LO 1.2Financial accounting information ________.
- should be incomplete in order to confuse competitors
- should be prepared differently by each company
- provides investors guarantees about the future
- summarizes what has already occurred
LO 1.2Which of the following groups would have access to managerial accounting information?
- competitors of the business
LO 1.2All of the following are examples of managerial accounting activities except ________.
- preparing external financial statements in compliance with GAAP
- deciding whether or not to use automation
- making equipment repair or replacement decisions
- measuring costs of production for each product produced
LO 1.3Which of the following is not true?
- Organizations share a common purpose or mission.
- Organizations have inflows and outflows of resources.
- Organizations add value to society.
- Organizations need accounting information.
LO 1.3Which of the following is not an example of a retailer?
- electronics store
- grocery store
- car dealership
- computer manufacturer
- jewelry store
LO 1.3Which of the following is likely not a type of not-for-profit entity?
- public library
- community foundation
- local movie theater
LO 1.4Stockholders can best be defined as which of the following?
- investors who lend money to a business for a short period of time
- investors who lend money to a business for a long period of time
- investors who purchase an ownership in the business
- analysts who rate the financial performance of the business
LO 1.4All of the following are sustainable methods businesses can use to raise capital (funding) except for ________.
- borrowing from lenders
- selling ownership shares
- profitable operations
- tax refunds
LO 1.5Which of the following skills/attributes is not a primary skill for accountants to possess?
- written communication
- verbal communication
- ability to work independently
- analytical thinking
- extensive computer programing background
LO 1.5Typical accounting tasks include all of the following tasks except ________.
- recording and tracking costs
- tax compliance and planning
- purchasing direct materials
LO 1.5Most states require 150 semester hours of college credit for which professional certification?
- Certified Management Accountant (CMA)
- Certified Internal Auditor (CIA)
- Certified Public Accountant (CPA)
- Certified Financial Planner (CFP)