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Exam 1: Accounting: the Language of Business

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Question 41

Multiple Choice

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Which of the following is NOT an area in which accountants usually practice?

A) Public Accounting
B) Industrial Accounting
C) Governmental Accounting
D) Managerial (Private) Accounting

E) A) and D)
F) C) and D)

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Question 42

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A business partnership can have only two partners.

A) True
B) False

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Question 43

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The area of accounting that involves the preparation of internal reports for a firm's executives and the analysis of the data in these reports to aid in decision making is known as

List three individuals or groups who use financial information to make decisions about a firm. For each listed, give an example of why they would need the information.

Tax accounting involves tax compliance and

Accounting is often referred to as the language of ____________________.

The form of a business organization that is not affected by the withdrawal or death of an owner and can continue forever is

How do sole proprietorships, partnerships, and corporations differ?

The financial affairs of a business and the financial affairs of the owners should be

What determines the independence of Certified Public Accountants (CPAs)?

Owners and managers need financial information in order to

A firm issues periodic reports called

Public accounting firms provide three major types of services: auditing, tax accounting, and management advisory services.

Explain the process the Financial Accounting Standards Board (FASB) employs to develop and issue Statements of Financial Accounting Standards.

Anyone can invest in a closely held corporation.

An act passed in response to the wave of corporate accounting scandals is the

The results of the accounting process are summarized in periodic reports called financial ____________________.