CORRECT ANSWERS ARE LOCATED AT THE SECOND PART OF THIS
DOCUMENT
Version 1 1
,TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Accounting is an information and measurement system that identifies, records, and
communicates an organization's business activities.
1)
⊚ true
⊚ false
Question Details
AACSB : Communication
Accessibility : Keyboard Navigation
Type : Static
Accessibility : Screen Reader Compatible
AICPA : BB Industry
Bloom's : Remember
Difficulty : 1 Easy
AICPA : FN Decision Making
Learning Objective : 01-C1 Explain the importance of accounting and identify its users.
Topic : Importance of Accounting
2) Accounting includes the analysis and interpretation of information.
2)
⊚ true
⊚ false
Question Details
AACSB : Communication
Accessibility : Keyboard Navigation
Type : Static
Accessibility : Screen Reader Compatible
AICPA : BB Industry
Bloom's : Remember
Difficulty : 1 Easy
AICPA : FN Decision Making
Learning Objective : 01-C1 Explain the importance of accounting and identify its users.
Topic : Importance of Accounting
Version 1 2
,3) Financial accounting focuses on the needs of external users, who get accounting
information from general-purpose financial statements.
3)
⊚ true
⊚ false
Question Details
AACSB : Communication
Accessibility : Keyboard Navigation
Type : Static
Accessibility : Screen Reader Compatible
AICPA : BB Industry
Topic : Users of Accounting Information
Bloom's : Remember
Difficulty : 1 Easy
AICPA : FN Decision Making
Learning Objective : 01-C1 Explain the importance of accounting and identify its users.
4) Internal users of accounting information do not directly manage the organization and
have limited access to its accounting information.
4)
⊚ true
⊚ false
Question Details
AACSB : Communication
Accessibility : Keyboard Navigation
Type : Static
Accessibility : Screen Reader Compatible
AICPA : BB Industry
Topic : Users of Accounting Information
Bloom's : Remember
Difficulty : 1 Easy
AICPA : FN Decision Making
Learning Objective : 01-C1 Explain the importance of accounting and identify its users.
5) Auditors verify the effectiveness of internal controls.
5)
⊚ true
⊚ false
Version 1 3
, Question Details
AACSB : Communication
Accessibility : Keyboard Navigation
Type : Static
Accessibility : Screen Reader Compatible
AICPA : BB Industry
Bloom's : Remember
Difficulty : 1 Easy
AICPA : FN Decision Making
Topic : Ethics
Learning Objective : 01-C2 Describe the importance of ethics and GAAP.
6) External auditors examine financial statements to verify that they are prepared according
to generally accepted accounting principles.
6)
⊚ true
⊚ false
Question Details
AACSB : Communication
Accessibility : Keyboard Navigation
Type : Static
Accessibility : Screen Reader Compatible
AICPA : BB Industry
Topic : Users of Accounting Information
Bloom's : Remember
Difficulty : 1 Easy
AICPA : FN Decision Making
Learning Objective : 01-C1 Explain the importance of accounting and identify its users.
7) External users include lenders, shareholders, customers, and regulators.
7)
⊚ true
⊚ false
Version 1 4
DOCUMENT
Version 1 1
,TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Accounting is an information and measurement system that identifies, records, and
communicates an organization's business activities.
1)
⊚ true
⊚ false
Question Details
AACSB : Communication
Accessibility : Keyboard Navigation
Type : Static
Accessibility : Screen Reader Compatible
AICPA : BB Industry
Bloom's : Remember
Difficulty : 1 Easy
AICPA : FN Decision Making
Learning Objective : 01-C1 Explain the importance of accounting and identify its users.
Topic : Importance of Accounting
2) Accounting includes the analysis and interpretation of information.
2)
⊚ true
⊚ false
Question Details
AACSB : Communication
Accessibility : Keyboard Navigation
Type : Static
Accessibility : Screen Reader Compatible
AICPA : BB Industry
Bloom's : Remember
Difficulty : 1 Easy
AICPA : FN Decision Making
Learning Objective : 01-C1 Explain the importance of accounting and identify its users.
Topic : Importance of Accounting
Version 1 2
,3) Financial accounting focuses on the needs of external users, who get accounting
information from general-purpose financial statements.
3)
⊚ true
⊚ false
Question Details
AACSB : Communication
Accessibility : Keyboard Navigation
Type : Static
Accessibility : Screen Reader Compatible
AICPA : BB Industry
Topic : Users of Accounting Information
Bloom's : Remember
Difficulty : 1 Easy
AICPA : FN Decision Making
Learning Objective : 01-C1 Explain the importance of accounting and identify its users.
4) Internal users of accounting information do not directly manage the organization and
have limited access to its accounting information.
4)
⊚ true
⊚ false
Question Details
AACSB : Communication
Accessibility : Keyboard Navigation
Type : Static
Accessibility : Screen Reader Compatible
AICPA : BB Industry
Topic : Users of Accounting Information
Bloom's : Remember
Difficulty : 1 Easy
AICPA : FN Decision Making
Learning Objective : 01-C1 Explain the importance of accounting and identify its users.
5) Auditors verify the effectiveness of internal controls.
5)
⊚ true
⊚ false
Version 1 3
, Question Details
AACSB : Communication
Accessibility : Keyboard Navigation
Type : Static
Accessibility : Screen Reader Compatible
AICPA : BB Industry
Bloom's : Remember
Difficulty : 1 Easy
AICPA : FN Decision Making
Topic : Ethics
Learning Objective : 01-C2 Describe the importance of ethics and GAAP.
6) External auditors examine financial statements to verify that they are prepared according
to generally accepted accounting principles.
6)
⊚ true
⊚ false
Question Details
AACSB : Communication
Accessibility : Keyboard Navigation
Type : Static
Accessibility : Screen Reader Compatible
AICPA : BB Industry
Topic : Users of Accounting Information
Bloom's : Remember
Difficulty : 1 Easy
AICPA : FN Decision Making
Learning Objective : 01-C1 Explain the importance of accounting and identify its users.
7) External users include lenders, shareholders, customers, and regulators.
7)
⊚ true
⊚ false
Version 1 4
