This document contains 20 multiple choice questions about introductory accounting concepts. It covers topics such as the purpose of financial and managerial accounting, the different types of business organizations (for-profit, not-for-profit, governmental), how businesses raise capital, accounting careers and certifications, and the roles and responsibilities of accountants. The questions are designed to test students' basic understanding of foundational accounting principles and terminology.
ACCT 3220
Fall 2013
Group Exercise #4
Sapienti Co. sells $400,000 of 12% bonds on June 1, 2014, the contract date. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2018. The bonds yield 10%. After the second interest payment, Sapienti buys back the bonds when the market interest rate is 8%.
Required:
1. Record the journal entry for the issuance of the bond.
2. Record the journal entry for the first interest payment.
3. Record the journal entry on December 31, 2014.
4. Record the journal entry for the second interest payment.
5. Record the journal entry for the buy back of the bonds.
1
Question: If inflation is anticipated to be 5 percent during the next year, while the real rate of interest for a one-year loan is 5 percent, then what should the nominal rate of interest be for a risk-free one-year loan?
A
5 percent
B
10 percent
C
25 percent
D
None of the above
2
Question: Which one of the following statements is not true?
A
The value of a dollar invested at a positive interest rate grows over time
B
The further in the future you receive a dollar, the less it is worth today
C
A dollar in hand today is worth more than a dollar to be received in the future
D
The further in the future you receive a dollar, the more it is worth today
3
Question: Efficiency ratio: Jet, Inc., has net sales of $712,478 and accounts receivables of $167,435. What are the firm's accounts receivables turnover and days' sales outstanding?
A
0.24 times; 78.5 days
B
4.26 times; 85.7 days
C
5.2 times; 61.3 days
D
None of the above
4
Question: If you have loaned capital to a firm, then you could be
A
A shareholder
B
A stakeholder
C
A partner
D
All of the above
5
Question: Which one of the following is not an advantage of using ROE as a goal?
A
ROE is highly correlated with shareholder wealth maximization
B
ROE and the DuPont analysis allow management to break down the performance and identify areas of strengths and weaknesses
C
ROE does not consider risk
D
All of the above are advantages of using ROE as a goal
6
Question: The future value of multiple cash flows is
A
Greater than the sum of the cash flows
B
Equal to the sum of all the cash flows
C
Less than the sum of the cash flows
D
None of the above
7
Question: The major players in the direct financial markets are
A
Investment banks
B
Money center banks
C
Regional banks
D
Both A and B
8
Question: One of the main services offered by investment banks to companies is
A
Helping companies sell new debt or equity issues in the security markets
B
Making loans to companies
C
Taking deposits from companies
D
All of the above
9
Question: Shane Matthews has invested in an investment that will pay him $6,200, $6,450, $7,225, and $7,500 over the next four years. If his opportunity cost is 10 percent, what is the future value of the cash flows he will receive? (Round to the nearest dollar.)
A
$27,150
B
$29,900
C
$30,455
D
$3.
Finance for Non Financial Managers 6th Edition Bergeron Test BankSandraBentonss
fULL DOWNLOAD : https://alibabadownload.com/product/finance-for-non-financial-managers-6th-edition-bergeron-test-bank/ Finance for Non Financial Managers 6th Edition Bergeron Test Bank , Finance for Non Financial Managers,Bergeron,6th Edition,Test Bank
ACCT 3220
Fall 2013
Group Exercise #4
Sapienti Co. sells $400,000 of 12% bonds on June 1, 2014, the contract date. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2018. The bonds yield 10%. After the second interest payment, Sapienti buys back the bonds when the market interest rate is 8%.
Required:
1. Record the journal entry for the issuance of the bond.
2. Record the journal entry for the first interest payment.
3. Record the journal entry on December 31, 2014.
4. Record the journal entry for the second interest payment.
5. Record the journal entry for the buy back of the bonds.
1
Question: If inflation is anticipated to be 5 percent during the next year, while the real rate of interest for a one-year loan is 5 percent, then what should the nominal rate of interest be for a risk-free one-year loan?
A
5 percent
B
10 percent
C
25 percent
D
None of the above
2
Question: Which one of the following statements is not true?
A
The value of a dollar invested at a positive interest rate grows over time
B
The further in the future you receive a dollar, the less it is worth today
C
A dollar in hand today is worth more than a dollar to be received in the future
D
The further in the future you receive a dollar, the more it is worth today
3
Question: Efficiency ratio: Jet, Inc., has net sales of $712,478 and accounts receivables of $167,435. What are the firm's accounts receivables turnover and days' sales outstanding?
A
0.24 times; 78.5 days
B
4.26 times; 85.7 days
C
5.2 times; 61.3 days
D
None of the above
4
Question: If you have loaned capital to a firm, then you could be
A
A shareholder
B
A stakeholder
C
A partner
D
All of the above
5
Question: Which one of the following is not an advantage of using ROE as a goal?
A
ROE is highly correlated with shareholder wealth maximization
B
ROE and the DuPont analysis allow management to break down the performance and identify areas of strengths and weaknesses
C
ROE does not consider risk
D
All of the above are advantages of using ROE as a goal
6
Question: The future value of multiple cash flows is
A
Greater than the sum of the cash flows
B
Equal to the sum of all the cash flows
C
Less than the sum of the cash flows
D
None of the above
7
Question: The major players in the direct financial markets are
A
Investment banks
B
Money center banks
C
Regional banks
D
Both A and B
8
Question: One of the main services offered by investment banks to companies is
A
Helping companies sell new debt or equity issues in the security markets
B
Making loans to companies
C
Taking deposits from companies
D
All of the above
9
Question: Shane Matthews has invested in an investment that will pay him $6,200, $6,450, $7,225, and $7,500 over the next four years. If his opportunity cost is 10 percent, what is the future value of the cash flows he will receive? (Round to the nearest dollar.)
A
$27,150
B
$29,900
C
$30,455
D
$3.
Finance for Non Financial Managers 6th Edition Bergeron Test BankSandraBentonss
fULL DOWNLOAD : https://alibabadownload.com/product/finance-for-non-financial-managers-6th-edition-bergeron-test-bank/ Finance for Non Financial Managers 6th Edition Bergeron Test Bank , Finance for Non Financial Managers,Bergeron,6th Edition,Test Bank
Study Guide Chapter 1Multiple Choice Questions1. ____ i.docxhanneloremccaffery
Study Guide: Chapter 1
Multiple Choice Questions
1. ____ is the primary goal of business.
A. Charity
B. Profit
C. Bureaucracy
D. Quality
E. Strategy
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
2. Which of the following is NOT a product?
A. A Dell personal computer
B. A veterinarian's treatment of a pet's injuries
C. A lawyer's advice in a divorce case
D. A checkup by a doctor
E. A business profit
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
3. Which of the following is an example of an intangible product?
A. A movie DVD
B. A sandwich
C. A sports car
D. A music concert
E. Jewelry
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
4. Which of the following is a similarity between businesses and nonprofit organizations?
A. Both do not have to abide by government regulations.
B. Both are unaffected by political or social change.
C. Both of them engage in management and finance activities.
D. Both of them do not need to adapt to technological changes.
E. Both aim to maximize financial returns for their owners.
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
5. All the groups that have an interest in an organization's success and outcomes are known as the organization's ____.
A. agencies
B. stakeholders
C. owners
D. investors
E. shareholders
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
6. Which of the following is a force within an organization's control that has an impact on the business's daily operations?
A. Employees
B. Regulatory environment
C. Competition
D. Political environment
E. Technology
Hint: Learning Objective: 01-02 Identify the main participants and activities of business and explain why studying business is important.
7. Which of the following is true of the responsibilities of the people involved in a business?
A. Finance is concerned with acquiring, developing, and using human effectively and efficiently.
B. Marketing refers to all activities concerned with obtaining money for the firm and using it effectively.
C. Nonprofit organizations include all the functions that businesses do, except for the marketing function.
D. Management is not involved in the day-to-day functions of production and manufacturing.
E. It is the primary responsibility of the owners to provide financial resources for the operation of the business.
Hint: Learning Objective: 01-02 Identify the main participants and activities of business and explain why studying business is important.
8. The functions of organizing, staffing, planning, and controlling are most closely associated with:
A. managers.
B. assembly line workers.
C. investment advisors.
D. stockbrokers.
E. direct sales executives.
Hint: Learning Obje.
Multiple Choice Questions1. ____ is the primary goal of bu.docxrosemarybdodson23141
Multiple Choice Questions
1. ____ is the primary goal of business.
A. Charity
B. Profit
C. Bureaucracy
D. Quality
E. Strategy
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
2. Which of the following is NOT a product?
A. A Dell personal computer
B. A veterinarian's treatment of a pet's injuries
C. A lawyer's advice in a divorce case
D. A checkup by a doctor
E. A business profit
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
3. Which of the following is an example of an intangible product?
A. A movie DVD
B. A sandwich
C. A sports car
D. A music concert
E. Jewelry
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
4. Which of the following is a similarity between businesses and nonprofit organizations?
A. Both do not have to abide by government regulations.
B. Both are unaffected by political or social change.
C. Both of them engage in management and finance activities.
D. Both of them do not need to adapt to technological changes.
E. Both aim to maximize financial returns for their owners.
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
5. All the groups that have an interest in an organization's success and outcomes are known as the organization's ____.
A. agencies
B. stakeholders
C. owners
D. investors
E. shareholders
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
6. Which of the following is a force within an organization's control that has an impact on the business's daily operations?
A. Employees
B. Regulatory environment
C. Competition
D. Political environment
E. Technology
Hint: Learning Objective: 01-02 Identify the main participants and activities of business and explain why studying business is important.
7. Which of the following is true of the responsibilities of the people involved in a business?
A. Finance is concerned with acquiring, developing, and using human effectively and efficiently.
B. Marketing refers to all activities concerned with obtaining money for the firm and using it effectively.
C. Nonprofit organizations include all the functions that businesses do, except for the marketing function.
D. Management is not involved in the day-to-day functions of production and manufacturing.
E. It is the primary responsibility of the owners to provide financial resources for the operation of the business.
Hint: Learning Objective: 01-02 Identify the main participants and activities of business and explain why studying business is important.
8. The functions of organizing, staffing, planning, and controlling are most closely associated with:
A. managers.
B. assembly line workers.
C. investment advisors.
D. stockbrokers.
E. direct sales executives.
Hint: Learning Objective: 01-02 Identify t.
Export and Import PracticesChapter 14Chapter Objecti.docxssuser454af01
Export and Import Practices
Chapter 14
Chapter Objectives
Explain why firms export and challenges to exporting
Identify the sources of export counseling and support
Discuss the meaning of the various terms of sale
Identify some sources of export financing
Describe the activities of a foreign freight forwarder
Understand the kinds of export documents required
Identify import sources
Describe the activities of a customhouse broker
Who Exports?
Many people believe large multinationals do not export because they supply their foreign markets from local production
However, some of the largest U.S international firms were also the nation’s largest exporters.
Who Exports? (continued)
The U.S. Bureau of Census reported that manufacturers accounted for the largest proportion of exports (69+%).
The survey showed that the top 50 manufacturers accounted for a minimum of 45% of the known export value while;
200,000+ small and medium-size firms were responsible for 31% of the known export value.
Why Export?
Reasons to export
To serve markets where
the firm has no production facilities.
the local plant does not produce the firm’s complete product mix.
To satisfy a host government’s requirement that the local subsidiary export.
IOW: By rule, the organization must export.
To remain competitive in the home market.
Why Export?
Reasons to export (cont’d)
To test foreign markets and foreign competition inexpensively.
To meet actual or prospective customers’ requests for the firm to export. (AKA: Accidental Exporting)
To offset cyclical sales of the domestic market.
To achieve additional sales.
(Using production capacity to reduce fixed cost per unit.)
To extend a product’s life cycle.
Why Export?
Reasons to export (cont’d)
To distract foreign competitors that are in the firm’s home market by entering their home markets.
To partake in the kind of success the firm’s management has seen others achieve by exporting.
To improve equipment utilization rates.
(Using production capacity to reduce fixed cost per unit.)
Why Don’t They Export
Two major reasons U.S. firms give for not exporting
Preoccupation with the vast American market.
Or their respective home market.
A reluctance to become involved in a new and unknown operation.
Why Don’t They Export
General Problem Areas that Deter Firm from Exporting
Locating foreign markets.
Payment and financing procedures.
Export procedures.
Sources of Export Counseling
Trade Information Center (TIC)
The federal government has set this up as a first stop for information:
about all federal export assistance programs as well as country and regional market information.
Trade Information Center Web Site
http://www.export.gov/exportbasics/ticredirect.asp
Among the items at the TIC index page are
links to government export programs, trade promotion events, and trade lead information.
Sources of Export Counseling
International Trade Administration (ITA)
Good Source for Continuing Assistance from Uni ...
I need 3 paragraphs for each discussion which is a total of 6 paraLizbethQuinonez813
I need 3 paragraphs for each discussion which is a total of 6 paragraphs for the part that requires paragraph. Please keep both separate and address each question. Please make sure you check grammar and punctuation errors, as well as quoting and using in text citations. PLEASE make sure you cite the information, do NOT plagiarize and ADD all references. No Cover Page Needed PLEASE INBOX ME IF YOU HAVE QUESTIONS
*DUE WEDNESDAY FEB. 9, 2022 NO LATER THAN 6:00PM CENTRAL STANDARD TIME
PLEASE SEE ATTACHMENTS and inbox me if you need reading material on the assignment
Part 1 The Balance Sheet
Referencing this week’s readings and lecture, what information is provided in the balance sheet? What is a common-sized balance sheet and how do you create one? For your final project company, does anything stand out on the balance sheet?
Part 2 Understanding the Notes to the Balance Sheet
Your friend, Liz, loves to shop at Target and is now interested in investing in the company. Tom, another friend, has told her that Target’s debt structure is risky with obligations of nearly 74% of total assets. Liz sees that debt on the balance sheet is 65% of total assets and is confused by Tom’s comment. Write an explanation to Liz discussing the debt structure of Target and why Tom thinks Target is risky. Be sure to explain clearly what information appears on financial statements, as well as what information does not appear directly on the financial statements. Use the information below in your discussion.
At fiscal year-end February 2, 2008, Target Corporation had the following assets and liabilities on its balance sheet (in millions):
Current liabilities
$11,782
Long-term debt
15,126
Other liabilities
2,345
Total assets
44,560
Target reported the following information on leases in the notes to the financial statements:
Total rent expense was $165 million in 2007, $158 million in 2006, and $154 million in 2005, including percentage rent expense of $5 million in 2007, 2006, and 2005. Most long-term leases include one or more options to renew, with renewal terms that can extend the lease term to more than 50 years. Certain leases also include options to purchase the leased property.
Future minimum lease payments required under non-cancellable lease agreements existing at February 2, 2008, were:
Future Minimum Lease Payments (in Millions)
Operating Leases
Capital Leases
2008
$ 239
$ 12
2009
187
16
2010
173
16
2011
129
16
2010
123
17
After 2010
2, 843
155
Total future minimum lease payments
$3694 (a)
$232
Less: Interest (b)
(105)
Present value of minimum capital lease payments
$127 (c)
(a) Total contractual lease payments include $1,721 million related to options to extend lease terms that are reasonably assured of being exercised, and also include $98 million of legally binding minimum lease payments for stores that will open in 2008 or later.
(b) Calculated using the interest rate at inception of each lease.
(c) Includes current portion ...
Global Market AnalysisGeoff BrownProfessor Duh.docxwhittemorelucilla
Global Market Analysis
Geoff Brown
Professor Duhn
ACC 680
March 5, 2017
Objectives
Introduction
Potential issues in financial statement analysis
Recommendations on the issues
International financial statement analysis potential benefits
2
Introduction: financial statements analysis
Definition; the act of looking at financial statements with a view of evaluating the financial status of the company to make better economic decisions(Brown et.al, 2014)
Financial statements include balance sheet, income statement, statement of equity and cash flow statement among others
Financial analysis uses tools such as financial ratios
Financial statement analysis make the use of various tools. The most common tools is financial ratios. This financial ratios are classified into various categories depending on the objective they are required to achieve. The common financial ratios are classified into liquidity, profitability, solvency, operating financial ratios and leverage ratios.
3
Introduction (continued)
Statement of the problem- effect of global market on financial statement analysis
Scope; financial statement analysis in the us vis a vis the global market
global market of choice is German.
This presentation is intended to give an outline of the various opportunities as well as threats that will be encountered as result of having global operations. The threats and opportunities will have a bias on the various effects this global markets will have on the process of financial statement analysis. This will also be a comparison between the host country, USA and the new country referred to as the global market. The global market in this case is German
4
Potential issues
Legal systems
Tax regulation
Political and political ties
Inflation
Funding mechanism
This are the major determinants of many countries accounting system and by the extension the process of financial statement analysis. They present both threats and opportunities to the business. The will be each be discussed in the subsequent slides.
5
Legal system
There two types of legal systems namely common law and codified roman law
The kind of accounting system is determined by the legal system
German being the global market uses codified roman law.
Accounting profession in German is highly regulated with procedures laid down on particular transaction
In the German law is silent about items such as cash flow statements, leases and also transactions involving foreign currency transactions(Geppert et.al, 2016)
Unlike in the USA and other countries who use the common law legal system, the accounting field is highly regulated in German. In countries operating under the common law regime the laws are left to professional bodies to deliberate on the various contentious issues. In this case various tools such as cash flow statement are very important when it comes to issues such liquidity. Lack of clear direction on such an item can make benchmarking wit ...
Question 1 of 15 1.0 Points If the capital markets are efficie.docxIRESH3
Question 1 of 15 1.0 Points
If the capital markets are efficient, then the sale or purchase of any security at the prevailing market price is:
A. Always a positive NPV transaction
B. Generally a zero NPV transaction
C. Is always a negative NPV transaction
D. None of the above
Question 2 of 15 1.0 Points
Generally, a firm is able to find positive NPV opportunities with:
I) Financing decisions
II) Capital investment decisions
III) Short-term borrowing decisions
A. I only
B. I and III only
C. III only
D. II only
Question 3 of 15 1.0 Points
Stock price cycles or patterns self-destruct as soon as investors recognize them through:
A. stock market regulation by the Securities and Exchange Commission (SEC)
B. price fixing by the specialists on New York Stock Exchange
C. trading by the investors
D. none of the above
Question 4 of 15 1.0 Points
Which of the following is a statement of semi-strong form efficiency?
I) If the markets are efficient in the semi-strong form then prices will adjust immediately to public information
II) If the markets are efficient in the semi-strong form then prices reflect all information
III) If the markets are efficient in the semi-strong form then prices will adjust to newly published information after a long time delay
A. I only
B. II only
C. II and III only
D. III only
Question 5 of 15 1.0 Points
Weak form efficiency implies that past stock price(s)
A. patterns tend to repeat itself in the future
B. are major inputs to the investors for forming trading strategies
C. do not matter
D. none of the above
Question 6 of 15 1.0 Points
One important implication of the efficient markets hypothesis is that:
A. investors should hold a diversified portfolio and avoid active trading.
B. investors can benefit by engaging in day trading.
C. investors should trade actively help to ensure the highest overall gain in their portfolios.
D. all of the above.
Question 7 of 15 1.0 Points
On January 2, Michigan Mining declared a $25-per-share quarterly dividend payable on March 9th to stockholders of record on February 9. What is the latest date by which you could purchase the stock and still get the recently declared dividend?
A. February 5
B. February 6
C. February 7
D. February 8
Question 8 of 15 1.0 Points
Firms can repurchase shares in the following ways:
I) Open market repurchase
II) Through a tender offer
III) Through a Dutch auction process
IV) Through direct negotiation with a major shareholder
A. I only
B. II only
C. III only
D. I, II, III, and IV
Question 9 of 15 1.0 Points
Company X has 100 shares outstanding. It earns $1,000 per year and expects to pay all of it as dividends. If the firm expects to maintain this dividend forever, Calculate the stock price today. (The required rate of return is 10%)
A. $110
B. $90
C. $100
D. None of the above
Que ...
Study Guide Chapter 1Multiple Choice Questions1. ____ i.docxhanneloremccaffery
Study Guide: Chapter 1
Multiple Choice Questions
1. ____ is the primary goal of business.
A. Charity
B. Profit
C. Bureaucracy
D. Quality
E. Strategy
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
2. Which of the following is NOT a product?
A. A Dell personal computer
B. A veterinarian's treatment of a pet's injuries
C. A lawyer's advice in a divorce case
D. A checkup by a doctor
E. A business profit
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
3. Which of the following is an example of an intangible product?
A. A movie DVD
B. A sandwich
C. A sports car
D. A music concert
E. Jewelry
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
4. Which of the following is a similarity between businesses and nonprofit organizations?
A. Both do not have to abide by government regulations.
B. Both are unaffected by political or social change.
C. Both of them engage in management and finance activities.
D. Both of them do not need to adapt to technological changes.
E. Both aim to maximize financial returns for their owners.
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
5. All the groups that have an interest in an organization's success and outcomes are known as the organization's ____.
A. agencies
B. stakeholders
C. owners
D. investors
E. shareholders
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
6. Which of the following is a force within an organization's control that has an impact on the business's daily operations?
A. Employees
B. Regulatory environment
C. Competition
D. Political environment
E. Technology
Hint: Learning Objective: 01-02 Identify the main participants and activities of business and explain why studying business is important.
7. Which of the following is true of the responsibilities of the people involved in a business?
A. Finance is concerned with acquiring, developing, and using human effectively and efficiently.
B. Marketing refers to all activities concerned with obtaining money for the firm and using it effectively.
C. Nonprofit organizations include all the functions that businesses do, except for the marketing function.
D. Management is not involved in the day-to-day functions of production and manufacturing.
E. It is the primary responsibility of the owners to provide financial resources for the operation of the business.
Hint: Learning Objective: 01-02 Identify the main participants and activities of business and explain why studying business is important.
8. The functions of organizing, staffing, planning, and controlling are most closely associated with:
A. managers.
B. assembly line workers.
C. investment advisors.
D. stockbrokers.
E. direct sales executives.
Hint: Learning Obje.
Multiple Choice Questions1. ____ is the primary goal of bu.docxrosemarybdodson23141
Multiple Choice Questions
1. ____ is the primary goal of business.
A. Charity
B. Profit
C. Bureaucracy
D. Quality
E. Strategy
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
2. Which of the following is NOT a product?
A. A Dell personal computer
B. A veterinarian's treatment of a pet's injuries
C. A lawyer's advice in a divorce case
D. A checkup by a doctor
E. A business profit
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
3. Which of the following is an example of an intangible product?
A. A movie DVD
B. A sandwich
C. A sports car
D. A music concert
E. Jewelry
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
4. Which of the following is a similarity between businesses and nonprofit organizations?
A. Both do not have to abide by government regulations.
B. Both are unaffected by political or social change.
C. Both of them engage in management and finance activities.
D. Both of them do not need to adapt to technological changes.
E. Both aim to maximize financial returns for their owners.
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
5. All the groups that have an interest in an organization's success and outcomes are known as the organization's ____.
A. agencies
B. stakeholders
C. owners
D. investors
E. shareholders
Hint: Learning Objective: 01-01 Define basic concepts such as business; product; and profit.
6. Which of the following is a force within an organization's control that has an impact on the business's daily operations?
A. Employees
B. Regulatory environment
C. Competition
D. Political environment
E. Technology
Hint: Learning Objective: 01-02 Identify the main participants and activities of business and explain why studying business is important.
7. Which of the following is true of the responsibilities of the people involved in a business?
A. Finance is concerned with acquiring, developing, and using human effectively and efficiently.
B. Marketing refers to all activities concerned with obtaining money for the firm and using it effectively.
C. Nonprofit organizations include all the functions that businesses do, except for the marketing function.
D. Management is not involved in the day-to-day functions of production and manufacturing.
E. It is the primary responsibility of the owners to provide financial resources for the operation of the business.
Hint: Learning Objective: 01-02 Identify the main participants and activities of business and explain why studying business is important.
8. The functions of organizing, staffing, planning, and controlling are most closely associated with:
A. managers.
B. assembly line workers.
C. investment advisors.
D. stockbrokers.
E. direct sales executives.
Hint: Learning Objective: 01-02 Identify t.
Export and Import PracticesChapter 14Chapter Objecti.docxssuser454af01
Export and Import Practices
Chapter 14
Chapter Objectives
Explain why firms export and challenges to exporting
Identify the sources of export counseling and support
Discuss the meaning of the various terms of sale
Identify some sources of export financing
Describe the activities of a foreign freight forwarder
Understand the kinds of export documents required
Identify import sources
Describe the activities of a customhouse broker
Who Exports?
Many people believe large multinationals do not export because they supply their foreign markets from local production
However, some of the largest U.S international firms were also the nation’s largest exporters.
Who Exports? (continued)
The U.S. Bureau of Census reported that manufacturers accounted for the largest proportion of exports (69+%).
The survey showed that the top 50 manufacturers accounted for a minimum of 45% of the known export value while;
200,000+ small and medium-size firms were responsible for 31% of the known export value.
Why Export?
Reasons to export
To serve markets where
the firm has no production facilities.
the local plant does not produce the firm’s complete product mix.
To satisfy a host government’s requirement that the local subsidiary export.
IOW: By rule, the organization must export.
To remain competitive in the home market.
Why Export?
Reasons to export (cont’d)
To test foreign markets and foreign competition inexpensively.
To meet actual or prospective customers’ requests for the firm to export. (AKA: Accidental Exporting)
To offset cyclical sales of the domestic market.
To achieve additional sales.
(Using production capacity to reduce fixed cost per unit.)
To extend a product’s life cycle.
Why Export?
Reasons to export (cont’d)
To distract foreign competitors that are in the firm’s home market by entering their home markets.
To partake in the kind of success the firm’s management has seen others achieve by exporting.
To improve equipment utilization rates.
(Using production capacity to reduce fixed cost per unit.)
Why Don’t They Export
Two major reasons U.S. firms give for not exporting
Preoccupation with the vast American market.
Or their respective home market.
A reluctance to become involved in a new and unknown operation.
Why Don’t They Export
General Problem Areas that Deter Firm from Exporting
Locating foreign markets.
Payment and financing procedures.
Export procedures.
Sources of Export Counseling
Trade Information Center (TIC)
The federal government has set this up as a first stop for information:
about all federal export assistance programs as well as country and regional market information.
Trade Information Center Web Site
http://www.export.gov/exportbasics/ticredirect.asp
Among the items at the TIC index page are
links to government export programs, trade promotion events, and trade lead information.
Sources of Export Counseling
International Trade Administration (ITA)
Good Source for Continuing Assistance from Uni ...
I need 3 paragraphs for each discussion which is a total of 6 paraLizbethQuinonez813
I need 3 paragraphs for each discussion which is a total of 6 paragraphs for the part that requires paragraph. Please keep both separate and address each question. Please make sure you check grammar and punctuation errors, as well as quoting and using in text citations. PLEASE make sure you cite the information, do NOT plagiarize and ADD all references. No Cover Page Needed PLEASE INBOX ME IF YOU HAVE QUESTIONS
*DUE WEDNESDAY FEB. 9, 2022 NO LATER THAN 6:00PM CENTRAL STANDARD TIME
PLEASE SEE ATTACHMENTS and inbox me if you need reading material on the assignment
Part 1 The Balance Sheet
Referencing this week’s readings and lecture, what information is provided in the balance sheet? What is a common-sized balance sheet and how do you create one? For your final project company, does anything stand out on the balance sheet?
Part 2 Understanding the Notes to the Balance Sheet
Your friend, Liz, loves to shop at Target and is now interested in investing in the company. Tom, another friend, has told her that Target’s debt structure is risky with obligations of nearly 74% of total assets. Liz sees that debt on the balance sheet is 65% of total assets and is confused by Tom’s comment. Write an explanation to Liz discussing the debt structure of Target and why Tom thinks Target is risky. Be sure to explain clearly what information appears on financial statements, as well as what information does not appear directly on the financial statements. Use the information below in your discussion.
At fiscal year-end February 2, 2008, Target Corporation had the following assets and liabilities on its balance sheet (in millions):
Current liabilities
$11,782
Long-term debt
15,126
Other liabilities
2,345
Total assets
44,560
Target reported the following information on leases in the notes to the financial statements:
Total rent expense was $165 million in 2007, $158 million in 2006, and $154 million in 2005, including percentage rent expense of $5 million in 2007, 2006, and 2005. Most long-term leases include one or more options to renew, with renewal terms that can extend the lease term to more than 50 years. Certain leases also include options to purchase the leased property.
Future minimum lease payments required under non-cancellable lease agreements existing at February 2, 2008, were:
Future Minimum Lease Payments (in Millions)
Operating Leases
Capital Leases
2008
$ 239
$ 12
2009
187
16
2010
173
16
2011
129
16
2010
123
17
After 2010
2, 843
155
Total future minimum lease payments
$3694 (a)
$232
Less: Interest (b)
(105)
Present value of minimum capital lease payments
$127 (c)
(a) Total contractual lease payments include $1,721 million related to options to extend lease terms that are reasonably assured of being exercised, and also include $98 million of legally binding minimum lease payments for stores that will open in 2008 or later.
(b) Calculated using the interest rate at inception of each lease.
(c) Includes current portion ...
Global Market AnalysisGeoff BrownProfessor Duh.docxwhittemorelucilla
Global Market Analysis
Geoff Brown
Professor Duhn
ACC 680
March 5, 2017
Objectives
Introduction
Potential issues in financial statement analysis
Recommendations on the issues
International financial statement analysis potential benefits
2
Introduction: financial statements analysis
Definition; the act of looking at financial statements with a view of evaluating the financial status of the company to make better economic decisions(Brown et.al, 2014)
Financial statements include balance sheet, income statement, statement of equity and cash flow statement among others
Financial analysis uses tools such as financial ratios
Financial statement analysis make the use of various tools. The most common tools is financial ratios. This financial ratios are classified into various categories depending on the objective they are required to achieve. The common financial ratios are classified into liquidity, profitability, solvency, operating financial ratios and leverage ratios.
3
Introduction (continued)
Statement of the problem- effect of global market on financial statement analysis
Scope; financial statement analysis in the us vis a vis the global market
global market of choice is German.
This presentation is intended to give an outline of the various opportunities as well as threats that will be encountered as result of having global operations. The threats and opportunities will have a bias on the various effects this global markets will have on the process of financial statement analysis. This will also be a comparison between the host country, USA and the new country referred to as the global market. The global market in this case is German
4
Potential issues
Legal systems
Tax regulation
Political and political ties
Inflation
Funding mechanism
This are the major determinants of many countries accounting system and by the extension the process of financial statement analysis. They present both threats and opportunities to the business. The will be each be discussed in the subsequent slides.
5
Legal system
There two types of legal systems namely common law and codified roman law
The kind of accounting system is determined by the legal system
German being the global market uses codified roman law.
Accounting profession in German is highly regulated with procedures laid down on particular transaction
In the German law is silent about items such as cash flow statements, leases and also transactions involving foreign currency transactions(Geppert et.al, 2016)
Unlike in the USA and other countries who use the common law legal system, the accounting field is highly regulated in German. In countries operating under the common law regime the laws are left to professional bodies to deliberate on the various contentious issues. In this case various tools such as cash flow statement are very important when it comes to issues such liquidity. Lack of clear direction on such an item can make benchmarking wit ...
Question 1 of 15 1.0 Points If the capital markets are efficie.docxIRESH3
Question 1 of 15 1.0 Points
If the capital markets are efficient, then the sale or purchase of any security at the prevailing market price is:
A. Always a positive NPV transaction
B. Generally a zero NPV transaction
C. Is always a negative NPV transaction
D. None of the above
Question 2 of 15 1.0 Points
Generally, a firm is able to find positive NPV opportunities with:
I) Financing decisions
II) Capital investment decisions
III) Short-term borrowing decisions
A. I only
B. I and III only
C. III only
D. II only
Question 3 of 15 1.0 Points
Stock price cycles or patterns self-destruct as soon as investors recognize them through:
A. stock market regulation by the Securities and Exchange Commission (SEC)
B. price fixing by the specialists on New York Stock Exchange
C. trading by the investors
D. none of the above
Question 4 of 15 1.0 Points
Which of the following is a statement of semi-strong form efficiency?
I) If the markets are efficient in the semi-strong form then prices will adjust immediately to public information
II) If the markets are efficient in the semi-strong form then prices reflect all information
III) If the markets are efficient in the semi-strong form then prices will adjust to newly published information after a long time delay
A. I only
B. II only
C. II and III only
D. III only
Question 5 of 15 1.0 Points
Weak form efficiency implies that past stock price(s)
A. patterns tend to repeat itself in the future
B. are major inputs to the investors for forming trading strategies
C. do not matter
D. none of the above
Question 6 of 15 1.0 Points
One important implication of the efficient markets hypothesis is that:
A. investors should hold a diversified portfolio and avoid active trading.
B. investors can benefit by engaging in day trading.
C. investors should trade actively help to ensure the highest overall gain in their portfolios.
D. all of the above.
Question 7 of 15 1.0 Points
On January 2, Michigan Mining declared a $25-per-share quarterly dividend payable on March 9th to stockholders of record on February 9. What is the latest date by which you could purchase the stock and still get the recently declared dividend?
A. February 5
B. February 6
C. February 7
D. February 8
Question 8 of 15 1.0 Points
Firms can repurchase shares in the following ways:
I) Open market repurchase
II) Through a tender offer
III) Through a Dutch auction process
IV) Through direct negotiation with a major shareholder
A. I only
B. II only
C. III only
D. I, II, III, and IV
Question 9 of 15 1.0 Points
Company X has 100 shares outstanding. It earns $1,000 per year and expects to pay all of it as dividends. If the firm expects to maintain this dividend forever, Calculate the stock price today. (The required rate of return is 10%)
A. $110
B. $90
C. $100
D. None of the above
Que ...
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
1. 1.
LO 1.1Accounting is sometimes called the “language of _____.”
A. Wall Street
B. business
C. Main Street
D. financial statements
2. 2.
LO 1.2Financial accounting information ________.
A. should be incomplete in order to confuse competitors
B. should be prepared differently by each company
C. provides investors guarantees about the future
D. summarizes what has already occurred
3. 3.
LO 1.2External users of financial accounting information include all of the
following except ________.
A. lenders such as bankers
B. governmental agencies such as the IRS
C. employees of a business
D. potential investors
4. 4.
LO 1.2Which of the following groups would have access to managerial accounting information?
A. bankers
B. investors
C. competitors of the business
D. managers
5. 5.
LO 1.2All of the following are examples of managerial accounting activities except ________.
A. preparing external financial statements in compliance with GAAP
B. deciding whether or not to use automation
C. making equipment repair or replacement decisions
D. measuring costs of production for each product produced
6. 6.
LO 1.3Which of the following is not true?
A. Organizations share a common purpose or mission.
B. Organizations have inflows and outflows of resources.
C. Organizations add value to society.
D. Organizations need accounting information.
7. 7.
LO 1.3The primary purpose of what type of business is to serve a particular need in the
community?
A. for-profit
B. not-for-profit
C. manufacturing
D. retail
8. 8.
LO 1.3Which of the following is not an example of a retailer?
A. electronics store
B. grocery store
C. car dealership
D. computer manufacturer
E. jewelry store
9. 9.
LO 1.3A governmental agency can best be described by which of the following statements?
A. has a primary purpose of making a profit
B. has a primary purpose of using taxpayer funds to provide services
C. produces goods for sale to the public
D. has regular shareholder meetings
10. 10.
LO 1.3Which of the following is likely not a type of not-for-profit entity?
A. public library
B. community foundation
C. university
D. local movie theater
11. 11.
LO 1.4Which of the following is not considered a stakeholder of an organization?
A. creditors
B. lenders
C. employees
D. community residents
E. a business in another industry
12. 12.
LO 1.4Stockholders can best be defined as which of the following?
A. investors who lend money to a business for a short period of time
B. investors who lend money to a business for a long period of time
C. investors who purchase an ownership in the business
D. analysts who rate the financial performance of the business
13. 13.
LO 1.4Which of the following sell stock on an organized stock exchange such as the New York
Stock Exchange?
A. publicly traded companies
B. not-for-profit businesses
C. governmental agencies
D. privately held companies
E. government-sponsored entities
14. 14.
LO 1.4All of the following are sustainable methods businesses can use to raise capital
(funding) except for ________.
A. borrowing from lenders
B. selling ownership shares
C. profitable operations
D. tax refunds
15. 15.
LO 1.4The accounting information of a privately held company is generally available to all of
the following except for ________.
A. governmental agencies
B. investors
C. creditors and lenders
D. competitors
16. 16.
LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
A. written communication
B. verbal communication
C. ability to work independently
D. analytical thinking
E. extensive computer programing background
17. 17.
LO 1.5Which of the following is typically required for entry-level positions in the accounting
profession?
A. bachelor’s degree
B. master’s degree
C. Certified Public Accountant (CPA)
D. Certified Management Accountant (CMA)
E. only a high school diploma
18. 18.
LO 1.5Typical accounting tasks include all of the following tasks except ________.
A. auditing
B. recording and tracking costs
C. tax compliance and planning
D. consulting
E. purchasing direct materials
19. 19.
LO 1.5What type of organization primarily offers tax compliance, auditing, and consulting
services?
A. corporations
B. public accounting firms
C. governmental entities
D. universities
20. 20.
LO 1.5Most states require 150 semester hours of college credit for which professional
certification?
A. Certified Management Accountant (CMA)
B. Certified Internal Auditor (CIA)
C. Certified Public Accountant (CPA)
D. Certified Financial Planner (CFP)
21. 1.
LO 1.1Accounting is sometimes called the “language of _____.”
E. Wall Street
F. business
G. Main Street
H. financial statements
22. 2.
LO 1.2Financial accounting information ________.
E. should be incomplete in order to confuse competitors
F. should be prepared differently by each company
G. provides investors guarantees about the future
H. summarizes what has already occurred
23. 3.
LO 1.2External users of financial accounting information include all of the
following except ________.
E. lenders such as bankers
F. governmental agencies such as the IRS
G. employees of a business
H. potential investors
24. 4.
LO 1.2Which of the following groups would have access to managerial accounting information?
E. bankers
F. investors
G. competitors of the business
H. managers
25. 5.
LO 1.2All of the following are examples of managerial accounting activities except ________.
E. preparing external financial statements in compliance with GAAP
F. deciding whether or not to use automation
G. making equipment repair or replacement decisions
H. measuring costs of production for each product produced
26. 6.
LO 1.3Which of the following is not true?
E. Organizations share a common purpose or mission.
F. Organizations have inflows and outflows of resources.
G. Organizations add value to society.
H. Organizations need accounting information.
27. 7.
LO 1.3The primary purpose of what type of business is to serve a particular need in the
community?
E. for-profit
F. not-for-profit
G. manufacturing
H. retail
28. 8.
LO 1.3Which of the following is not an example of a retailer?
F. electronics store
G. grocery store
H. car dealership
I. computer manufacturer
J. jewelry store
29. 9.
LO 1.3A governmental agency can best be described by which of the following statements?
E. has a primary purpose of making a profit
F. has a primary purpose of using taxpayer funds to provide services
G. produces goods for sale to the public
H. has regular shareholder meetings
30. 10.
LO 1.3Which of the following is likely not a type of not-for-profit entity?
E. public library
F. community foundation
G. university
H. local movie theater
31. 11.
LO 1.4Which of the following is not considered a stakeholder of an organization?
F. creditors
G. lenders
H. employees
I. community residents
J. a business in another industry
32. 12.
LO 1.4Stockholders can best be defined as which of the following?
E. investors who lend money to a business for a short period of time
F. investors who lend money to a business for a long period of time
G. investors who purchase an ownership in the business
H. analysts who rate the financial performance of the business
33. 13.
LO 1.4Which of the following sell stock on an organized stock exchange such as the New York
Stock Exchange?
F. publicly traded companies
G. not-for-profit businesses
H. governmental agencies
I. privately held companies
J. government-sponsored entities
34. 14.
LO 1.4All of the following are sustainable methods businesses can use to raise capital
(funding) except for ________.
E. borrowing from lenders
F. selling ownership shares
G. profitable operations
H. tax refunds
35. 15.
LO 1.4The accounting information of a privately held company is generally available to all of
the following except for ________.
E. governmental agencies
F. investors
G. creditors and lenders
H. competitors
36. 16.
LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
F. written communication
G. verbal communication
H. ability to work independently
I. analytical thinking
J. extensive computer programing background
37. 17.
LO 1.5Which of the following is typically required for entry-level positions in the accounting
profession?
F. bachelor’s degree
G. master’s degree
H. Certified Public Accountant (CPA)
I. Certified Management Accountant (CMA)
J. only a high school diploma
38. 18.
LO 1.5Typical accounting tasks include all of the following tasks except ________.
F. auditing
G. recording and tracking costs
H. tax compliance and planning
I. consulting
J. purchasing direct materials
39. 19.
LO 1.5What type of organization primarily offers tax compliance, auditing, and consulting
services?
E. corporations
F. public accounting firms
G. governmental entities
H. universities
40. 20.
LO 1.5Most states require 150 semester hours of college credit for which professional
certification?
E. Certified Management Accountant (CMA)
F. Certified Internal Auditor (CIA)
G. Certified Public Accountant (CPA)
H. Certified Financial Planner (CFP)
41. 1.
LO 1.1Accounting is sometimes called the “language of _____.”
I. Wall Street
J. business
K. Main Street
L. financial statements
42. 2.
LO 1.2Financial accounting information ________.
I. should be incomplete in order to confuse competitors
J. should be prepared differently by each company
K. provides investors guarantees about the future
L. summarizes what has already occurred
43. 3.
LO 1.2External users of financial accounting information include all of the
following except ________.
I. lenders such as bankers
J. governmental agencies such as the IRS
K. employees of a business
L. potential investors
44. 4.
LO 1.2Which of the following groups would have access to managerial accounting information?
I. bankers
J. investors
K. competitors of the business
L. managers
45. 5.
LO 1.2All of the following are examples of managerial accounting activities except ________.
I. preparing external financial statements in compliance with GAAP
J. deciding whether or not to use automation
K. making equipment repair or replacement decisions
L. measuring costs of production for each product produced
46. 6.
LO 1.3Which of the following is not true?
I. Organizations share a common purpose or mission.
J. Organizations have inflows and outflows of resources.
K. Organizations add value to society.
L. Organizations need accounting information.
47. 7.
LO 1.3The primary purpose of what type of business is to serve a particular need in the
community?
I. for-profit
J. not-for-profit
K. manufacturing
L. retail
48. 8.
LO 1.3Which of the following is not an example of a retailer?
K. electronics store
L. grocery store
M. car dealership
N. computer manufacturer
O. jewelry store
49. 9.
LO 1.3A governmental agency can best be described by which of the following statements?
I. has a primary purpose of making a profit
J. has a primary purpose of using taxpayer funds to provide services
K. produces goods for sale to the public
L. has regular shareholder meetings
50. 10.
LO 1.3Which of the following is likely not a type of not-for-profit entity?
I. public library
J. community foundation
K. university
L. local movie theater
51. 11.
LO 1.4Which of the following is not considered a stakeholder of an organization?
K. creditors
L. lenders
M. employees
N. community residents
O. a business in another industry
52. 12.
LO 1.4Stockholders can best be defined as which of the following?
I. investors who lend money to a business for a short period of time
J. investors who lend money to a business for a long period of time
K. investors who purchase an ownership in the business
L. analysts who rate the financial performance of the business
53. 13.
LO 1.4Which of the following sell stock on an organized stock exchange such as the New York
Stock Exchange?
K. publicly traded companies
L. not-for-profit businesses
M. governmental agencies
N. privately held companies
O. government-sponsored entities
54. 14.
LO 1.4All of the following are sustainable methods businesses can use to raise capital
(funding) except for ________.
I. borrowing from lenders
J. selling ownership shares
K. profitable operations
L. tax refunds
55. 15.
LO 1.4The accounting information of a privately held company is generally available to all of
the following except for ________.
I. governmental agencies
J. investors
K. creditors and lenders
L. competitors
56. 16.
LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
K. written communication
L. verbal communication
M. ability to work independently
N. analytical thinking
O. extensive computer programing background
57. 17.
LO 1.5Which of the following is typically required for entry-level positions in the accounting
profession?
K. bachelor’s degree
L. master’s degree
M. Certified Public Accountant (CPA)
N. Certified Management Accountant (CMA)
O. only a high school diploma
58. 18.
LO 1.5Typical accounting tasks include all of the following tasks except ________.
K. auditing
L. recording and tracking costs
M. tax compliance and planning
N. consulting
O. purchasing direct materials
59. 19.
LO 1.5What type of organization primarily offers tax compliance, auditing, and consulting
services?
I. corporations
J. public accounting firms
K. governmental entities
L. universities
60. 20.
LO 1.5Most states require 150 semester hours of college credit for which professional
certification?
I. Certified Management Accountant (CMA)
J. Certified Internal Auditor (CIA)
K. Certified Public Accountant (CPA)
L. Certified Financial Planner (CFP)
61. 1.
LO 1.1Accounting is sometimes called the “language of _____.”
M. Wall Street
N. business
O. Main Street
P. financial statements
62. 2.
LO 1.2Financial accounting information ________.
M. should be incomplete in order to confuse competitors
N. should be prepared differently by each company
O. provides investors guarantees about the future
P. summarizes what has already occurred
63. 3.
LO 1.2External users of financial accounting information include all of the
following except ________.
M. lenders such as bankers
N. governmental agencies such as the IRS
O. employees of a business
P. potential investors
64. 4.
LO 1.2Which of the following groups would have access to managerial accounting information?
M. bankers
N. investors
O. competitors of the business
P. managers
65. 5.
LO 1.2All of the following are examples of managerial accounting activities except ________.
M. preparing external financial statements in compliance with GAAP
N. deciding whether or not to use automation
O. making equipment repair or replacement decisions
P. measuring costs of production for each product produced
66. 6.
LO 1.3Which of the following is not true?
M. Organizations share a common purpose or mission.
N. Organizations have inflows and outflows of resources.
O. Organizations add value to society.
P. Organizations need accounting information.
67. 7.
LO 1.3The primary purpose of what type of business is to serve a particular need in the
community?
M. for-profit
N. not-for-profit
O. manufacturing
P. retail
68. 8.
LO 1.3Which of the following is not an example of a retailer?
P. electronics store
Q. grocery store
R. car dealership
S. computer manufacturer
T. jewelry store
69. 9.
LO 1.3A governmental agency can best be described by which of the following statements?
M. has a primary purpose of making a profit
N. has a primary purpose of using taxpayer funds to provide services
O. produces goods for sale to the public
P. has regular shareholder meetings
70. 10.
LO 1.3Which of the following is likely not a type of not-for-profit entity?
M. public library
N. community foundation
O. university
P. local movie theater
71. 11.
LO 1.4Which of the following is not considered a stakeholder of an organization?
P. creditors
Q. lenders
R. employees
S. community residents
T. a business in another industry
72. 12.
LO 1.4Stockholders can best be defined as which of the following?
M. investors who lend money to a business for a short period of time
N. investors who lend money to a business for a long period of time
O. investors who purchase an ownership in the business
P. analysts who rate the financial performance of the business
73. 13.
LO 1.4Which of the following sell stock on an organized stock exchange such as the New York
Stock Exchange?
P. publicly traded companies
Q. not-for-profit businesses
R. governmental agencies
S. privately held companies
T. government-sponsored entities
74. 14.
LO 1.4All of the following are sustainable methods businesses can use to raise capital
(funding) except for ________.
M. borrowing from lenders
N. selling ownership shares
O. profitable operations
P. tax refunds
75. 15.
LO 1.4The accounting information of a privately held company is generally available to all of
the following except for ________.
M. governmental agencies
N. investors
O. creditors and lenders
P. competitors
76. 16.
LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
P. written communication
Q. verbal communication
R. ability to work independently
S. analytical thinking
T. extensive computer programing background
77. 17.
LO 1.5Which of the following is typically required for entry-level positions in the accounting
profession?
P. bachelor’s degree
Q. master’s degree
R. Certified Public Accountant (CPA)
S. Certified Management Accountant (CMA)
T. only a high school diploma
78. 18.
LO 1.5Typical accounting tasks include all of the following tasks except ________.
P. auditing
Q. recording and tracking costs
R. tax compliance and planning
S. consulting
T. purchasing direct materials
79. 19.
LO 1.5What type of organization primarily offers tax compliance, auditing, and consulting
services?
M. corporations
N. public accounting firms
O. governmental entities
P. universities
80. 20.
LO 1.5Most states require 150 semester hours of college credit for which professional
certification?
M. Certified Management Accountant (CMA)
N. Certified Internal Auditor (CIA)
O. Certified Public Accountant (CPA)
P. Certified Financial Planner (CFP)
81. 1.
LO 1.1Accounting is sometimes called the “language of _____.”
Q. Wall Street
R. business
S. Main Street
T. financial statements
82. 2.
LO 1.2Financial accounting information ________.
Q. should be incomplete in order to confuse competitors
R. should be prepared differently by each company
S. provides investors guarantees about the future
T. summarizes what has already occurred
83. 3.
LO 1.2External users of financial accounting information include all of the
following except ________.
Q. lenders such as bankers
R. governmental agencies such as the IRS
S. employees of a business
T. potential investors
84. 4.
LO 1.2Which of the following groups would have access to managerial accounting information?
Q. bankers
R. investors
S. competitors of the business
T. managers
85. 5.
LO 1.2All of the following are examples of managerial accounting activities except ________.
Q. preparing external financial statements in compliance with GAAP
R. deciding whether or not to use automation
S. making equipment repair or replacement decisions
T. measuring costs of production for each product produced
86. 6.
LO 1.3Which of the following is not true?
Q. Organizations share a common purpose or mission.
R. Organizations have inflows and outflows of resources.
S. Organizations add value to society.
T. Organizations need accounting information.
87. 7.
LO 1.3The primary purpose of what type of business is to serve a particular need in the
community?
Q. for-profit
R. not-for-profit
S. manufacturing
T. retail
88. 8.
LO 1.3Which of the following is not an example of a retailer?
U. electronics store
V. grocery store
W. car dealership
X. computer manufacturer
Y. jewelry store
89. 9.
LO 1.3A governmental agency can best be described by which of the following statements?
Q. has a primary purpose of making a profit
R. has a primary purpose of using taxpayer funds to provide services
S. produces goods for sale to the public
T. has regular shareholder meetings
90. 10.
LO 1.3Which of the following is likely not a type of not-for-profit entity?
Q. public library
R. community foundation
S. university
T. local movie theater
91. 11.
LO 1.4Which of the following is not considered a stakeholder of an organization?
U. creditors
V. lenders
W. employees
X. community residents
Y. a business in another industry
92. 12.
LO 1.4Stockholders can best be defined as which of the following?
Q. investors who lend money to a business for a short period of time
R. investors who lend money to a business for a long period of time
S. investors who purchase an ownership in the business
T. analysts who rate the financial performance of the business
93. 13.
LO 1.4Which of the following sell stock on an organized stock exchange such as the New York
Stock Exchange?
U. publicly traded companies
V. not-for-profit businesses
W. governmental agencies
X. privately held companies
Y. government-sponsored entities
94. 14.
LO 1.4All of the following are sustainable methods businesses can use to raise capital
(funding) except for ________.
Q. borrowing from lenders
R. selling ownership shares
S. profitable operations
T. tax refunds
95. 15.
LO 1.4The accounting information of a privately held company is generally available to all of
the following except for ________.
Q. governmental agencies
R. investors
S. creditors and lenders
T. competitors
96. 16.
LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
U. written communication
V. verbal communication
W. ability to work independently
X. analytical thinking
Y. extensive computer programing background
97. 17.
LO 1.5Which of the following is typically required for entry-level positions in the accounting
profession?
U. bachelor’s degree
V. master’s degree
W. Certified Public Accountant (CPA)
X. Certified Management Accountant (CMA)
Y. only a high school diploma
98. 18.
LO 1.5Typical accounting tasks include all of the following tasks except ________.
U. auditing
V. recording and tracking costs
W. tax compliance and planning
X. consulting
Y. purchasing direct materials
99. 19.
LO 1.5What type of organization primarily offers tax compliance, auditing, and consulting
services?
Q. corporations
R. public accounting firms
S. governmental entities
T. universities
100. 20.
LO 1.5Most states require 150 semester hours of college credit for which professional
certification?
Q. Certified Management Accountant (CMA)
R. Certified Internal Auditor (CIA)
S. Certified Public Accountant (CPA)
T. Certified Financial Planner (CFP)
101. 1.
LO 1.1Accounting is sometimes called the “language of _____.”
U. Wall Street
V. business
W. Main Street
X. financial statements
102. 2.
LO 1.2Financial accounting information ________.
U. should be incomplete in order to confuse competitors
V. should be prepared differently by each company
W. provides investors guarantees about the future
X. summarizes what has already occurred
103. 3.
LO 1.2External users of financial accounting information include all of the
following except ________.
U. lenders such as bankers
V. governmental agencies such as the IRS
W. employees of a business
X. potential investors
104. 4.
LO 1.2Which of the following groups would have access to managerial accounting information?
U. bankers
V. investors
W. competitors of the business
X. managers
105. 5.
LO 1.2All of the following are examples of managerial accounting activities except ________.
U. preparing external financial statements in compliance with GAAP
V. deciding whether or not to use automation
W. making equipment repair or replacement decisions
X. measuring costs of production for each product produced
106. 6.
LO 1.3Which of the following is not true?
U. Organizations share a common purpose or mission.
V. Organizations have inflows and outflows of resources.
W. Organizations add value to society.
X. Organizations need accounting information.
107. 7.
LO 1.3The primary purpose of what type of business is to serve a particular need in the
community?
U. for-profit
V. not-for-profit
W. manufacturing
X. retail
108. 8.
LO 1.3Which of the following is not an example of a retailer?
Z. electronics store
AA. grocery store
BB. car dealership
CC. computer manufacturer
DD. jewelry store
109. 9.
LO 1.3A governmental agency can best be described by which of the following statements?
U. has a primary purpose of making a profit
V. has a primary purpose of using taxpayer funds to provide services
W. produces goods for sale to the public
X. has regular shareholder meetings
110. 10.
LO 1.3Which of the following is likely not a type of not-for-profit entity?
U. public library
V. community foundation
W. university
X. local movie theater
111. 11.
LO 1.4Which of the following is not considered a stakeholder of an organization?
Z. creditors
AA. lenders
BB. employees
CC. community residents
DD. a business in another industry
112. 12.
LO 1.4Stockholders can best be defined as which of the following?
U. investors who lend money to a business for a short period of time
V. investors who lend money to a business for a long period of time
W. investors who purchase an ownership in the business
X. analysts who rate the financial performance of the business
113. 13.
LO 1.4Which of the following sell stock on an organized stock exchange such as the New York
Stock Exchange?
Z. publicly traded companies
AA. not-for-profit businesses
BB. governmental agencies
CC. privately held companies
DD. government-sponsored entities
114. 14.
LO 1.4All of the following are sustainable methods businesses can use to raise capital
(funding) except for ________.
U. borrowing from lenders
V. selling ownership shares
W. profitable operations
X. tax refunds
115. 15.
LO 1.4The accounting information of a privately held company is generally available to all of
the following except for ________.
U. governmental agencies
V. investors
W. creditors and lenders
X. competitors
116. 16.
LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
Z. written communication
AA. verbal communication
BB. ability to work independently
CC. analytical thinking
DD. extensive computer programing background
117. 17.
LO 1.5Which of the following is typically required for entry-level positions in the accounting
profession?
Z. bachelor’s degree
AA. master’s degree
BB. Certified Public Accountant (CPA)
CC. Certified Management Accountant (CMA)
DD. only a high school diploma
118. 18.
LO 1.5Typical accounting tasks include all of the following tasks except ________.
Z. auditing
AA. recording and tracking costs
BB. tax compliance and planning
CC. consulting
DD. purchasing direct materials
119. 19.
LO 1.5What type of organization primarily offers tax compliance, auditing, and consulting
services?
U. corporations
V. public accounting firms
W. governmental entities
X. universities
120. 20.
LO 1.5Most states require 150 semester hours of college credit for which professional
certification?
U. Certified Management Accountant (CMA)
V. Certified Internal Auditor (CIA)
W. Certified Public Accountant (CPA)
X. Certified Financial Planner (CFP)
121. 1.
LO 1.1Accounting is sometimes called the “language of _____.”
Y. Wall Street
Z. business
AA. Main Street
BB. financial statements
122. 2.
LO 1.2Financial accounting information ________.
Y. should be incomplete in order to confuse competitors
Z. should be prepared differently by each company
AA. provides investors guarantees about the future
BB. summarizes what has already occurred
123. 3.
LO 1.2External users of financial accounting information include all of the
following except ________.
Y. lenders such as bankers
Z. governmental agencies such as the IRS
AA. employees of a business
BB. potential investors
124. 4.
LO 1.2Which of the following groups would have access to managerial accounting information?
Y. bankers
Z. investors
AA. competitors of the business
BB. managers
125. 5.
LO 1.2All of the following are examples of managerial accounting activities except ________.
Y. preparing external financial statements in compliance with GAAP
Z. deciding whether or not to use automation
AA. making equipment repair or replacement decisions
BB. measuring costs of production for each product produced
126. 6.
LO 1.3Which of the following is not true?
Y. Organizations share a common purpose or mission.
Z. Organizations have inflows and outflows of resources.
AA. Organizations add value to society.
BB. Organizations need accounting information.
127. 7.
LO 1.3The primary purpose of what type of business is to serve a particular need in the
community?
Y. for-profit
Z. not-for-profit
AA. manufacturing
BB. retail
128. 8.
LO 1.3Which of the following is not an example of a retailer?
EE.electronics store
FF.grocery store
GG. car dealership
HH. computer manufacturer
II. jewelry store
129. 9.
LO 1.3A governmental agency can best be described by which of the following statements?
Y. has a primary purpose of making a profit
Z. has a primary purpose of using taxpayer funds to provide services
AA. produces goods for sale to the public
BB. has regular shareholder meetings
130. 10.
LO 1.3Which of the following is likely not a type of not-for-profit entity?
Y. public library
Z. community foundation
AA. university
BB. local movie theater
131. 11.
LO 1.4Which of the following is not considered a stakeholder of an organization?
EE.creditors
FF.lenders
GG. employees
HH. community residents
II. a business in another industry
132. 12.
LO 1.4Stockholders can best be defined as which of the following?
Y. investors who lend money to a business for a short period of time
Z. investors who lend money to a business for a long period of time
AA. investors who purchase an ownership in the business
BB. analysts who rate the financial performance of the business
133. 13.
LO 1.4Which of the following sell stock on an organized stock exchange such as the New York
Stock Exchange?
EE.publicly traded companies
FF.not-for-profit businesses
GG. governmental agencies
HH. privately held companies
II. government-sponsored entities
134. 14.
LO 1.4All of the following are sustainable methods businesses can use to raise capital
(funding) except for ________.
Y. borrowing from lenders
Z. selling ownership shares
AA. profitable operations
BB. tax refunds
135. 15.
LO 1.4The accounting information of a privately held company is generally available to all of
the following except for ________.
Y. governmental agencies
Z. investors
AA. creditors and lenders
BB. competitors
136. 16.
LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
EE.written communication
FF.verbal communication
GG. ability to work independently
HH. analytical thinking
II. extensive computer programing background
137. 17.
LO 1.5Which of the following is typically required for entry-level positions in the accounting
profession?
EE.bachelor’s degree
FF.master’s degree
GG. Certified Public Accountant (CPA)
HH. Certified Management Accountant (CMA)
II. only a high school diploma
138. 18.
LO 1.5Typical accounting tasks include all of the following tasks except ________.
EE.auditing
FF.recording and tracking costs
GG. tax compliance and planning
HH. consulting
II. purchasing direct materials
139. 19.
LO 1.5What type of organization primarily offers tax compliance, auditing, and consulting
services?
Y. corporations
Z. public accounting firms
AA. governmental entities
BB. universities
140. 20.
LO 1.5Most states require 150 semester hours of college credit for which professional
certification?
Y. Certified Management Accountant (CMA)
Z. Certified Internal Auditor (CIA)
AA. Certified Public Accountant (CPA)
BB. Certified Financial Planner (CFP)
141. 1.
LO 1.1Accounting is sometimes called the “language of _____.”
CC. Wall Street
DD. business
EE.Main Street
FF.financial statements
142. 2.
LO 1.2Financial accounting information ________.
CC. should be incomplete in order to confuse competitors
DD. should be prepared differently by each company
EE.provides investors guarantees about the future
FF.summarizes what has already occurred
143. 3.
LO 1.2External users of financial accounting information include all of the
following except ________.
CC. lenders such as bankers
DD. governmental agencies such as the IRS
EE.employees of a business
FF.potential investors
144. 4.
LO 1.2Which of the following groups would have access to managerial accounting information?
CC. bankers
DD. investors
EE.competitors of the business
FF.managers
145. 5.
LO 1.2All of the following are examples of managerial accounting activities except ________.
CC. preparing external financial statements in compliance with GAAP
DD. deciding whether or not to use automation
EE.making equipment repair or replacement decisions
FF.measuring costs of production for each product produced
146. 6.
LO 1.3Which of the following is not true?
CC. Organizations share a common purpose or mission.
DD. Organizations have inflows and outflows of resources.
EE.Organizations add value to society.
FF.Organizations need accounting information.
147. 7.
LO 1.3The primary purpose of what type of business is to serve a particular need in the
community?
CC. for-profit
DD. not-for-profit
EE.manufacturing
FF.retail
148. 8.
LO 1.3Which of the following is not an example of a retailer?
JJ. electronics store
KK. grocery store
LL.car dealership
MM. computer manufacturer
NN. jewelry store
149. 9.
LO 1.3A governmental agency can best be described by which of the following statements?
CC. has a primary purpose of making a profit
DD. has a primary purpose of using taxpayer funds to provide services
EE.produces goods for sale to the public
FF.has regular shareholder meetings
150. 10.
LO 1.3Which of the following is likely not a type of not-for-profit entity?
CC. public library
DD. community foundation
EE.university
FF.local movie theater
151. 11.
LO 1.4Which of the following is not considered a stakeholder of an organization?
JJ. creditors
KK. lenders
LL.employees
MM. community residents
NN. a business in another industry
152. 12.
LO 1.4Stockholders can best be defined as which of the following?
CC. investors who lend money to a business for a short period of time
DD. investors who lend money to a business for a long period of time
EE.investors who purchase an ownership in the business
FF.analysts who rate the financial performance of the business
153. 13.
LO 1.4Which of the following sell stock on an organized stock exchange such as the New York
Stock Exchange?
JJ. publicly traded companies
KK. not-for-profit businesses
LL.governmental agencies
MM. privately held companies
NN. government-sponsored entities
154. 14.
LO 1.4All of the following are sustainable methods businesses can use to raise capital
(funding) except for ________.
CC. borrowing from lenders
DD. selling ownership shares
EE.profitable operations
FF.tax refunds
155. 15.
LO 1.4The accounting information of a privately held company is generally available to all of
the following except for ________.
CC. governmental agencies
DD. investors
EE.creditors and lenders
FF.competitors
156. 16.
LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
JJ. written communication
KK. verbal communication
LL.ability to work independently
MM. analytical thinking
NN. extensive computer programing background
157. 17.
LO 1.5Which of the following is typically required for entry-level positions in the accounting
profession?
JJ. bachelor’s degree
KK. master’s degree
LL.Certified Public Accountant (CPA)
MM. Certified Management Accountant (CMA)
NN. only a high school diploma
158. 18.
LO 1.5Typical accounting tasks include all of the following tasks except ________.
JJ. auditing
KK. recording and tracking costs
LL.tax compliance and planning
MM. consulting
NN. purchasing direct materials
159. 19.
LO 1.5What type of organization primarily offers tax compliance, auditing, and consulting
services?
CC. corporations
DD. public accounting firms
EE.governmental entities
FF.universities
160. 20.
LO 1.5Most states require 150 semester hours of college credit for which professional
certification?
CC. Certified Management Accountant (CMA)
DD. Certified Internal Auditor (CIA)
EE.Certified Public Accountant (CPA)
FF.Certified Financial Planner (CFP)
161. 1.
LO 1.1Accounting is sometimes called the “language of _____.”
GG. Wall Street
HH. business
II. Main Street
JJ. financial statements
162. 2.
LO 1.2Financial accounting information ________.
GG. should be incomplete in order to confuse competitors
HH. should be prepared differently by each company
II. provides investors guarantees about the future
JJ. summarizes what has already occurred
163. 3.
LO 1.2External users of financial accounting information include all of the
following except ________.
GG. lenders such as bankers
HH. governmental agencies such as the IRS
II. employees of a business
JJ. potential investors
164. 4.
LO 1.2Which of the following groups would have access to managerial accounting information?
GG. bankers
HH. investors
II. competitors of the business
JJ. managers
165. 5.
LO 1.2All of the following are examples of managerial accounting activities except ________.
GG. preparing external financial statements in compliance with GAAP
HH. deciding whether or not to use automation
II. making equipment repair or replacement decisions
JJ. measuring costs of production for each product produced
166. 6.
LO 1.3Which of the following is not true?
GG. Organizations share a common purpose or mission.
HH. Organizations have inflows and outflows of resources.
II. Organizations add value to society.
JJ. Organizations need accounting information.
167. 7.
LO 1.3The primary purpose of what type of business is to serve a particular need in the
community?
GG. for-profit
HH. not-for-profit
II. manufacturing
JJ. retail
168. 8.
LO 1.3Which of the following is not an example of a retailer?
OO. electronics store
PP.grocery store
QQ. car dealership
RR. computer manufacturer
SS.jewelry store
169. 9.
LO 1.3A governmental agency can best be described by which of the following statements?
GG. has a primary purpose of making a profit
HH. has a primary purpose of using taxpayer funds to provide services
II. produces goods for sale to the public
JJ. has regular shareholder meetings
170. 10.
LO 1.3Which of the following is likely not a type of not-for-profit entity?
GG. public library
HH. community foundation
II. university
JJ. local movie theater
171. 11.
LO 1.4Which of the following is not considered a stakeholder of an organization?
OO. creditors
PP.lenders
QQ. employees
RR. community residents
SS.a business in another industry
172. 12.
LO 1.4Stockholders can best be defined as which of the following?
GG. investors who lend money to a business for a short period of time
HH. investors who lend money to a business for a long period of time
II. investors who purchase an ownership in the business
JJ. analysts who rate the financial performance of the business
173. 13.
LO 1.4Which of the following sell stock on an organized stock exchange such as the New York
Stock Exchange?
OO. publicly traded companies
PP.not-for-profit businesses
QQ. governmental agencies
RR. privately held companies
SS.government-sponsored entities
174. 14.
LO 1.4All of the following are sustainable methods businesses can use to raise capital
(funding) except for ________.
GG. borrowing from lenders
HH. selling ownership shares
II. profitable operations
JJ. tax refunds
175. 15.
LO 1.4The accounting information of a privately held company is generally available to all of
the following except for ________.
GG. governmental agencies
HH. investors
II. creditors and lenders
JJ. competitors
176. 16.
LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
OO. written communication
PP.verbal communication
QQ. ability to work independently
RR. analytical thinking
SS.extensive computer programing background
177. 17.
LO 1.5Which of the following is typically required for entry-level positions in the accounting
profession?
OO. bachelor’s degree
PP.master’s degree
QQ. Certified Public Accountant (CPA)
RR. Certified Management Accountant (CMA)
SS.only a high school diploma
178. 18.
LO 1.5Typical accounting tasks include all of the following tasks except ________.
OO. auditing
PP.recording and tracking costs
QQ. tax compliance and planning
RR. consulting
SS.purchasing direct materials
179. 19.
LO 1.5What type of organization primarily offers tax compliance, auditing, and consulting
services?
GG. corporations
HH. public accounting firms
II. governmental entities
JJ. universities
180. 20.
LO 1.5Most states require 150 semester hours of college credit for which professional
certification?
GG. Certified Management Accountant (CMA)
HH. Certified Internal Auditor (CIA)
II. Certified Public Accountant (CPA)
JJ. Certified Financial Planner (CFP)
181. 1.
LO 1.1Accounting is sometimes called the “language of _____.”
KK. Wall Street
LL.business
MM. Main Street
NN. financial statements
182. 2.
LO 1.2Financial accounting information ________.
KK. should be incomplete in order to confuse competitors
LL.should be prepared differently by each company
MM. provides investors guarantees about the future
NN. summarizes what has already occurred
183. 3.
LO 1.2External users of financial accounting information include all of the
following except ________.
KK. lenders such as bankers
LL.governmental agencies such as the IRS
MM. employees of a business
NN. potential investors
184. 4.
LO 1.2Which of the following groups would have access to managerial accounting information?
KK. bankers
LL.investors
MM. competitors of the business
NN. managers
185. 5.
LO 1.2All of the following are examples of managerial accounting activities except ________.
KK. preparing external financial statements in compliance with GAAP
LL.deciding whether or not to use automation
MM. making equipment repair or replacement decisions
NN. measuring costs of production for each product produced
186. 6.
LO 1.3Which of the following is not true?
KK. Organizations share a common purpose or mission.
LL.Organizations have inflows and outflows of resources.
MM. Organizations add value to society.
NN. Organizations need accounting information.
187. 7.
LO 1.3The primary purpose of what type of business is to serve a particular need in the
community?
KK. for-profit
LL.not-for-profit
MM. manufacturing
NN. retail
188. 8.
LO 1.3Which of the following is not an example of a retailer?
TT.electronics store
UU. grocery store
VV. car dealership
WW. computer manufacturer
XX. jewelry store
189. 9.
LO 1.3A governmental agency can best be described by which of the following statements?
KK. has a primary purpose of making a profit
LL.has a primary purpose of using taxpayer funds to provide services
MM. produces goods for sale to the public
NN. has regular shareholder meetings
190. 10.
LO 1.3Which of the following is likely not a type of not-for-profit entity?
KK. public library
LL.community foundation
MM. university
NN. local movie theater
191. 11.
LO 1.4Which of the following is not considered a stakeholder of an organization?
TT.creditors
UU. lenders
VV. employees
WW. community residents
XX. a business in another industry
192. 12.
LO 1.4Stockholders can best be defined as which of the following?
KK. investors who lend money to a business for a short period of time
LL.investors who lend money to a business for a long period of time
MM. investors who purchase an ownership in the business
NN. analysts who rate the financial performance of the business
193. 13.
LO 1.4Which of the following sell stock on an organized stock exchange such as the New York
Stock Exchange?
TT.publicly traded companies
UU. not-for-profit businesses
VV. governmental agencies
WW. privately held companies
XX. government-sponsored entities
194. 14.
LO 1.4All of the following are sustainable methods businesses can use to raise capital
(funding) except for ________.
KK. borrowing from lenders
LL.selling ownership shares
MM. profitable operations
NN. tax refunds
195. 15.
LO 1.4The accounting information of a privately held company is generally available to all of
the following except for ________.
KK. governmental agencies
LL.investors
MM. creditors and lenders
NN. competitors
196. 16.
LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
TT.written communication
UU. verbal communication
VV. ability to work independently
WW. analytical thinking
XX. extensive computer programing background
197. 17.
LO 1.5Which of the following is typically required for entry-level positions in the accounting
profession?
TT.bachelor’s degree
UU. master’s degree
VV. Certified Public Accountant (CPA)
WW. Certified Management Accountant (CMA)
XX. only a high school diploma
198. 18.
LO 1.5Typical accounting tasks include all of the following tasks except ________.
TT.auditing
UU. recording and tracking costs
VV. tax compliance and planning
WW. consulting
XX. purchasing direct materials
199. 19.
LO 1.5What type of organization primarily offers tax compliance, auditing, and consulting
services?
KK. corporations
LL.public accounting firms
MM. governmental entities
NN. universities
200. 20.
LO 1.5Most states require 150 semester hours of college credit for which professional
certification?
KK. Certified Management Accountant (CMA)
LL.Certified Internal Auditor (CIA)
MM. Certified Public Accountant (CPA)
NN. Certified Financial Planner (CFP)
201. 1.
LO 1.1Accounting is sometimes called the “language of _____.”
OO. Wall Street
PP.business
QQ. Main Street
RR. financial statements
202. 2.
LO 1.2Financial accounting information ________.
OO. should be incomplete in order to confuse competitors
PP.should be prepared differently by each company
QQ. provides investors guarantees about the future
RR. summarizes what has already occurred
203. 3.
LO 1.2External users of financial accounting information include all of the
following except ________.
OO. lenders such as bankers
PP.governmental agencies such as the IRS
QQ. employees of a business
RR. potential investors
204. 4.
LO 1.2Which of the following groups would have access to managerial accounting information?
OO. bankers
PP.investors
QQ. competitors of the business
RR. managers
205. 5.
LO 1.2All of the following are examples of managerial accounting activities except ________.
OO. preparing external financial statements in compliance with GAAP
PP.deciding whether or not to use automation
QQ. making equipment repair or replacement decisions
RR. measuring costs of production for each product produced
206. 6.
LO 1.3Which of the following is not true?
OO. Organizations share a common purpose or mission.
PP.Organizations have inflows and outflows of resources.
QQ. Organizations add value to society.
RR. Organizations need accounting information.
207. 7.
LO 1.3The primary purpose of what type of business is to serve a particular need in the
community?
OO. for-profit
PP.not-for-profit
QQ. manufacturing
RR. retail
208. 8.
LO 1.3Which of the following is not an example of a retailer?
YY. electronics store
ZZ.grocery store
AAA. car dealership
BBB. computer manufacturer
CCC. jewelry store
209. 9.
LO 1.3A governmental agency can best be described by which of the following statements?
OO. has a primary purpose of making a profit
PP.has a primary purpose of using taxpayer funds to provide services
QQ. produces goods for sale to the public
RR. has regular shareholder meetings
210. 10.
LO 1.3Which of the following is likely not a type of not-for-profit entity?
OO. public library
PP.community foundation
QQ. university
RR. local movie theater
211. 11.
LO 1.4Which of the following is not considered a stakeholder of an organization?
YY. creditors
ZZ.lenders
AAA. employees
BBB. community residents
CCC. a business in another industry
212. 12.
LO 1.4Stockholders can best be defined as which of the following?
OO. investors who lend money to a business for a short period of time
PP.investors who lend money to a business for a long period of time
QQ. investors who purchase an ownership in the business
RR. analysts who rate the financial performance of the business
213. 13.
LO 1.4Which of the following sell stock on an organized stock exchange such as the New York
Stock Exchange?
YY. publicly traded companies
ZZ.not-for-profit businesses
AAA. governmental agencies
BBB. privately held companies
CCC. government-sponsored entities
214. 14.
LO 1.4All of the following are sustainable methods businesses can use to raise capital
(funding) except for ________.
OO. borrowing from lenders
PP.selling ownership shares
QQ. profitable operations
RR. tax refunds
215. 15.
LO 1.4The accounting information of a privately held company is generally available to all of
the following except for ________.
OO. governmental agencies
PP.investors
QQ. creditors and lenders
RR. competitors
216. 16.
LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
YY. written communication
ZZ.verbal communication
AAA. ability to work independently
BBB. analytical thinking
CCC. extensive computer programing background
217. 17.
LO 1.5Which of the following is typically required for entry-level positions in the accounting
profession?
YY. bachelor’s degree
ZZ.master’s degree
AAA. Certified Public Accountant (CPA)
BBB. Certified Management Accountant (CMA)
CCC. only a high school diploma
218. 18.
LO 1.5Typical accounting tasks include all of the following tasks except ________.
YY. auditing
ZZ.recording and tracking costs
AAA. tax compliance and planning
BBB. consulting
CCC. purchasing direct materials
219. 19.
LO 1.5What type of organization primarily offers tax compliance, auditing, and consulting
services?
OO. corporations
PP.public accounting firms
QQ. governmental entities
RR. universities
220. 20.
LO 1.5Most states require 150 semester hours of college credit for which professional
certification?
OO. Certified Management Accountant (CMA)
PP.Certified Internal Auditor (CIA)
QQ. Certified Public Accountant (CPA)
RR. Certified Financial Planner (CFP)
221. 1.
LO 1.1Accounting is sometimes called the “language of _____.”
SS.Wall Street
TT.business
UU. Main Street
VV. financial statements
222. 2.
LO 1.2Financial accounting information ________.
SS.should be incomplete in order to confuse competitors
TT.should be prepared differently by each company
UU. provides investors guarantees about the future
VV. summarizes what has already occurred
223. 3.
LO 1.2External users of financial accounting information include all of the
following except ________.
SS.lenders such as bankers
TT.governmental agencies such as the IRS
UU. employees of a business
VV. potential investors
224. 4.
LO 1.2Which of the following groups would have access to managerial accounting information?
SS.bankers
TT.investors
UU. competitors of the business
VV. managers
225. 5.
LO 1.2All of the following are examples of managerial accounting activities except ________.
SS.preparing external financial statements in compliance with GAAP
TT.deciding whether or not to use automation
UU. making equipment repair or replacement decisions
VV. measuring costs of production for each product produced
226. 6.
LO 1.3Which of the following is not true?
SS.Organizations share a common purpose or mission.
TT.Organizations have inflows and outflows of resources.
UU. Organizations add value to society.
VV. Organizations need accounting information.
227. 7.
LO 1.3The primary purpose of what type of business is to serve a particular need in the
community?
SS.for-profit
TT.not-for-profit
UU. manufacturing
VV. retail
228. 8.
LO 1.3Which of the following is not an example of a retailer?
DDD. electronics store
EEE. grocery store
FFF. car dealership
GGG. computer manufacturer
HHH. jewelry store
229. 9.
LO 1.3A governmental agency can best be described by which of the following statements?
SS.has a primary purpose of making a profit
TT.has a primary purpose of using taxpayer funds to provide services
UU. produces goods for sale to the public
VV. has regular shareholder meetings
230. 10.
LO 1.3Which of the following is likely not a type of not-for-profit entity?
SS.public library
TT.community foundation
UU. university
VV. local movie theater
231. 11.
LO 1.4Which of the following is not considered a stakeholder of an organization?
DDD. creditors
EEE. lenders
FFF. employees
GGG. community residents
HHH. a business in another industry
232. 12.
LO 1.4Stockholders can best be defined as which of the following?
SS.investors who lend money to a business for a short period of time
TT.investors who lend money to a business for a long period of time
UU. investors who purchase an ownership in the business
VV. analysts who rate the financial performance of the business
233. 13.
LO 1.4Which of the following sell stock on an organized stock exchange such as the New York
Stock Exchange?
DDD. publicly traded companies
EEE. not-for-profit businesses
FFF. governmental agencies
GGG. privately held companies
HHH. government-sponsored entities
234. 14.
LO 1.4All of the following are sustainable methods businesses can use to raise capital
(funding) except for ________.
SS.borrowing from lenders
TT.selling ownership shares
UU. profitable operations
VV. tax refunds
235. 15.
LO 1.4The accounting information of a privately held company is generally available to all of
the following except for ________.
SS.governmental agencies
TT.investors
UU. creditors and lenders
VV. competitors
236. 16.
LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
DDD. written communication
EEE. verbal communication
FFF. ability to work independently
GGG. analytical thinking
HHH. extensive computer programing background
237. 17.
LO 1.5Which of the following is typically required for entry-level positions in the accounting
profession?
DDD. bachelor’s degree
EEE. master’s degree
FFF. Certified Public Accountant (CPA)
GGG. Certified Management Accountant (CMA)
HHH. only a high school diploma
238. 18.
LO 1.5Typical accounting tasks include all of the following tasks except ________.
DDD. auditing
EEE. recording and tracking costs
FFF. tax compliance and planning
GGG. consulting
HHH. purchasing direct materials
239. 19.
LO 1.5What type of organization primarily offers tax compliance, auditing, and consulting
services?
SS.corporations
TT.public accounting firms
UU. governmental entities
VV. universities
240. 20.
LO 1.5Most states require 150 semester hours of college credit for which professional
certification?
SS.Certified Management Accountant (CMA)
TT.Certified Internal Auditor (CIA)
UU. Certified Public Accountant (CPA)
VV. Certified Financial Planner (CFP)