Business 001 - Introduction to Business » Spring 2022 » Ch 14 OpenStax Homework
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Question #1
_____ deals with reporting to outsiders. _____ accounting deals with the internal operations of the firm.
A.
Bookkeeping; Financial accounting
B.
Financial accounting; Managerial accounting
C.
External accounting; Internal accounting
D.
Financial accounting; Auditing
E.
Auditing; Managerial accounting
F.
Question #2
To ensure accuracy and consistency in the way financial information is reported, accountants follow rules known as:
A.
financial accounting standards
B.
accounting rules and principles
C.
principled accounting procedures
D.
generally accepted accounting principles
E.
comparable accounting standards
Question #3
The Financial Accounting Standards Board (FASB) is a:
A.
federal government agency that is responsible for establishing financial accounting standards in the United States
B.
private organization that is responsible for establishing financial accounting standards in the United States
C.
federal government agency that mediates disputes between accountants and the companies they work for
D.
federal government agency that is responsible for establishing managerial accounting standards for NAFTA members
E.
United Nations organization that is responsible for establishing financial accounting standards globally
Question #4
A(n) _____ is a yearly document that describes a firm's financial status and usually discusses a firm’s financial activities during the past year and its prospects for the future.
A.
trial balance
B.
financial analysis
C.
annual report
D.
firm summary
E.
earnings report
Question #5
Which of the following statements about the accounting profession is true?
A.
Public accountants serve individuals and organizations on a fee basis.
B.
Most CPAs first work for public accounting firms and later become private accountants or financial managers.
C.
Managerial accountants become a certified management accountant when they meet the requirements of the professional certification program.
D.
All of these statement about the accounting profession are true.
E.
Private accountants are also called corporate accountants.
Question #6
_____ are independent accountants who serve organizations and individuals on a fee basis.
A.
Public accountants
B.
Private accountants
C.
Financial strategists
D.
Public auditors
E.
Tax reviewers
Question #7
Accountants employed within organizations are called:
A.
tax consultants
B.
public auditors
C.
private accountants
D.
private auditors
E.
public accountants
Question #8
An accountant who has a bachelor's degree, passes a test prepared by the professional organization AICPA, and has a certain number of years of on-the-job training becomes a:
A.
financial analyst
B.
certified private accountant
C.
certified public accountant
D.
professional accountant
E.
certified tax specialist
F.
Question #9
In the accounting field, CMA stands for:
A.
consolidated monetary auditor
B.
certified monetary auditor
C.
certified motivational accountant
D.
centralized managerial accountant
E.
certified managerial accountant
Question #10
_____ is the system used to record a firm's financial transactions in a routine and clerical process.
A.
Auditing
B.
Financial management
C.
Accounting
D.
Record keeping
E.
Bookkeeping
Question #11
Things of value owned by a firm are called its:
A.
intangibles
B.
tangibles
C.
liabilities
D.
owners' equity
E.
assets
Question #12
Which of the following is an example of a liability that might be owned by an antique mall?
A.
money owed to utility companies
B.
promotional signs
C.
the sales prices paid by customers
D.
an expensive Chinese urn with a small crack
E.
accounting and inventory software
Question #13
Which of the following is an example of an asset that might be owned by a minor league baseball team?
A.
the price made for advertising on local radio
B.
salaries owed to its players
C.
all of these
D.
the cost of getting tickets printed
E.
reputation as a winning team
Question #14
Which of the following is an example of an intangible asset for a manufacturer of padlocks?
A.
money owed to them by a do-it-yourself superstore chain
B.
a patent on titanium lock mechanism
C.
a machine for forming the locks out of sheet metal
D.
a warehouse for storing locks
E.
an office for company CEO
Question #15
Another term for owners' equity is:
A.
gross sales
B.
net worth
C.
gross worth
D.
liabilities
E.
assets
Question #16
Which of the following calculations is a formal expression of the accounting equation?
A.
assets liabilities = retained earnings
B.
assets - owners' equity = liabilities
C.
assets = liabilities + owners' equity
D.
assets + liabilities = owners' equity
E.
assets/liabilities = owners’ equity
Question #17
In accounting, every transaction must be recorded as two entries. This system is called:
A.
accounting-cycle bookkeeping
B.
double-decker bookkeeping
C.
tandem record keeping
D.
dual-notation bookkeeping
E.
double-entry bookkeeping
Question #18
Which of the following is NOT one of the six steps in the accounting cycle?
A.
preparing the financial statements
B.
recording business transactions in journal
C.
paying accounts payable
D.
analyzing business transaction documents
E.
preparing a trial balance
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