Glendale Community College » Business Administration » BUSAD 101 - Introduction to Business » Spring 2021

Question #1

All of the following are tangible assets EXCEPT _____.

A. building

B. cash

C. patents

D. inventory

Question #2

Who appoints the members of the Public Company Accounting Oversight Board?

A. Federal Trade Commission

B. American Association of CPAs

C. Securities and Exchange Commission

D. FASB

Question #3

The procedure used by accountants to convert data about individual transactions to financial statements is called _____.

A. the balance sheet

B. the accounting cycle

C. the statement of owners’ equity

D. the cash flow method

Question #4

The primary role of government accountants is to determine how efficiently their organizations have accomplished their objectives.

A. FALSE

B. TRUE

Question #5

Few not-for-profit organizations publish financial information since they are not required by law to do so.

A. TRUE

B. FALSE

Question #6

The not-for-profit sector is one of the fastest growing segments of accounting practice.

A. FALSE

B. TRUE

Question #7

Assets can include intangible possessions such as patents and trademarks.

A. TRUE

B. FALSE