ACC 6501 EXAM 1 REVIEW 121 QUESTIONS
AND ANSWERS RATED 100% CORRECT.
1 of
121
Term
T/F: The title controller is used to designate the chief accounting
officer of a corporation.
Give this one a try later!
providers True
Deloitte Touche Tohmatsu (Deloitte)
PricewaterhouseCoopers (known
statements, accounts
, as PwC)
- EY (formerly Ernst & Young)
- KPMG International
Don't know?
2 of 121
Term
Key elements of ethical behavior for a professional accountant
Give this one a try later!
- economic interchanges between
entities It means that the organization's
- summarized in accounts, and financial position at a point in time
accounts are further summarized has been determined and
in financial statements summarized.
- maintaining integrity
It means that there has been some
- having competence
sort of economic interchange;
- maintaining objectivity
for example, you have agreed to
- maintaining independence
pay tuition in exchange for
- accepting an obligation
classes.
to serve
Don't know?
3 of 121
Term
,Accounting graduates are frequently employed in which of the
following areas of practice?
- Public accounting, such as auditing, tax return preparation, and
financial planning
- Environmental accounting, working as accountants to help support
the ecological and sanitation needs of mankind
- Governmental accounting, working as accountants at the state or
local level of government
Give this one a try later!
- Public accounting, such as auditing, tax return preparation, and
financial planning
- Governmental accounting, working as accountants at the state or
local level of government
- The FASB invites input from any individual or organization who cares
to participate in the process.
- The FASB follows an open, due process procedure.
- in some cases performs functions much like those of the
external auditor/public accountant, but perhaps on a smaller
scale
- may be responsible for analyzing the operating efficiency of one of the
company's divisions
- the independent auditor is unable to perform certain auditing procedures
- the independent auditor determines that one or more items presented in
the financial statements represent a significant departure from GAAP
Don't know?
4 of 121
, Term
Accounting information is required by governmental units at which
of the following levels?
Give this one a try later!
Municipal, federal, state Securities, publicly
Financial Accounting Standards
Board (FASB) Financial, managerial
Don't know?
5 of 121
Term
T/F: CASB is authorized by the US Congress to establish cost
accounting standards for government contractors.
Give this one a try later!
True Municipal, federal, state
It means that accounting is a service
activity that helps many different
users of accounting information
point
who use the information in many
ways
AND ANSWERS RATED 100% CORRECT.
1 of
121
Term
T/F: The title controller is used to designate the chief accounting
officer of a corporation.
Give this one a try later!
providers True
Deloitte Touche Tohmatsu (Deloitte)
PricewaterhouseCoopers (known
statements, accounts
, as PwC)
- EY (formerly Ernst & Young)
- KPMG International
Don't know?
2 of 121
Term
Key elements of ethical behavior for a professional accountant
Give this one a try later!
- economic interchanges between
entities It means that the organization's
- summarized in accounts, and financial position at a point in time
accounts are further summarized has been determined and
in financial statements summarized.
- maintaining integrity
It means that there has been some
- having competence
sort of economic interchange;
- maintaining objectivity
for example, you have agreed to
- maintaining independence
pay tuition in exchange for
- accepting an obligation
classes.
to serve
Don't know?
3 of 121
Term
,Accounting graduates are frequently employed in which of the
following areas of practice?
- Public accounting, such as auditing, tax return preparation, and
financial planning
- Environmental accounting, working as accountants to help support
the ecological and sanitation needs of mankind
- Governmental accounting, working as accountants at the state or
local level of government
Give this one a try later!
- Public accounting, such as auditing, tax return preparation, and
financial planning
- Governmental accounting, working as accountants at the state or
local level of government
- The FASB invites input from any individual or organization who cares
to participate in the process.
- The FASB follows an open, due process procedure.
- in some cases performs functions much like those of the
external auditor/public accountant, but perhaps on a smaller
scale
- may be responsible for analyzing the operating efficiency of one of the
company's divisions
- the independent auditor is unable to perform certain auditing procedures
- the independent auditor determines that one or more items presented in
the financial statements represent a significant departure from GAAP
Don't know?
4 of 121
, Term
Accounting information is required by governmental units at which
of the following levels?
Give this one a try later!
Municipal, federal, state Securities, publicly
Financial Accounting Standards
Board (FASB) Financial, managerial
Don't know?
5 of 121
Term
T/F: CASB is authorized by the US Congress to establish cost
accounting standards for government contractors.
Give this one a try later!
True Municipal, federal, state
It means that accounting is a service
activity that helps many different
users of accounting information
point
who use the information in many
ways
