ch 1-[www.jamaa-bzu.com]

ch 1-[www.jamaa-bzu.com] - CHAPTER 1 MULTIPLE CHOICE...

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CHAPTER 1 MULTIPLE CHOICE QUESTIONS 41. Accountants refer to an economic event as a c. transaction. 42. The process of recording transactions has become more efficient because b. computers are used in processing business events. 43. Communication of economic events is the part of the accounting process that involves c. preparing accounting reports. 44. Which of the following events cannot be quantified into dollars and cents and recorded as an accounting transaction? a. The appointment of a new CPA firm to perform an audit. 45. The use of computers in recording business events a. has made the recording process more efficient. 46. The accounting process involves all of the following except c. recording nonquantifiable economic events. 47. The accounting process is correctly sequenced as c. identification, recording, communication. 48. Which of the following techniques are not used by accountants to interpret and report financial information? b. Special memos for each class of external users 49. Which of the following would not be considered an internal user of accounting data for the XYZ Company? d. President of the employees' labor union 50. Which of the following would not be considered an external user of accounting data for the XYZ Company? b. Management 51. Which of the following would not be considered internal users of accounting data for a company? c. Creditors of a company 52. Which of the following is an other external user of accounting information? a. Labor unions 53. Which one of the following is an external user with a financial interest? c. Investors 54. Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process? c. Recording 55.All of the following are services offered by public accountants except a. budgeting. 56. Which list below best describes the major services performed by public accountants? c. Auditing, taxation, management consulting
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57. Preparing tax returns and engaging in tax planning is performed by c. both public and private accountants. 58. The origins of accounting are generally attributed to the work of c. Luca Pacioli. 59. A private accountant can perform many activities in a business organization but would not work in c. external auditing. 60.
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This note was uploaded on 05/11/2010 for the course FINANCE 100052 taught by Professor Samouledwards during the Spring '10 term at Douglas College.

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ch 1-[www.jamaa-bzu.com] - CHAPTER 1 MULTIPLE CHOICE...

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