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Question 1 (1 point) Saved ...

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Question

Accounting

Question 1 (1 point)

Saved

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:

APB
FASB
AICPA
SEC

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:

APB
AICPA
SEC
FASB
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