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88 Test Bank for College Accounting 2nd Edition Multiple Choice Questions Accounting software: A.Has replaced the need for accountants B.Has not changed the work that accountants C.Has improved clerical accuracy D.Has replaced the need for decision makers E.Is only available to large corporations The committee that attempts to create more harmony among the accounting practices of different countries by identifying preferred practices and encouraging their worldwide acceptance is the: A.AICPA B.FASB C.CAP D.SEC E.IASB Internal users of accounting information include: A.Shareholders B.Managers C.Lenders D.Suppliers E.Customers The primary objective of financial accounting is: A.To serve the decision-making needs of internal users B.To provide financial statements to help external users analyze an organization's activities C.To monitor and control company activities 4 D.To provide information on both the costs and benefits of looking after products and services E.To know what, when, and how much to produce The private board that currently has the authority to establish generally accepted accounting principles is the: A.APB B.FASB C.AAA D.AICPA E.SEC Career opportunities in accounting include: A.Budgeting B.Auditing C.Cost accounting D.Internal Auditing E.All of these Accounting is an information and measurement system that: A.Identifies business activities B.Records business activities C.Communicates business activities D.Helps people make better decisions E.All of these The International Accounting Standards Board (IASB) A.Hopes to create harmony among accounting practices of different countries B.Is the government group that establishes reporting requirements for companies that issue stock to the public C.Has the authority to impose its standards on companies D.Is the only source of generally accepted accounting principles (GAAP) E.Only applies to companies that are members of the European Union Accounting A.Is an information and measurement system B.Identifies, records, and communicates information about business activities C.Helps people make better decisions D.Provides information about a company's performance E.All of these External users of accounting information include: A.Shareholders B.Customers C.Creditors D.Government regulators E.All of these Career opportunities in accounting include: A.Auditing B.Management consulting C.Tax accounting D.Cost accounting E.All of these Ethics: A.Are beliefs that separate right from wrong B.And law often coincide C.Help to prevent conflicts of interest D.Are critical in accounting E.All of these The area of accounting aimed at serving the decision-making needs of internal users is: A.Financial accounting B.Managerial accounting C.External auditing 4 D.SEC reporting E.Bookkeeping The rules adopted by the accounting profession as guides in preparing financial statements are: A.Comprised of both general and specific principles B.Known as generally accepted accounting principles C.Abbreviated as GAAP D.Intended to make information in financial statements relevant, reliable, and comparable E.All of these Accounting certifications include the: A.Certified Public Accountant B.Certified Management Accountant C.Certified Internal Auditor D.Certified Bookkeeper E.All of these The financial statements prepared for external users is often referred to as A.The books B.Integrated financial statements C.Statements of financial position D.General purpose financial statements E.Proforma financial statements A Certified Public Accountant A.Must meet education and experience requirements B.Must pass an examination C.Must exhibit ethical character D.May also be a Certified Management Accountant E.All of these Ethical behavior: A.Requires that auditors' pay not depend on the figures in the client's reports B.Encourages auditors to invest in businesses they audit C.Does not affect external users D.Is rarely an issue in business E.All of these The board of directors report to A.Shareholders B.Lenders C.Management D.SEC E.All of these Generally accepted accounting principles: A.Are practices adopted by accountants to make accounting easier B.Are only necessary when convenient C.Can be overruled if approved by the SEC D.Strive to make information relevant, reliable and comparable E.None of these The organization responsible for overseeing the work of external auditors is the: A.FASB B.SEC C.PCAOB D.GAAP E.AICPA In order to be useful, accounting information must be A.Reliable B.Relevant C.Conform to GAAP 4 D.Both a and b E.All of these Rules adopted by the accounting profession to make information relevant, reliable and comparable: A.Are comprised of both general and specific principles B.Are known as generally accepted accounting principles C.Are abbreviated as GAAP D.Are established by FASB and SEC E.All of these Examples of social responsibility include: A.Donating computers to a local elementary school B.Enacting stricter production-pollution standards C.Sponsoring a summer free-lunch program D.Improving lighting in a production room E.All of these True False Questions Accounting information systems collect, process and report information to decision makers True False The Financial Accounting Standards Board is the private group that sets both broad and specific accounting principles True False Understanding generally accepted accounting principles is not necessary to use and interpret financial statements True False 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 Bookkeeping is the same as accounting True False Accounting is one way important information about businesses is reported to decision makers True False The Financial Accounting Board is the group that establishes reporting requirements for companies that issue stock to the public True False Public accounting provides the majority of the career opportunities True False Accounting is an information and measurement system that identifies, records, and communicates financial information to users True False Generally accepted accounting principles were established to improve conformity in financial reporting by making information relevant, reliable and comparable True False Generally accepted accounting principles are the basic assumptions, concepts, and guidelines for preparing financial statements True False Separate legal status means that a corporation can conduct business with the rights, duties and responsibilities as a person True False The majority of accounting career opportunities are in the private sector True False The Sarbanes-Oxley Act requires issuers of securities to disclose the adoption of an ethics code True False Internal auditors assess an employer's procedures and controls over recordkeeping activities and physical control of a firm's assets True False Internal controls are procedures designed to protect company property, ensure reliable reports, promote efficiency and ensure employees follow company policies True False Ethics are not important to decision making in accounting True False US accounting practices are viewed as rule-based as financial statements are prepared using technical, specific and detailed rules True False Separate legal status means that owners, called shareholders are not personally liable for corporate acts and debts True False Accounting software packages reduce the time, effort and cost of recordkeeping True False Managerial accounting is an area of accounting that provides internal reports to assist in the decision-making needs of internal users True False The Securities and Exchange Commission (SEC) is an arm of the federal government that establishes reporting requirements for companies that issue stock to the public True False Guidelines for ethical decision making requires recognition of an ethical concern and consideration of good and bad consequences True False External users include lenders, shareholders, customers, and regulators True False Opportunities in accounting include auditing, management consulting,and tax planning True False Bookkeeping is the recording of transactions and events and is only part of accounting True False Good ethics are good business True False Internal users include lenders, shareholders, brokers and managers True False Internal reports are subject to the same rules as external reports as consistency is important and makes information more useful to the user True False External auditors examine financial statements to determine if they are prepared according to generally accepted accounting principles True False State ethics codes require CPAs who audit financial statements to disclose areas where those statements fail to comply with GAAP True False Three forms of business include service providers, wholesalers and retailers True False A limited liability company is treated like a corporation for liability and tax purposes True False Identifying the proper ethical path is easy True False Text Questions Explain the flow of accounting in a business's activities Answer Given Accounting is a process that identifies business related transaction and events to record, measure and classify This information must then be communicated out in the form of financial statements _ is the federal agency that sets reporting rules for organizations that sell ownership shares to the public Answer Given SEC (Securities and Exchange Commission) Identify the users and uses of accounting information Answer Given There are two general types of users of accounting information (1) Internal users are managers and officers of businesses They require information about business activities in order to make decisions about planning, monitoring, and control (2) External users rely on financial statements to make business decisions These users include lenders, and shareholders Lenders need information for measuring the risk and return of loans Shareholders need information for assessing the risk and return in owning shares Accounting is an that identifies, records and communicates relevant, reliable and comparable information about an organization's economic activities Answer Given information and measurement system (or information system) is the recording of transactions or events, and is just one part of accounting Answer Given Recordkeeping (or bookkeeping) is the recording of financial transactions and events, either manually or electronically Answer Given Recordkeeping or bookkeeping is the independent group of full-time members responsible for setting the rules of accounting Answer Given FASB (Financial Accounting Standards Board) How the information needs of external users such as lenders differ from an external auditor? Answer Given Lenders use a company's accounting information to establish credit-worthiness and assess risk involved in loaning money Whereas, an external auditors may look at the same accounting information to determine compliance with standards and practices (GAAP) _ are those that use accounting information for the purpose of managing the organization Answer Given Internal Users Identify the two main groups involved in establishing generally accepted accounting principles Answer Given The FASB is the private group that establishes GAAP The SEC establishes reporting requirements for companies that issue stock to the public Managerial Accounting is the area of accounting mainly aimed at serving the decision making needs of the _ Answer Given internal users Explain the role of accounting in the information age Answer Given Accounting is an information and measurement system It identifies, records, and communicates relevant, reliable and comparable information about business activities Accounting also includes the crucial process of analysis and interpretation Explain why accounting is referred to as "the language of business" Answer Given Because all types and functions of organizations must use this "language" to communicate necessary decision-making information are procedures set up to protect company property and equipment, ensure reliable accounting reports, promote efficiency, and encourage adherence to company policies Answer Given Internal controls What are two questions that an owner might be able to answer by looking at accounting information? Answer Given Some possible questions are: 1) How, what, when and how much must be purchased? 2) What are the projected sales and costs? 3) What are the costs and benefits of particular products and service? 4) What were the payroll costs last month? 5) What is the projected number of employees needed in the next month? Many other questions are possible What aspects of business involve accounting? Answer Given All aspects of business involve accounting from buying and selling goods and services to credit approval, checking accounts and payroll All business functions perform recordkeeping What is social responsibility? Answer Given A company's involvement in and concern for society's well being Being socially responsible might include acts of charity, measures to increase product safety, or support of public systems such as education is the area of accounting aimed at serving external users Answer Given Financial accounting International Accounting Standards Board is the group that works to identify and encourages global acceptance Answer Given preferred accounting practices What are some examples of how an organization can act socially responsible? Answer Given Organizations can make donations to other organizations that focus on social well being, such as hospitals, schools and community programs They can also become involved in social programs including product and worker safety campaigns What is the purpose of the internal controls in a company? Answer Given Internal controls are necessary to monitor and control a company's activities Internal control procedures protect, promote reliability, efficiency and adherence to company policies What role does technology play in the accounting function? Answer Given In today's information age, technology plays a major role in improving efficiency of performing record keeping, as well as reducing frequency of errors _ are beliefs that separate right from wrong Answer Given Ethics Explain why ethics are an integral part of accounting Answer Given The purpose of accounting is to provide useful information for decision makers For information to be useful, it must be trusted This requires ethical behavior by accountants and managers in all phases of gathering, analyzing and reporting financial information so that good decisions are made Identify several opportunities in accounting and its related fields Answer Given The traditional areas of accounting include financial accounting, managerial accounting, and tax accounting Work in related fields includes lending, underwriting, market research, and business valuation What are the author's recommended three steps for making a good ethical decision? Answer Given 1) Use your personal beliefs about right and wrong to identify any ethical concerns 2) Look beyond your belief system to consider other influences and all possible consequences 3) Make a decision that considers all choices and consequences Shareholders are owners of a corporation and typically elect to oversee their interests in the corporation Answer Given a board of directors is the information and measurement system that identifies, records, and communicates relevant information about a company's business activities Answer Given Accounting A primary purpose of is to make information in financial statements relevant, reliable and comparable Answer Given GAAP users of accounting information are not directly involved in running the organization Answer Given External ... Explain why ethics are an integral part of accounting Answer Given The purpose of accounting is to provide useful information for decision makers For information to be useful, it must be trusted... personally liable for corporate acts and debts True False Accounting software packages reduce the time, effort and cost of recordkeeping True False Managerial accounting is an area of accounting that... and uses of accounting information Answer Given There are two general types of users of accounting information (1) Internal users are managers and officers of businesses They require information