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Exam 1: Accounting: the Language of Business

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Question 1

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The results of the accounting process are summarized in periodic reports called financial ___________________.

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statements

Question 2

Multiple Choice

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Which of the following is NOT a type of information communicated by the financial statements?

A) whether or not the business is profitable
B) what types of assets business owns
C) how long the business has been in operation
D) how much the business owes others

E) A) and B)
F) A) and C)

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Question 3

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Owners and managers need financial information in order to

Accounting is often referred to as the language of ___________________.

The financial statements submitted to the SEC by a corporation must be ____________________ by an independent accountant to ensure their fairness and adherence to generally accepted accounting principles.

Which of the following is NOT a type of information communicated by the financial statements?

Managerial Accounting is any activity associated with the preparation of tax returns and the audit of those returns.

The separate entity assumption applies only to the corporate form of business.

Public accounting firms provide three major types of services: auditing,tax accounting,and management advisory services.

List the "Big Four" public accounting firms in the United States.

In a sole proprietorship,the owner is responsible for the debts of the business if the firm is unable to pay.

List three individuals or groups who use financial information to make decisions about a firm.For each listed,give an example of why they would need the information.

Identify the statement below that represents what GAAP stands for

When a partner leaves,the partnership is dissolved and a new partnership may be formed with the remaining partners.

Define the following terms: entity,economic entity,and social entity.

The form of a business organization that is not affected by the withdrawal or death of an owner and can continue forever is

Managerial accountants usually do which of the following?

The financial affairs of a business and the financial affairs of the owners should be

The group of accounting educators who offer their opinions about proposed FASB statements,after research has been done to determine the possible effects on financial reporting and the economy,is

The following are all government agencies except