Quiz
ACC 3000 Topic 1 ABC
Create a free account to finish this quiz
Save your progress and see your final score.
Already have an account? Sign in
Questions in this 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.
Information
- Description
- Business/Economics Quiz on ACC 3000 Topic 1 ABC, created by Elijah Yarisantos on 15/01/2020.
- Author
- Elijah Yarisantos
- Language
- English
- Views
- 5
- Tags
- Rating
- No ratings yet Rate this quiz