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pass papaer - In which order does the accounting process...

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In which order does the accounting process continue in its cycle? ( )A) Accounting process ? Accounting information ? Decision makers ? Economic Activities ( )B ) Accounting information ? Accounting process ? Decision makers ? Economic Activities ( )C) Accounting process ? Accounting information ? Economic Activities ? Decision makers ( )D) Economic Activities ? Accounting process ? Accounting information ? Decision makers Which of the following components of internal control involves putting in place those procedures that address risks identified by management? ( )A) Risk assessment ( )B) Information and communication ( )C ) Control activities ( )D) Monitoring Which of the following components of internal control is the foundation for all of the components of internal control? ( )A) Monitoring ( )B) Information and communication ( )C) Control activities ( )D ) Control environment A criticism of the Sarbanes-Oxley Act (SOX) of 2002 is that it: ( )A) is specifically aimed at large utilities. ( )B) is specially aimed at the energy industry. ( )C ) it is not cost effective. ( )D) it places no responsibility on top management. Which of the following is not a characteristic of a management accounting information? ( )A) Timeliness is of importance ( )B) Decision-making authority is identified ( )C ) Historically oriented ( )D) Measures efficiency and effectiveness The primary purpose of accounting is to determine whether the business entity is profitable or unprofitable in its operations. True False The types of accounting information are limited. ( )A) True ( )B ) False Accountants use the term financial position to describe an entity's activities during the year. ( )A) True ( )B) False Management accounting specifically involves the development and interpretation of accounting information intended specifically to aid management in acquiring investment resources. ( )A) True ( )B) False The most challenging aspect of tax accounting is in the preparation of the many forms required for an entity's tax return. ( )A) True ( )B) False The basic purpose of the accounting system is to meet the Internal Revenue requirements for information as efficiently as possible. ( )A) True ( )B) False In an accounting information system, the financial information provided deals basically with profitability, financial position, and cash flow. ( )A) True ( )B) False
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The major purpose of the internal control structure is to detect fraud. ( )A) True ( )B) False The primary financial statements are the income statement and the balance sheet. ( )A) True ( )B) False One of the three financial statements that cover a specific period of time is the balance sheet. ( )A) True ( )B) False Management accounting is the preparation and use of accounting information systems to achieve the organization's objectives by supporting decision makers outside the enterprise. ( )A)
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pass papaer - In which order does the accounting process...

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