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Accounting with tables and multiple choice questions.pdf
Accounting_with_tables_and_multiple_choice_questions.pdf
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CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
CHAPTER 1 ACCOUNTING IN ACTION SU...
CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
Test Bank for Accounting Principles, Eighth Edition
1 - 8
49.
Which of the following would
not
be considered an internal user of accounting data for the
XYZ Company?
a. President of the company
b. Production manager
c. Merchandise inventory clerk
d.
President of the employees' labor union
50.
Which of the following would
not
be considered an external user of accounting data for the
XYZ Company?
a. Internal Revenue Service Agent
b. Management
c. Creditors
d. Customers
51.
Which of the following would
not
be considered internal users of accounting data for a
company?
a.
The president of a company
b.
The controller of a company
c.
Creditors of a company
d. Salesmen of the company
52.
Which of the following is an external user of accounting information?
a. Labor unions
b. Finance directors
c. Company officers
d. Managers
53.
Which one of the following is
not
an external user of accounting information?
a. Regulatory agencies
b. Customers
c. Investors
d.
All of these are external users
54.
Bookkeeping differs from accounting in that bookkeeping primarily involves which part of
the accounting process?
a. Identification
b. Communication
c. Recording
d. Analysis
a
55.
All of the following are services offered by public accountants except
a. budgeting.
b. auditing.
c. tax planning.
d. consulting.
a
56.
Which list below best describes the major services performed by public accountants?
a. Bookkeeping, mergers, budgets
b. Employee training, auditing, bookkeeping
c.
Auditing, taxation, management consulting
d.
Cost accounting, production scheduling, recruiting
Accounting in Action
1 - 9
a
57.
Preparing tax returns and engaging in tax planning is performed by
a. public accountants only.
b. private accountants only.
c.
both public and private accountants.
d. IRS accountants only.
a
58.
A private accountant can perform many activities in a business organization but would
not
work in
a. budgeting.
b. accounting information systems.
c. external auditing.
d. tax accounting.
59.
The origins of accounting are generally attributed to the work of
a. Christopher Columbus.
b. Abner Doubleday.
c. Luca Pacioli.
d. Leonardo da Vinci.
60.
Financial accounting provides economic and financial information for all of the following
except
a. creditors.
b. investors.
c. managers.
d. other external users.
61.
The final step in solving an ethical dilemma is to
a.
identify and analyze the principal elements in the situation.
b. recognize an ethical situation.
c.
identify the alternatives and weigh the impact of each alternative on stakeholders.
d.
recognize the ethical issues involved.
62.
The first step in solving an ethical dilemma is to
a.
identify and analyze the principal elements in the situation.
b. identify the alternatives.
c.
recognize an ethical situation and the ethical issues involved.
d.
weigh the impact of each alternative on various stakeholders.
63.
Ethics are the standards of conduct by which one's actions are judged as
a. right or wrong.
b. honest or dishonest.
c. fair or unfair.
d. all of these.
64.
Generally accepted accounting principles are
a.
income tax regulations of the Internal Revenue Service.
b.
standards that indicate how to report economic events.
c.
theories that are based on physical laws of the universe.
d.
principles that have been proven correct by academic researchers.
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