ACC 557 Week 2 Quiz – Strayer NEW



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ACC 557 Quiz 1 Chapter 1 Week 2 perfect Solution

Owners of business firms are the only people who need accounting information.


LO1 BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



Transactions that can be measured in dollars and cents are recorded in the financial information system.


Ans: LO1 BT: K Difficulty: Easy TOT: .5 min AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



The hiring of a new company president is an economic event recorded by the financial information system.


LO1 BT: C Difficulty: Easy TOT: .5 min AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



Management of a business enterprise is the major external user of information.


LO2 BT: K Difficulty: Easy TOT: .5 min AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



Accounting communicates financial information about a business enterprise to both internal and external users.


Ans: LO2 BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



Accounting information is used only by external users with a financial interest in a business enterprise.


LO2 BT: C Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



Financial statements are the major means of communicating accounting information to interested parties.


Ans: LO2 BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



Bookkeeping and accounting are one and the same because the bookkeeping function includes the accounting process.


LO2 BT: C Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



The origins of accounting are attributed to Luca Pacioli, a famous mathematician.


Ans: LO2 BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



The study of accounting will be useful only if a student is interested in working for a profit-oriented business firm.


LO2 BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



Private accountants are accountants who are not employees of business enterprises.


LO2 BT:K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



The study of accounting is not useful for a business career unless your career objective is to become an accountant.


LO2 BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



A working knowledge of accounting is not relevant to a lawyer or an architect.


LO2 BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



Expressing an opinion as to the fairness of the information presented in financial statements is a service performed by CPAs.


Ans: LO2 BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



Accountants rely on a fundamental business concept—ethical behavior—in reporting financial information.


Ans: LO3 BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



The primary accounting standard-setting body in the United States is the International Accounting Standards Board.


LO4 BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



The Financial Accounting Standards Board is a part of the Securities and Exchange Commission.


LO4 BT: K Difficulty: Easy TOT: .5 min. AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Reporting



The Securities and Exchange Commission oversees U.S. fin

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