Quiz #1- Mang Accounting

For the Future Exam. Oct 11th

Which is the best definition of accounting to be studied in this course?

Accounting is the process of identifying, measuring, and communicating economic information for the purpose of making decisions and informed judgments

1. All of the following are Financial Accounting attributes except:

• Present the results of the entity’s operations for a period of time, Not Selected

• Present the financial position of a firm at a point in time

• Are concerned with the historical results of a firm

• Involves the preparation of the budget of a firm

• Involves the preparation of the budget of a firm

All of the following are Managerial Accounting attributes except:

• Support the management-decision making process

  Involves analyses such as break-even point and make or buy decisions

• Present the results of the entity to outside investors and creditors

• Is future oriented rather than historically oriented

Present the results of the entity to outside investors and creditors

The codes of conduct for accountants identify the following elements as key to ethical behavior except:

• Independence

• Profitability

• Integrity

• Objectivity

Profitability

Which of the following statements is true:

• Financial and managerial accounting are primarily oriented towards external users

• Financial and Managerial accounting are primarily oriented towards internal users

•     Financial accounting is primarily oriented towards external users and managerial accounting is primarily oriented towards internal users

•     Financial accounting is primarily oriented towards internal users and managerial accounting is primarily oriented towards external users

    Financial accounting is primarily oriented towards external users and managerial accounting is primarily oriented towards internal users