Chapter 1 Revew Accounting Help

?Multiple Choice Questions?  1. Which of the pursual entities would not withdraw account statement information pertaining to their economic activities? ?a. Social clubs.?b. Not-for-profit entities.?c. State governments.?D. All of these require accounting information.?e. None of these requires accounting information.   ?Difficulty: Easy?  2. Which of the following(a) is not an objective of financial reporting described in FASB Concepts Statement No. 1? ?a. To provide information round how management of an enterprise has discharged its stewardship responsibility to owners.?B. To measure the authorized market value of the business enterprise.?c. To provide information so potential investors or creditors can make their own predictions of hereafter net profit.?d. To focus primarily on information about earnings and its components.?e. All of these are objectives of financial reporting.   ?Difficulty: Medium?  3. Which of the following statements about the Financial Accounting Standards Board is correct? ?a. The FASB is an way of life of the Federal government.?b. The FASB has the authority to fine a noncompliant firm.?C. The FASB follows a due process procedure that permits input from interested parties in front a standard is issued.?d. The FASB is controlled by the American Institute of certified public accountants.?e.

 None of these statements is correct.   ?Difficulty: Medium?   4. Major classifications of accounting occupation would not include: ?a. financial accounting, interior(a) auditing, public accounting.?b. internal auditing, governmental accounting, managerial accounting.?C. financial accounting, national accounting, cost accounting.?d. auditing, income levy accounting, governmental accounting.   ?Difficulty: Easy?  5. Which of the following is not an utilization of a decision or informed judgment that a potential investor would make from accounting information? ?a. Future advantageousness based on past profitability.?B. Probability of success of a new product development.?c. A forecast of... If you want to learn a full essay, order it on our website: Orderessay

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