A) Basic
B) Diluted
C) Restricted
D) Broad-based
Correct Answer
verified
Multiple Choice
A) will soon eliminate all of the accounting functions
B) are tools to help the accountant perform his or her job
C) are of little use to small-business owners that need accounting services
D) have a very limited use in accounting due to inadequate privacy controls
Correct Answer
verified
Multiple Choice
A) balance sheet
B) independent audit
C) mission statement
D) annual report
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) Generate sales with a given level of current assets.
B) Utilize current assets profitably.
C) Pay its bills in the short run.
D) Effectively use borrowed funds.
Correct Answer
verified
Multiple Choice
A) You inform the CEO that in order to remain competitive,Generation Technologies needs to utilize the expertise of professional accounting firms who can deliver new and innovative techniques for cutting costs and improving profitability.
B) You explain that it would create a conflict of interest to have both internal and external accountants.
C) You inform the CEO about Sarbanes-Oxley rulings concerning the utilization of the same firm for auditing and consulting.
D) You explain that hiring CPA Experts,Inc.to perform consulting would constitute a more in-depth partnership.Generally Accepted Accounting Principles would require Generation Technologies to purchase stock in CPA Experts.
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) internal audit
B) annual report
C) independent audit
D) certified audit
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) Performing a trial balance to verify that the accounting statements are internally consistent.
B) Auditing the books to ensure that they were prepared according to generally accepted accounting principles.
C) Preparing the income statement.
D) Analyzing major accounting statements to evaluate the financial condition of the firm.
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) Salaries paid to salespeople
B) Dividends paid to stockholders
C) Payments made for insurance
D) Costs associated with an advertising campaign
Correct Answer
verified
Multiple Choice
A) contract accountant
B) account agent
C) public accountant
D) independent accountant
Correct Answer
verified
Multiple Choice
A) journal
B) trial balance
C) ledger
D) balance sheet
Correct Answer
verified
Multiple Choice
A) Merchandise that has been held in inventory for the longest period of time.
B) Most recent merchandise purchased by the firm.
C) Actual units customers purchased.
D) Merchandise the firm acquired at the lowest cost.
Correct Answer
verified
True/False
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) asset disbursement.
B) cash flow.
C) profit and loss.
D) inventory valuation.
Correct Answer
verified
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