Quiz
ACC 3000 Topic 1 ABC
Crie uma conta grátis para terminar este quiz
Salve seu progresso e veja sua nota final.
Já tem uma conta? Inicie sessão
Perguntas do quiz (30)
1Which ONE of the following statements is TRUE??
- AThe SEC is an agency of the U.S. federal government.
- BManagerial accounting information is provided to external users to aid in decision making.
- CThe balance sheet reports the excess of a company’s revenues over its expenses.
- DAccounting and bookkeeping are the same thing.
- EAccounting standards in the United States are set by the IRS.
2Which ONE of the following is NOT part of the definition of “accounting”?
- AStructure
- BUseful
- CDecision-making to influence the future
- DFinancial
3Which ONE of the following describes managerial accounting reports and does NOT describe financial accounting reports.
- AThey are based on generally accepted accounting principles.
- BThey are based on the financial statements: balance sheet, income statement, and statement of cash flows.
- CThey represent general purpose information.
- DThey are used primarily by internal users.
4Which ONE of the following is included in a balance sheet?
- ARevenues
- BNet income
- CFinancing cash flows
- DLiabilities
5Which ONE of the following is included in an income statement?
- ALiabilities
- BOwners’ equity
- CRevenues
- DOperating cash flows
- ECash
6Which ONE of the following is one of the categories in the statement of cash flows?
- AHolding
- BTrading
- CFinancing
- DHedging
7Which ONE of the following is a correct description of the IASB?
- AIs a private organization that establishes international accounting standards
- BCreated by the IRS as a substitute for the FASB
- CHas regulatory authority to establish both income tax and financial accounting standards for companies in Korea, Japan, China, Hong Kong, and Taiwan.
- DWorks under the direction of the United Nations
8Which ONE of the following statements is FALSE with respect to the FASB?
- AIs composed of people from a variety of business-related backgrounds
- BLacks the legal power to enforce the accounting standards it sets
- CIs a subcommittee of the AICPA
- DReceives most of the money for its operating budget from fees charged to public companies
9Which ONE of the following statements is FALSE with respect to the SEC?
- AIs charged with protecting U.S. investors from losing money
- BHas specific legal authority to regulate stock exchanges in the United States
- CIs an agency of the United States government
- DHas specific legal authority to establish accounting standards in the United States
10Which ONE of the following statements is TRUE?
- AThe AICPA has specific legal authority to establish accounting standards in the United States.
- BThe IRS inspects the audit practices of registered audit firms in the United States.
- CThe AICPA is responsible for preparing and grading the CPA exam.
- DThe PCAOB has specific legal authority to establish accounting standards in the United States.
- EThe PCAOB has specific legal authority to regulate stock exchanges in the United States.
11Which ONE of the following statements is TRUE?
- AAccounting and bookkeeping are the same thing.
- BManagerial accounting information is provided to external users to aid in decision making.
- CAccounting focuses on quantitative financial information.
- DThe balance sheet reports the excess of a company’s revenues over its expenses.
12Which ONE of the following is NOT part of the definition of “accounting”?
- AUseful
- BFinancial
- CQuantitative
- DInternal
13Which ONE of the following describes managerial accounting reports and does NOT describe financial accounting reports.
- AThey are based on custom-designed accounting measures.
- BThey are used primarily by external users.
- CThey are based on generally accepted accounting principles.
- DThey are standardized across companies.
14Which ONE of the following is NOT included in a balance sheet?
- AOperating cash flows
- BAssets
- COwners’ equity
- DLiabilities
15Which ONE of the following is NOT included in an income statement?
- AAssets
- BRevenues
- CNet income
- DExpenses
16Which ONE of the following is NOT one of the categories in the statement of cash flows?
- ABudgeting
- BOperating
- CInvesting
- DFinancing
17Which ONE of the following is a correct description of the IASB?
- AIs a private organization that establishes international accounting standards
- BIs a subcommittee of the American Institute of Certified Public Accountants (AICPA)
- CHas legal authority to establish financial accounting standards for U.S. companies
- DWorks under the direction of the SEC
18The FASB is composed of which ONE of the following?
- APeople from a variety of business-related backgrounds
- BFinancial accounting specialists appointed by the U.S. Congress
- CCPAs appointed by the AICPA
- DSenior SEC staff members
- ERepresentatives of each of the Big 4 accounting firms
19The SEC influences accounting standard setting in the United States through which ONE of the following?
- ASupport of the American Accounting Association (AAA)
- BFrequent adjustments to IRS regulations
- CBehind-the-scenes coordination and consultation with the FASB
- DThe inclusion of the Chief Accountant of the SEC as one of the FASB members
- EThe establishment of a complete set of accounting standards that compete with the FASB rules
20Which ONE of the following statements is TRUE?
- AThe IRS inspects the audit practices of registered audit firms in the United States.
- BThe PCAOB inspects the audit practices of registered audit firms in the United States.
- CThe PCAOB has specific legal authority to establish accounting standards in the United States.
- DThe IRS has specific legal authority to establish accounting standards in the United States.
21Which ONE of the following statements is TRUE?
- AAccounting standards in the United States are set by the IRS.
- BThe IASB is an agency of the U.S. federal government.
- CNot all CPAs work in CPA firms.
- DThe balance sheet reports the excess of a company’s revenues over its expenses.
22Which ONE of the following is NOT part of the definition of “accounting”?
- AFinancial
- BQuantitative
- CDecision-making to influence the future
- DMinimum
23Which ONE of the following describes managerial accounting reports and does NOT describe financial accounting reports.
- AThey are based on generally accepted accounting principles.
- BThey are standardized across companies.
- CThey are based on the financial statements: balance sheet, income statement, and statement of cash flows.
- DThey are used primarily by internal users.
24Which ONE of the following is included in a balance sheet?
- AFinancing cash flows
- BOwners’ equity
- CRevenues
- DExpenses
25Which ONE of the following is included in an income statement?
- AOperating cash flows
- BExpenses
- CLiabilities
- DOwners’ equity
26Which ONE of the following is NOT one of the categories in the statement of cash flows?
- AOperating
- BInvesting
- CTrading
- DFinancing
27Which ONE of the following is TRUE with respect to International Financial Reporting Standards (IFRS)?
- ADeveloped by a joint committee of the AICPA and the European Union.
- BDeveloped by a high commission of the United Nations.
- CAdopted by the IRS as a substitute for U.S. GAAP.
- DAllowed by the SEC for use in the United States by non-U.S. companies.
28Which ONE of the following statements is TRUE with respect to the FASB?
- AWorks under the direction of the United Nations
- BIs an agency of the United States government
- CCreated by the IRS as a substitute for the IASB
- DReceives most of the money for its operating budget from fees charged to public companies
29Which ONE of the following statements is TRUE with respect to the SEC?
- ALacks the legal power to enforce the accounting standards it sets
- BIs an agency of the United States government
- CIs a subcommittee of the AICPA
- DWorks under the direction of the United Nations
30Which ONE of the following statements is TRUE?
- AThe AICPA inspects the audit practices of registered audit firms in the United States.
- BThe SEC has specific legal authority to establish accounting standards in the United States.
- CThe IASB has specific legal authority to establish accounting standards in the United States.
- DThe FASB inspects the audit practices of registered audit firms in the United States.
Informações
- Descrição
- Business/Economics Quiz sobre ACC 3000 Topic 1 ABC, criado por Elijah Yarisantos em 15-01-2020.
- Autor
- Elijah Yarisantos
- Idioma
- English
- Visualizações
- 5
- Etiquetas
- Avaliação
- Ainda sem avaliações Avalie este quiz