random questions accounting

28 terms by marmar9o9

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the set of standards, assumptions, and concepts that form the "ground rules" for financial reporting in the United States is termed

Generally accepted accounting principles.

Financial statements are prepared:

Primarily for the benefit of persons outside of the business organization

Although accounting information is used by a wide variety of external parties, financial reporting is primarily directed toward the informational needs of

Investors and creditors.

Which of the following is not a user of internal accounting information?

Creditor

Which of the following is generally not considered an external user of accounting information?

Factory managers

Which of the following is not characteristic of financial accounting?

The information is confidential and is intended for use only by company management

The objectives of an accounting system include all of the following except:

Dictate the specific types of business transactions that the enterprise may engage in.

Which of the following is not a basic function of an accounting system?

To ensure that a business organization will be managed profitably.

The field of accounting may best be described as:

The art of interpreting, measuring, and describing economic activity.

The field of accounting may best be described as:

The art of interpreting, measuring, and describing economic activity.

Generally accepted accounting principles:

May change over time.

Although accounting information is used by a wide variety of external parties, financial reporting is primarily directed toward the informational needs of:

Investors and creditors

Financial accounting information is:

Designed to assist investors and creditors.

The set of standards, assumptions, and concepts that form the "ground rules" for financial reporting in the United States is termed:

Generally accepted accounting principles.

The principal difference between management accounting and financial accounting is that financial accounting information is:

Intended primarily for use by decision makers outside the business organization.

Which of the following is not characteristic of financial accounting

The information is confidential and is intended for use only by company management.

Which of the following does not describe accounting?

It is an end rather than a means to an end.

Which of the following is a characteristic of financial accounting information?

Its preparation requires judgment

The accounting systems of most business organizations:

Are tailored to meet the organization's needs for accounting information and the resources available for operating the system.

The best definition of an accounting system is

...

A strong internal control structure:

Contributes to the accuracy and reliability of the accounting records.

the collection of accounts recieabbel with cause the total assets to

increase

The principle that states revenue should be recognized at the time goods are sold or services rendered is called:

Revenue realization

The essential point of a double-entry system of accounting is that every transaction:

Affects two or more ledger accounts and is recorded by an equal dollar amount of debits and credits.

The valuation principle of "mark-to-market" applied to investments classified as available for sale securities:

...

The mark-to-market adjustment:

...

The mark-to-market adjustment for investments classified as "available for sale" affects:

...

Which term is used specifically to describe a bond that is secured only by the general credit standing of the corporation?

debenture

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