ACC 557 Week 2 Quiz – Strayer NEW
Click On The Link Below To
Purchase A+ Graded Material
Instant Download
All
possible questions with answers
ACC 557
Quiz 1 Chapter 1 Week 2 perfect Solution
Owners
of business firms are the only people who need accounting information.
LO1 BT:
K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical
Thinking AICPA FN: Reporting
Transactions
that can be measured in dollars and cents are recorded in the financial
information system.
Ans: LO1
BT: K Difficulty: Easy TOT: .5 min AACSB: Reflective Thinking AICPA BB:
Critical Thinking AICPA FN: Reporting
The
hiring of a new company president is an economic event recorded by the
financial information system.
LO1 BT:
C Difficulty: Easy TOT: .5 min AACSB: Reflective Thinking AICPA BB: Critical
Thinking AICPA FN: Reporting
Management
of a business enterprise is the major external user of information.
LO2 BT:
K Difficulty: Easy TOT: .5 min AACSB: Reflective Thinking AICPA BB: Critical
Thinking AICPA FN: Reporting
Accounting
communicates financial information about a business enterprise to both internal
and external users.
Ans: LO2
BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB:
Critical Thinking AICPA FN: Reporting
Accounting
information is used only by external users with a financial interest in a
business enterprise.
LO2 BT:
C Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical
Thinking AICPA FN: Reporting
Financial
statements are the major means of communicating accounting information to
interested parties.
Ans: LO2
BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB:
Critical Thinking AICPA FN: Reporting
Bookkeeping
and accounting are one and the same because the bookkeeping function includes
the accounting process.
LO2 BT:
C Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical
Thinking AICPA FN: Reporting
The
origins of accounting are attributed to Luca Pacioli, a famous mathematician.
Ans: LO2
BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB:
Critical Thinking AICPA FN: Reporting
The
study of accounting will be useful only if a student is interested in working
for a profit-oriented business firm.
LO2 BT:
K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical
Thinking AICPA FN: Reporting
Private
accountants are accountants who are not employees of business enterprises.
LO2 BT:K
Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical
Thinking AICPA FN: Reporting
The
study of accounting is not useful for a business career unless your career
objective is to become an accountant.
LO2 BT:
K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical
Thinking AICPA FN: Reporting
A
working knowledge of accounting is not relevant to a lawyer or an architect.
LO2 BT:
K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical
Thinking AICPA FN: Reporting
Expressing
an opinion as to the fairness of the information presented in financial
statements is a service performed by CPAs.
Ans: LO2
BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB:
Critical Thinking AICPA FN: Reporting
Accountants
rely on a fundamental business concept—ethical behavior—in reporting financial
information.
Ans: LO3
BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB:
Critical Thinking AICPA FN: Reporting
The
primary accounting standard-setting body in the United States is the
International Accounting Standards Board.
LO4 BT:
K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical
Thinking AICPA FN: Reporting
The
Financial Accounting Standards Board is a part of the Securities and Exchange
Commission.
LO4 BT:
K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical
Thinking AICPA FN: Reporting
The
Securities and Exchange Commission oversees U.S. financial markets and
accounting standard-setting bodies.
Ans: LO4
BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB:
Critical Thinking AICPA FN: Reporting
The cost
and fair value of an asset are the same at the time of acquisition and in all
subsequent periods.
LO4 BT:
K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical
Thinking AICPA FN: Reporting
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.
Ans: LO5
BT: C Difficulty; Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical
Thinking AICPA FN: Reporting
A
partnership must have more than one owner.
Ans: LO5
BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB:
Critical Thinking AICPA FN: Reporting
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.
Ans: LO5
BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB:
Critical Thinking AICPA FN: Reporting
The
monetary unit assumption states that transactions that can be measured in terms
of money should be recorded in the accounting records.
Comments
Post a Comment