Premium Essay

Chp 1 Quiz

In:

Submitted By verachang123
Words 525
Pages 3
Score:

1.

60/100

Points

60

%

Award: 10 out of 10.00 points

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. ✓

True
False

References
True / False

2.

Learning Objective:
01-01 Define accounting. Award: 0 out of 10.00 points

Which of the following is NOT part of the process of accounting for financial information?
Recording
Identifying
Communicating
Classifying

References
Multiple Choice

Learning Objective:
01-01 Define accounting. Learning Objective: 01-06 Define the accounting terms new to this chapter.

3.

Award: 10 out of 10.00 points

Tax accounting involves tax compliance and tax evaluation.


tax planning. tax configuration. tax obfuscation.

References
Multiple Choice

4.

Learning Objective:
01-02 Identify and discuss career opportunities in accounting. Award: 10 out of 10.00 points

A form of the partnerships business entity is


LLP.
LLC.
INC.
DBA.

References
Multiple Choice

Learning Objective:
01-04 Compare and contrast the three types of business entities. 5.

Award: 0 out of 10.00 points

The Sarbanes-Oxley Act includes rules on auditor retention. auditor reliability. auditor rotation. auditor reporting.

References
Multiple Choice

6.

Learning Objective:
01-03 Identify the users of financial information. Award: 0 out of 10.00 points

The following are all government agencies except
SEC.
AICPA.
IRS.
FBI.

References
Multiple Choice

Learning Objective:
01-02 Identify and discuss career opportunities in accounting. 7.

Award: 10 out of 10.00 points

An act passed in response to

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