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Acc 501 Mid Term

In: Business and Management

Submitted By rakhipeswani
Words 2344
Pages 10
1. Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. True False
2. Managerial accounting is the area of accounting that provides internal reports to assist the decision making needs of internal users. True False
3. The primary objective of financial accounting is to provide general purpose financial statements to help external users analyze and interpret an organization's activities. True False
4. The area of accounting aimed at serving the decision making needs of internal users is: Financial accounting. Managerial accounting. External auditing. SEC reporting. Bookkeeping.
5. External users of accounting information include all of the following except: Shareholders. Customers. Purchasing managers. Government regulators. Creditors.
6. Social responsibility: Is a concern for the impact of our actions on society. Is a code that helps in dealing with confidential information. Is required by the SEC. Requires that all businesses conduct social audits. Is limited to large companies.
7. A corporation: Is a business legally separate from its owners. Is controlled by the FASB. Has shareholders who have unlimited liability for the acts of the corporation. Is the same as a limited liability partnership. Is not subject to double taxation
8. The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: Going-concern assumption. Business entity assumption. Objectivity principle. Cost Principle. Monetary unit assumption.
9. Preparation of a trial balance is the first step

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