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1-1
Chapter 01 Accounting-Present and Past Answer Key
Multiple Choice Questions
1.
Which of the following entities would
not
require accounting information pertaining to
their economic activities?
2.
The authoritative financial accounting standards-setting body in the United States is
presently the:
1-2
3.
Which of the following statements about the Financial Accounting Standards Board is
correct?
4.
Major classifications of accounting activity would
not
include:
1-3
5.
Which of the following is
not
an example of a decision or informed judgment that a
potential investor would make from accounting information?
6.
Which of the following is
not
an example of a decision or informed judgment that a
potential employee could make from accounting information?
1-4
7.
Which of the following are qualified to express an auditor's opinion about an entity's
financial statements?
8.
Which classification of accounting is most concerned with the use of economic and
financial information to plan and control many of the activities of the entity?
1-5
9.
An unqualified auditors' opinion about an entity's financial statements:
10.
Cost accounting is a subset of which of the following?
1-6
11.
The officer of a corporation responsible for the firm's published financial statements
would be most concerned about pronouncements of the:
12.
Which of the following is
not
a characteristic or limitation of the kind of information that
financial reporting by business enterprises can provide?
1-7
13.
The ethical concept of independence means that an accountant employed:
14.
The objectives of financial reporting for nonbusiness enterprises:
1-8
15.
The ethical concept of integrity means that an individual must:
16.
Which of the following is an objective of financial reporting by business enterprises?
1-9
17.
Which of the following is true about the International Accounting Standards Board
(IASB)?
18.
The provisions of the Sarbanes-Oxley Act of 2002 had the following components:
1-10
19.
Accounting can be defined as:
20.
Over the years, the Securities and Exchange Commission (SEC) has delegated its statutory
authority to establish accounting principles for publicly traded companies in the United
States to each of the following organizations
except
the:
1-11
21.
Which of the following was
not
one of the reasons for the FASB's decision to undertake
the Conceptual Framework project?
