201 final questions

201 final questions - 201 FINAL Chapter One Name 1 Which of...

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201 FINAL Name _______________________ Chapter One 1. Which of the following groups is not among financial intermediaries? A. Mutual fund managers B. Financial analysts C. CPAs D. Credit rating organizations 2. Which of the following groups is not among the external users for whom financial statements are prepared? A. Customers B. Suppliers C. Employees D. All of these are external users of financial statements. 3. GAAP is an abbreviation for: A. Generally authorized accounting procedures. B. Generally applied accounting procedures. C. Generally accepted auditing practices. D. Generally accepted accounting principles. 4. The SEC issues accounting standards in the form of: A. Accounting Research Bulletins. B. Financial Reporting Releases. C. Financial Accounting Standards. D. Financial Technical Bulletins. 5. CPAs are licensed by: A. The AICPA. B. The SEC. C. The federal government. D. State governments. 6. Which of the following has the authority to set accounting standards in the United States? A. FASB B. IRS C. SEC D. AICPA
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7. Accounting standard setting has been characterized as: A. A political process. B. Using the scientific method. C. Pure deductive reasoning. D. Pure inductive reasoning. 8. The International Accounting Standards Board: A. Was the predecessor to the IASC. B. Can overrule the FASB when their policies disagree. C. Promotes the use of high-quality, understandable global accounting standards. D. Has its headquarters in Geneva. 9. When a registrant company submits its annual filing to the SEC, it uses: A. Form 10-A. B. Form 10-K. C. Form 10-Q. D. Form S-1. 10. The FASB issues a Statement of Accounting Standards if _________ FASB members support it. A. 5 of 9 B. 5 of 7 C. 4 of 7 D. None of these is correct. Chapter Two 11. Examples of external transactions include all of the following except: A. Paying employees salaries. B. Purchasing equipment. C. Depreciating equipment. D. Collecting a receivable. 12. Examples of internal transactions include all of the following except: A. Writing off an uncollectible account. B. Recording the expiration of prepaid insurance. C. Recording unpaid wages. D. Paying wages to company employees. 13. Mary Parker Co. invested $15,000 in ABC Corporation and received capital stock in exchange. Mary Parker Co.'s journal entry to record this transaction would include a: A. Debit to investments. B. Credit to retained earnings. C. Credit to capital stock. D. Debit to expense.
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Somerset record this transaction? A. B. C. D. 15. Davis Hardware Company uses a perpetual inventory system. How should Davis record the sale of merchandise costing $620 for $960 on account? A.
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201 final questions - 201 FINAL Chapter One Name 1 Which of...

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