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Question 1 (1 point)
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General-purpose financial statements are the product of
Question 1 options:
| | Neither financial nor managerial accounting |
| | Managerial accounting |
| | Financial accounting |
| | Both financial and managerial accounting |
Question 2 (1 point)
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Users of financial reports include all of the following except
Question 2 options:
| | Creditors |
| | Government agencies |
| | Unions |
| | All of these are users |
Question 3 (1 point)
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Which of the following represents a form of communication through financial reporting but not through the financial statements?
Question 3 options:
| | Income statement |
| | President's letter |
| | Notes to the financial statements |
| | Balance sheet |
Question 4 (1 point)
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Which of the following is not a major challenge facing the accounting profession?
Question 4 options:
| | Timeliness |
| | Forward-looking information |
| | Accounting for hard assets |
| | Nonfinancial measures |
Question 5 (1 point)
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Accrual accounting is used because
Question 5 options:
| | It recognizes revenues when cash is received and expenses when cash is paid |
| | Cash flows are considered less important |
| | It provides a better indication of ability to generate cash flows than the cash basis |
| | It is more accurate than cash basis accounting |
Question 6 (1 point)
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One objective of financial reporting is to provide
Question 6 options:
| | Information about the liquidation values of the resources of the enterprise |
| | Information about the investors in the business entity |
| | Information that will attract new investors |
| | Information that is useful in assessing cash flow prospects |
Question 7 (1 point)
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Which of the following organizations is responsible for setting accounting standards in the United States?
Question 7 options:
| | National Association of Accountants |
| | Congress |
| | Internal Revenue Service |
| | Financial Accounting Standards Board |
Question 8 (1 point)
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A characteristic of generally accepted accounting principles include the following
Question 8 options:
| | Acceptance requires a vote of Certified Public Accountants |
| | Common set of standards and principles |
| | Practices that have been used for at least a year by all industry members |
| | Standards and principles based on federal statutes |
Question 9 (1 point)
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Companies that are listed on a stock exchange are required to submit their financial statements to
Question 9 options:
Question 10 (1 point)
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Companies that are listed on a stock exchange are required to submit their financial statements to
Question 10 options:
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