1. What does accounting focus on?
O The impact a business's activities have on its public image
O The impact a business's activities have on its relationship with customers
O The impact a business's activities have on the environment
O The impact a business's activities have on its overall financial performance
O The impact a business's activities have on its overall financial performance
2. Which report summarizes cash collections and cash expenditures from operating, investing, and financing
activities over a period of time?
O Statement of Cash Flows
O Cash flow schedule
O Summary of cash receipts
O Cash receipts and disbursements
O Statement of Cash Flows
,3. Which users would have a primary concern with an organization's ability to provide healthcare benefits?
O Suppliers
O Employees
O Vendors
O Competitors
O Employees
4. Which benefit does a corporation gain by following Generally Accepted Accounting Principals (GAAP)?
O An increase in the amount of assets it reports
O A decrease in its income tax obligations
O A decrease in the amount of net income it reports
O An increase in its comparability to other companies
O An increase in its comparability to other companies
,5. Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large
publicly traded company?
O Another certified accounting firm (CPA)
O The Public Company Accounting Oversight Board (PCAOB)
O The internal revenue service (IRS)
O The financial accounting standards board (FASB)
O The Public Company Accounting Oversight Board (PCAOB)
6. What has had the most significant impact on accounting practices?
O New product innovations
O Mobile computing
O Certification requirements
O Information Technology
O Information Technology
, 7. What two items of information are revealed on the balance sheet?
Choose 2 answers
O Costs
O Revenues
O Debt
O Expenses
O Ownership
O Debt
O Ownership
8. Which term is defined as the residual interest in the net assets of a company?
O Owner's Equity
O Revenues
O Operating Income
O Liabilities
O Owner's Equity
O The impact a business's activities have on its public image
O The impact a business's activities have on its relationship with customers
O The impact a business's activities have on the environment
O The impact a business's activities have on its overall financial performance
O The impact a business's activities have on its overall financial performance
2. Which report summarizes cash collections and cash expenditures from operating, investing, and financing
activities over a period of time?
O Statement of Cash Flows
O Cash flow schedule
O Summary of cash receipts
O Cash receipts and disbursements
O Statement of Cash Flows
,3. Which users would have a primary concern with an organization's ability to provide healthcare benefits?
O Suppliers
O Employees
O Vendors
O Competitors
O Employees
4. Which benefit does a corporation gain by following Generally Accepted Accounting Principals (GAAP)?
O An increase in the amount of assets it reports
O A decrease in its income tax obligations
O A decrease in the amount of net income it reports
O An increase in its comparability to other companies
O An increase in its comparability to other companies
,5. Which body regulates a certified public accounting firm's audit practices when the firm is auditing a large
publicly traded company?
O Another certified accounting firm (CPA)
O The Public Company Accounting Oversight Board (PCAOB)
O The internal revenue service (IRS)
O The financial accounting standards board (FASB)
O The Public Company Accounting Oversight Board (PCAOB)
6. What has had the most significant impact on accounting practices?
O New product innovations
O Mobile computing
O Certification requirements
O Information Technology
O Information Technology
, 7. What two items of information are revealed on the balance sheet?
Choose 2 answers
O Costs
O Revenues
O Debt
O Expenses
O Ownership
O Debt
O Ownership
8. Which term is defined as the residual interest in the net assets of a company?
O Owner's Equity
O Revenues
O Operating Income
O Liabilities
O Owner's Equity
