LSUS MBA 700: Module 1 Exam Questions and
Answers
A governmental agency can best be described by which of the following
statements? (Ch. 1)
has a primary purpose of using taxpayer funds to provide services to the public
Accounting is sometimes called the "language of _____." (Ch. 1)
business
All the following are ways in which accounting information is used by financial
accounting users except to____. (Ch. 1)
make management decisions related to planning and controlling the company's
operations
External users of financial accounting information include all of the following
except ________. (Ch. 1)
employees of a business
,In the United States, the body of rules and procedures that guide public
companies to provide financial accounting information is known as: (Ch. 1)
Generally Accepted Accounting Principles (GAAP)
The independent, nonprofit organization that sets financial accounting and
reporting standards for both public- and private-sector businesses that use
generally accepted accounting principles (GAAP) in the United States is which of
the following? (Ch. 1)
Financial Accounting Standards Board (FASB)
Most states require 150 semester hours of college credit for which professional
certification? (Ch. 1)
Certified Public Accountant (CPA)
Stockholders can best be defined as which of the following? (Ch. 1)
investors who purchase an ownership in the business
The accounting information of a privately held company is generally available to
all of the following except for ________. (Ch. 1)
competitors
, This is the independent federal agency protecting the interests of investors,
regulating stock markets, and ensuring companies adhere to GAAP requirements.
(Ch. 1)
Securities and Exchange Commission (SEC)
What type of organization primarily offers tax compliance, auditing, and
consulting services? (Ch. 1)
public accounting firms
Which of the following is likely not a type of not-for-profit entity? (Ch. 1)
local movie theater
Which of the following is not considered a stakeholder of an organization? (Ch. 1)
a business in another industry
Which of the following sell stock on an organized stock exchange such as the
New York Stock Exchange? (Ch. 1)
publicly traded companies
Answers
A governmental agency can best be described by which of the following
statements? (Ch. 1)
has a primary purpose of using taxpayer funds to provide services to the public
Accounting is sometimes called the "language of _____." (Ch. 1)
business
All the following are ways in which accounting information is used by financial
accounting users except to____. (Ch. 1)
make management decisions related to planning and controlling the company's
operations
External users of financial accounting information include all of the following
except ________. (Ch. 1)
employees of a business
,In the United States, the body of rules and procedures that guide public
companies to provide financial accounting information is known as: (Ch. 1)
Generally Accepted Accounting Principles (GAAP)
The independent, nonprofit organization that sets financial accounting and
reporting standards for both public- and private-sector businesses that use
generally accepted accounting principles (GAAP) in the United States is which of
the following? (Ch. 1)
Financial Accounting Standards Board (FASB)
Most states require 150 semester hours of college credit for which professional
certification? (Ch. 1)
Certified Public Accountant (CPA)
Stockholders can best be defined as which of the following? (Ch. 1)
investors who purchase an ownership in the business
The accounting information of a privately held company is generally available to
all of the following except for ________. (Ch. 1)
competitors
, This is the independent federal agency protecting the interests of investors,
regulating stock markets, and ensuring companies adhere to GAAP requirements.
(Ch. 1)
Securities and Exchange Commission (SEC)
What type of organization primarily offers tax compliance, auditing, and
consulting services? (Ch. 1)
public accounting firms
Which of the following is likely not a type of not-for-profit entity? (Ch. 1)
local movie theater
Which of the following is not considered a stakeholder of an organization? (Ch. 1)
a business in another industry
Which of the following sell stock on an organized stock exchange such as the
New York Stock Exchange? (Ch. 1)
publicly traded companies
