions are recorded in accounting records.
True or False The basic accounting equation states that Assets = Liabilities.
True or False Owners' claims to total business assets take precedence over the claims of creditors because owners invest assets in the business and are liable for losses.
True or False In order to possess future service potential, an asset must have physical substance.
True or False Even though a partnership is not a separate legal entity, for accounting purposes the partnership affairs should be kept separate from the personal activities of the owners.
True or False The cost and fair value of an asset are the same at the time of acquisition and in all subsequent periods.
True or False The Securities and Exchange Commission oversees U.S. financial markets and accounting standard-setting bodies.
True or False The Financial Accounting Standards Board is a part of the Securities and Exchange Commission.
True or False The primary accounting standard-setting body in the United States is the International Accounting Standards Board.
True or False Accountants rely on a fundamental business concept—ethical behavior—in reporting financial information.
True or False The monetary unit assumption states that only transactions that can be measured in terms of money should be recorded in the accounting records.
True or False The economic entity assumption requires that the activities of an entity be kept separate and distinct from the activities of its owner and all other economic entities.
True or False A partnership must have more than one owner.
True or False A working knowledge of accounting is not relevant to a lawyer or an architect.
True or False The study of accounting is not useful for a business career unless your career objective is to become an accountant.
True or False The origins of accounting are attributed to Luca Pacioli, a famous mathematician.
True or False Bookkeeping and accounting are one and the same because the bookkeeping function includes the accounting process.
True or False Financial statements are the primary means of communicating accounting information to interested parties.
True or False Accounting information is used only by external users with financial interests in a business enterprise.
True or False Accounting communicates financial information about a business enterprise to both internal and external users.
True or False Management of a business enterprise is the major external user of information.
True or False The hiring of a new company president is an economic event recorded by the financial information system.
True or False Transactions that can be measured in dollars and cents are recorded in the financial information system.
True or False Owners of business firms are the only people who need accounting information.
The assumption that amounts are reported using a common scale (such as the dollar in the United States) is the:A) Monetary unit assumption.B) Periodicity assumption.C) Economic entity assumption.D) Going concern assumption.
The assumption that the life of the business can be divided into time intervals for reporting purposes is the:A) Monetary unit assumption.B) Periodicity assumption.C) Economic entity assumption.D) Going concern assumption.
The assumption that the assets and liabilities of the business are accounted for on the books of the company but not included in the records of the owner is the:A) Monetary unit assumption.B) Economic entity assumption.C) Going concern assumption.D) Periodicity assumption.
The assumption that a business will continue to operate into the future is the:A) Monetary unit assumption.B) Periodicity assumption.C) Economic entity assumption.D) Going concern assumption.
If a company has gone bankrupt, its financial statements likely violate the:A) Periodicity assumption.B) Monetary unit assumption.C) Going concern assumption.D) Economic entity assumption.
The major underlying assumptions of accounting include all of the following except:A) Economic entity.B) Monetary unit.C) Legal liability.D) Going concern.
Enhancing qualitative characteristics of accounting information include:A) Relevance and comparability.B) Comparability and consistency.C) Faithful representation and relevance.D) Cost effectiveness and materiality.
Constraints on qualitative characteristics of accounting information include:A) Freedom from material error.B) Going concern.C) Neutrality.D) Cost effectiveness.
The conceptual framework's qualitative characteristic of faithful representation includes:A) Predictive value.B) Neutrality.C) Confirmatory value.D) Comparability.
According to the conceptual framework, verifiability implies:A) Consensus.B) Logic.C) Legal evidence.D) Legal verdict.
The conceptual framework's qualitative characteristic of relevance includes:A) Predictive value.B) Verifiability.C) Completeness.D) Neutrality.
Materiality is based upon which factor(s)?A) Timeliness of an item B) Amount and nature of an item C) Consistency of an item D) Relevance of an item
For accounting information to be relevant, it should possess which of the following characteristics?A) Predictive value and confirmatory value B) Large in amount and timely C) Comparability and consistency D) Verifiability
If accounting information is considered to have faithful representation, then which of the following is true?A) The information represents to users what it claims to represent.B) The information follows conservatism principles and is also material.C) The information is considered pertinent to or
Accounting information that does not provide measurement bias in favor of a particular set of companies has the characteristic of:A) Relevance.B) Consistency.C) Materiality.D) Neutrality.
The qualitative characteristic that says accounting information can influence users'decisions by allowing them to assess past performance is:A) Timeliness.B) Neutrality.C) Confirmatory value.D) Predictive value.
Fundamental qualitative characteristics of accounting information are:A) Relevance and comparability.B) Comparability and consistency.C) Faithful representation and relevance.D) Faithful representation and consistency.
A company’s disclosure regarding conflicts of interest is an example of a(n):A) Environmental disclosure.B) Governance disclosure.C) Political disclosure.D) Social disclosure.
A company’s disclosure regarding board independence is an example of a(n):A) Environmental disclosure.B) Governance disclosure.C) Political disclosure.D) Social disclosure.
A company’s disclosure regarding diversity and inclusion issues is an example of a(n):A) Environmental disclosure.B) Governance disclosure.C) Political disclosure.D) Social disclosure.
A company’s disclosure regarding human rights issues is an example of a(n):A) Environmental disclosure.B) Governance disclosure.C) Political disclosure.D) Social disclosure.
A company’s disclosure regarding its water and waste management is an example of a(n):A) Environmental disclosure.B) Governance disclosure.C) Political disclosure.D) Social disclosure.
A company’s disclosure regarding its greenhouse gas emissions is an example of a(n):A) Environmental disclosure.B) Governance disclosure.C) Political disclosure.D) Social disclosure.
An environmental issue discussed by most companies in their sustainability disclosures includes the:A) Ratio of CEO compensation to median compensation of all full-time employees.B) Gender pay ratio and gender diversity ratio of employees.C) Gender diversity of the Board of Directors.D) None of the
Details of the company’s practices and policies related to environmental, social and governance factors that affect the company’s ongoing financial performance and operating risks are included in the:A) Proxy statement.B) Sustainability disclosures.C) Management’s discussion and analysis
Standards for sustainability reporting are established by the:A) Financial Accounting Standards Board (FASB).B) Governmental Accounting Standards Board (GASB).C) Internal Revenue Service (IRS).D) Sustainability Accounting Standards Board (SASB).
Certain major events that companies must disclose on a more timely basis are reported on ____(1)____ and should generally be filed with the SEC within ____(2)____ of occurrence.A) (1) Form 1-A; (2) four days B) (1) Form 1-A; (2) one month C) (1) Form 8-K; (2) four days D) (1) Form 8-K; (2) one month
A proxy statement includes:A) Compensation information for directors and top executives.B) Notice of plans at the annual meeting to elect board members.C) Issues before the shareholders to vote at the annual meeting or by proxy.D) All of the other answer choices are correct.
Disclosures of compensation information for directors and top executives are provided each year in the:A) Proxy statement.B) Management.C) Investors.D) Board of directors.
A company’s policies regarding revenue recognition are provided in which disclosure note?A) Management’s Discussion and Analysis B) Related Third-Party Disclosures C) Subsequent Events D) Summary of Significant Accounting Policies
A company’s choice of depreciation method is specified in which disclosure note?A) Management’s Discussion and Analysis B) Related Third-Party Disclosures C) Subsequent Events D) Summary of Significant Accounting Policies
An omission in the notes to the financial statements that is so serious that even a qualified opinion is not justified would result in a(n):A) Disclaimer of opinion.B) Unqualified opinion.C) Adverse opinion.D) Consistency exception.
Which of the following would be issued if the auditor believes the financial statements are presented in conformity with generally accepted accounting principles (GAAP)?A) Qualified opinion B) Unqualified opinion C) Adverse opinion D) No opinion would be issued.
The term "cooking the books" refers to:A) Purposely providing misleading financial information to investors and creditors.B) Hiring an auditor to provide independent verification of the fairness of financial statements.C) Filing all tax-related statements by the required deadline.D) Preparing
The role of the Public Company Accounting Oversight Board is to:A) Advise investors and creditors of companies’ future profit potential.B) Ensure that auditors follow a strict set of guidelines when conducting their audits.C) Assist company management in the case of financial default on debt.D)
Which of the following best describes auditors with regards to their role in financial reporting?A) Consultants that are hired by company management to advise on key matters related to competition, product pricing, employee retention, and financial reporting strategies B) Key employees of the
To ensure that management has in fact appropriately applied GAAP, the SEC requires independent outside verification of the financial statements of public traded companies by an:A) Advisor.B) Attorney.C) Auditor.D) Analyst.
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