Quiz 1 - The University of Hong Kong Faculty of Business...

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The University of Hong Kong Faculty of Business and Economics School of Business BUSI 1002 Introduction to Accounting Semester I, 2008/09 Quiz 1 (1) Financial statements may be prepared for A) One year B) Less than one year C) Either A or B D) Neither A or B. Financial statements can only be prepared on a monthly basis. (2) The basic purpose of an audit is to: A) Assure financial statements are in conformity with GAAP. B) Provide as much useful information to decision makers as possible, regardless of cost. C) Record changes in the financial position of an organization by applying the concepts of double entry accounting. D) Meet an organization's need for accounting information as efficiently as possible. (3) Which of the following is not a basic function of an accounting system? A) To interpret and record the effects of business transactions. B) To classify the effects of similar transactions in a manner that permits determination of various totals and subtotals useful to management. C) To ensure that a business organization will be managed profitably. D) To summarize and communicate information to decision makers. (4) Which of the following is generally
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Quiz 1 - The University of Hong Kong Faculty of Business...

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