,ACCESS Test Bank for Accounting What the Numbers Mean 13th Edition Marsha
b b b b b b b b b b b
ll
Accounting What the Numbers Mean 13th Marshall
b b b b b b
CORRECT ANSWERS ARE LOCATED IN THE 2ND HALF OF THIS DOC.
b b b b b b b b b b
MULTIPLEbCHOICEb-
bChoosebthebonebalternativebthatbbestbcompletesbthebstatementborbanswersbthebquestion.
1) Whichbofbthebfollowingbentitiesbwouldbnotbrequirebaccountingbinformationbpertainingbtobtheirbe
conomicbactivities?
A) Socialbclubs
B) Not-for-profitbentities
C) Statebgovernments
D) Smallbbusinesses
E) Allbofbthesebentitiesbrequirebaccountingbinformation.
2) Thebauthoritativebfinancialbaccountingbstandards-
settingbbodybinbthebUnitedbStatesbisbpresentlybthe:
A) PublicbCompanybAccountingbOversightsbBoardb(PCAOB)
B) FinancialbAccountingbStandardsbBoardb(FASB)
C) AccountingbPrinciplesbBoardb(APB)
D) SecuritiesbandbExchangebCommissionb(SEC)
E) InternationalbAccountingbStandardsbBoardb(IASB)
3) WhichbofbthebfollowingbstatementsbaboutbthebFinancialbAccountingbStandardsbBoardbisbc
orrect?
A) ThebFASBbfollowsbabduebprocessbprocedurebthatbpermitsbinputbfrombinterestedbpartiesb
beforebanbAccountingbStandardsbUpdateb(ASU)bisbissued.
B) ThebFASBbisbcontrolledbbybthebAmericanbInstitutebofbCPAs.
C) ThebFASBbisbanbagencybofbthebFederalbgovernment.
D) ThebFASBbhasbthebauthoritybtobfinebabnoncompliantbfirm.
4) Majorbclassificationsbofbaccountingbactivitybwouldbnotbinclude:
A) financialbaccounting,binternalbauditing,bpublicbaccounting.
B) internalbauditing,bgovernmentalbaccounting,bmanagerialbaccounting.
C) financialbaccounting,bnationalbaccounting,bcostbaccounting.
D) auditing,bincomebtaxbaccounting,bgovernmentalbaccounting.
Versionb1 1
mynursytest.store
,ACCESS Test Bank for Accounting What the Numbers Mean 13th Edition Marsha
b b b b b b b b b b b
ll
Accounting What the Numbers Mean 13th Marshall
b b b b b b
5) Whichbofbthebfollowingbisbnotbanbexamplebofbabdecisionborbinformedbjudgmentbthatbabpotentialbi
nvestorbwouldbmakebfrombaccountingbinformation?
A) Abforecastbofbdividends
B) Assessmentbofbriskbthatbabcompanybmaybhavebmorebdebtbthanbitbcanbrepaybifbthebe
conomybentersbabrecession
C) Futurebprofitabilitybbasedbonbpastbprofitability
D) Probabilitybofbsuccessbofbabnewbproductbdevelopment
6) Whichbofbthebfollowingbisbnotbanbexamplebofbabdecisionborbinformedbjudgmentbthatbabpotentialbe
mployeebcouldbmakebfrombaccountingbinformation?
A) Thebextentbofbthebcompany'sbcommitmentbtobabresearchbprogram
B) Personnelbturnoverbstatisticsb(i.e.,bhiringbandbterminations)
C) Probabilitybofbthebcompany'sbabilitybtobmakebprofitbsharingbplanbcontributionsbinbthebf
uture
D) Assessmentbofbthebriskbthatbthebcompanybmaybbecomebbankruptbinbthebnearbfuture
7) Whichbofbthebfollowingbarebqualifiedbtobexpressbanbauditor'sbopinionbaboutbanbentity'sbf
inancialbstatements?
A) AbComptroller
B) AbCertifiedbManagementbAccountant
C) AbCertifiedbInternalbAuditor
D) AbCertifiedbPublicbAccountant
8) Whichbclassificationbofbaccountingbisbmostbconcernedbwithbthebusebofbeconomicbandbfinancialbi
nformationbtobplanbandbcontrolbmanybofbthebactivitiesbofbthebentity?
A) Financialbaccounting
B) Auditingb/bPublicbaccounting
C) Managerialbaccounting
D) Incomebtaxbaccounting
9) Anbunqualifiedbauditors'bopinionbaboutbanbentity'sbfinancialbstatements:
A) isbabcleanbbillbofbhealth.
B) meansbthatballbofbthebentity'sbtransactionsbduringbthebauditedbperiodbwerebcheckedbout.
C) guaranteesbthatbthebentitybwasbnotbinvolvedbinborbthebvictimbofbanybfraudulentbactivitiesbd
uringbthebauditedbperiod.
D) statesbthatbtheybarebpresentedbinbconformitybwithbaccountingbprinciplesbgenerallyb
acceptedbinbthebUnitedbStates.
Versionb1 2
mynursytest.store
, ACCESS Test Bank for Accounting What the Numbers Mean 13th Edition Marsha
b b b b b b b b b b b
ll
Accounting What the Numbers Mean 13th Marshall
b b b b b b
10) Costbaccountingbisbabsubsetbofbwhichbofbthebfollowing?
A) Costbanalysis
B) Managerialbaccounting
C) Internalbauditing
D) Publicbauditing
11) Thebofficerbofbabcorporationbresponsiblebforbthebfirm'sbpublishedbfinancialbstatementsbwouldb
bebmostbconcernedbaboutbpronouncementsbofbthe:
A) FASB.
B) AICPA.
C) GASB.
D) SEC.
E) IRS.
12) Whichbofbthebfollowingbisbnotbabcharacteristicborblimitationbofbthebkindbofbinformationbthatbf
inancialbreportingbbybbusinessbenterprisesbcanbprovide?
A) Thebinformationbresultsbinbapproximate,bratherbthanbexact,bmeasures.
B) Thebinformationblargelybreflectsbthebfinancialbeffectsbofbtransactionsbthatbhavebalreadybt
akenbplace.
C) Thebinformationbisbprovidedbandbusedbatbabcost.
D) Allbofbthebanswersbarebcharacteristicsborblimitationsbofbthebkindbofbinformationbthatbf
inancialbreportingbbybbusinessbenterprisesbcanbprovide.
13) Thebethicalbconceptbofbindependencebmeansbthatbanbaccountantbemployed:
A) bybabcorporationbcannotbpreparebfinancialbstatementsbforbusebbybthebcompany'sbbank.
B) bybonebcompanybcannotbworkbpart-timebforbanotherbcompany.
C) bybanbauditingbfirmbcannotbownbanybstockbinbthebcompanybbeingbaudited.
D) bybonebcompanybcannotbacceptbabjobbwithbanotherbcompanybinbthebsamebindustry.
14) Thebobjectivesbofbfinancialbreportingbforbnonbusinessbenterprises:
A) havebmorebofbanbinternalbutilizationbratherbthanbexternalbreportingbfocus.
B) dobnotbgivebconsiderationbtobthebcostbofbprovidingbinformation.
C) arebexactlybthebsamebasbthosebforbbusinessbenterprises.
D) focusbonbprovidingbinformationbforbresourcebproviders,bratherbthanbinvestors.
Versionb1 3
mynursytest.store
b b b b b b b b b b b
ll
Accounting What the Numbers Mean 13th Marshall
b b b b b b
CORRECT ANSWERS ARE LOCATED IN THE 2ND HALF OF THIS DOC.
b b b b b b b b b b
MULTIPLEbCHOICEb-
bChoosebthebonebalternativebthatbbestbcompletesbthebstatementborbanswersbthebquestion.
1) Whichbofbthebfollowingbentitiesbwouldbnotbrequirebaccountingbinformationbpertainingbtobtheirbe
conomicbactivities?
A) Socialbclubs
B) Not-for-profitbentities
C) Statebgovernments
D) Smallbbusinesses
E) Allbofbthesebentitiesbrequirebaccountingbinformation.
2) Thebauthoritativebfinancialbaccountingbstandards-
settingbbodybinbthebUnitedbStatesbisbpresentlybthe:
A) PublicbCompanybAccountingbOversightsbBoardb(PCAOB)
B) FinancialbAccountingbStandardsbBoardb(FASB)
C) AccountingbPrinciplesbBoardb(APB)
D) SecuritiesbandbExchangebCommissionb(SEC)
E) InternationalbAccountingbStandardsbBoardb(IASB)
3) WhichbofbthebfollowingbstatementsbaboutbthebFinancialbAccountingbStandardsbBoardbisbc
orrect?
A) ThebFASBbfollowsbabduebprocessbprocedurebthatbpermitsbinputbfrombinterestedbpartiesb
beforebanbAccountingbStandardsbUpdateb(ASU)bisbissued.
B) ThebFASBbisbcontrolledbbybthebAmericanbInstitutebofbCPAs.
C) ThebFASBbisbanbagencybofbthebFederalbgovernment.
D) ThebFASBbhasbthebauthoritybtobfinebabnoncompliantbfirm.
4) Majorbclassificationsbofbaccountingbactivitybwouldbnotbinclude:
A) financialbaccounting,binternalbauditing,bpublicbaccounting.
B) internalbauditing,bgovernmentalbaccounting,bmanagerialbaccounting.
C) financialbaccounting,bnationalbaccounting,bcostbaccounting.
D) auditing,bincomebtaxbaccounting,bgovernmentalbaccounting.
Versionb1 1
mynursytest.store
,ACCESS Test Bank for Accounting What the Numbers Mean 13th Edition Marsha
b b b b b b b b b b b
ll
Accounting What the Numbers Mean 13th Marshall
b b b b b b
5) Whichbofbthebfollowingbisbnotbanbexamplebofbabdecisionborbinformedbjudgmentbthatbabpotentialbi
nvestorbwouldbmakebfrombaccountingbinformation?
A) Abforecastbofbdividends
B) Assessmentbofbriskbthatbabcompanybmaybhavebmorebdebtbthanbitbcanbrepaybifbthebe
conomybentersbabrecession
C) Futurebprofitabilitybbasedbonbpastbprofitability
D) Probabilitybofbsuccessbofbabnewbproductbdevelopment
6) Whichbofbthebfollowingbisbnotbanbexamplebofbabdecisionborbinformedbjudgmentbthatbabpotentialbe
mployeebcouldbmakebfrombaccountingbinformation?
A) Thebextentbofbthebcompany'sbcommitmentbtobabresearchbprogram
B) Personnelbturnoverbstatisticsb(i.e.,bhiringbandbterminations)
C) Probabilitybofbthebcompany'sbabilitybtobmakebprofitbsharingbplanbcontributionsbinbthebf
uture
D) Assessmentbofbthebriskbthatbthebcompanybmaybbecomebbankruptbinbthebnearbfuture
7) Whichbofbthebfollowingbarebqualifiedbtobexpressbanbauditor'sbopinionbaboutbanbentity'sbf
inancialbstatements?
A) AbComptroller
B) AbCertifiedbManagementbAccountant
C) AbCertifiedbInternalbAuditor
D) AbCertifiedbPublicbAccountant
8) Whichbclassificationbofbaccountingbisbmostbconcernedbwithbthebusebofbeconomicbandbfinancialbi
nformationbtobplanbandbcontrolbmanybofbthebactivitiesbofbthebentity?
A) Financialbaccounting
B) Auditingb/bPublicbaccounting
C) Managerialbaccounting
D) Incomebtaxbaccounting
9) Anbunqualifiedbauditors'bopinionbaboutbanbentity'sbfinancialbstatements:
A) isbabcleanbbillbofbhealth.
B) meansbthatballbofbthebentity'sbtransactionsbduringbthebauditedbperiodbwerebcheckedbout.
C) guaranteesbthatbthebentitybwasbnotbinvolvedbinborbthebvictimbofbanybfraudulentbactivitiesbd
uringbthebauditedbperiod.
D) statesbthatbtheybarebpresentedbinbconformitybwithbaccountingbprinciplesbgenerallyb
acceptedbinbthebUnitedbStates.
Versionb1 2
mynursytest.store
, ACCESS Test Bank for Accounting What the Numbers Mean 13th Edition Marsha
b b b b b b b b b b b
ll
Accounting What the Numbers Mean 13th Marshall
b b b b b b
10) Costbaccountingbisbabsubsetbofbwhichbofbthebfollowing?
A) Costbanalysis
B) Managerialbaccounting
C) Internalbauditing
D) Publicbauditing
11) Thebofficerbofbabcorporationbresponsiblebforbthebfirm'sbpublishedbfinancialbstatementsbwouldb
bebmostbconcernedbaboutbpronouncementsbofbthe:
A) FASB.
B) AICPA.
C) GASB.
D) SEC.
E) IRS.
12) Whichbofbthebfollowingbisbnotbabcharacteristicborblimitationbofbthebkindbofbinformationbthatbf
inancialbreportingbbybbusinessbenterprisesbcanbprovide?
A) Thebinformationbresultsbinbapproximate,bratherbthanbexact,bmeasures.
B) Thebinformationblargelybreflectsbthebfinancialbeffectsbofbtransactionsbthatbhavebalreadybt
akenbplace.
C) Thebinformationbisbprovidedbandbusedbatbabcost.
D) Allbofbthebanswersbarebcharacteristicsborblimitationsbofbthebkindbofbinformationbthatbf
inancialbreportingbbybbusinessbenterprisesbcanbprovide.
13) Thebethicalbconceptbofbindependencebmeansbthatbanbaccountantbemployed:
A) bybabcorporationbcannotbpreparebfinancialbstatementsbforbusebbybthebcompany'sbbank.
B) bybonebcompanybcannotbworkbpart-timebforbanotherbcompany.
C) bybanbauditingbfirmbcannotbownbanybstockbinbthebcompanybbeingbaudited.
D) bybonebcompanybcannotbacceptbabjobbwithbanotherbcompanybinbthebsamebindustry.
14) Thebobjectivesbofbfinancialbreportingbforbnonbusinessbenterprises:
A) havebmorebofbanbinternalbutilizationbratherbthanbexternalbreportingbfocus.
B) dobnotbgivebconsiderationbtobthebcostbofbprovidingbinformation.
C) arebexactlybthebsamebasbthosebforbbusinessbenterprises.
D) focusbonbprovidingbinformationbforbresourcebproviders,bratherbthanbinvestors.
Versionb1 3
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