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Exam 1: Accounting: the Language of Business

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Question 41

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Public accountants work on the staff of federal,state,or local governmental units.

A) True
B) False

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Question 42

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Cullen Company of country X and Shaw Industries of country Y have issued financial statements in compliance with the accounting principles of their respective countries.They would like to work together on a project and need to compare their current financial statements prior to beginning.However,the accounting principles of the two countries differ.What organization might they turn to regarding this issue? (Give both the full name of the organization and its acronym. )What is the function of this organization?

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Organization: International Accounting S...

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Question 43

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Audited financial statements include an auditor's report.What does this auditor's report contain?

The review of financial statements to assess their fairness and adherence to GAAP is

Which of the following is NOT a service of public accounting firms?

Accountants normally choose to practice in one of three areas: public accounting,managerial accounting,or ____________________ accounting.

Identify which of the following are considered OUTSIDE users of financial accounting information.

A partnership has ____________________ or more owners.

The Financial Accounting Standards Board has the authority to develop generally accepted accounting principles.Choose the option below that contains the steps used by the FASB in developing GAAP.

When a business is organized as a sole proprietorship,the owner should combine his/her personal financial information with the business financial information.

Generally accepted accounting ____________________ are financial accounting standards that are changed and refined in response to changes in the environment in which businesses operate.

What determines the independence of Certified Public Accountants (CPAs)?

Managerial accounting is

Management advisory services are designed to help

The area of accounting that involves the preparation of internal reports for a firm's executives and the analysis of the data in these reports to aid in decision making is known as

The purpose of accounting is to provide financial information about an economic or social entity.

Accounting is defined as the process by which financial information about a business is recorded,classified,summarized,interpreted,and communicated to owners,managers,and other interested parties.

An act passed in response to the wave of corporate accounting scandals is the

Tax accounting involves tax compliance and

Identify the form of business that is considered a separate legal entity.