1 Interactive Quiz B

1 Interactive Quiz B - Interactive Quiz B

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Interactive Quiz B (See related pages) Results Reporter Out of 30 questions, you answered 19 correctly with a final grade of 63% 19 correct (63%) 11 incorrect (37%) 0 unanswered (0%) Your Results: The correct answer for each question is indicated by a . INCORRECT To Walmart, bank loan officers, corporation shareholders, and the Internal Revenue Service are all examples of internal users of Walmart's financial statements. A) True B) False Feedback: Any user of a company's financial statements that is literally outside of the company is considered an external user rather than an internal user. INCORRECT The Internal Revenue Service conducts independent audits of a company's financial statements to insure they comply with generally accepted accounting principles. A) True B) False Feedback: The IRS does not conduct independent audits of a company's financial statements to insure they comply with generally-accepted accounting principles. Such audits are conducted by an external auditing firm qualified to do such audits. C1 3 CORRECT Internal users of financial accounting information are those persons directly involved in the day-to-day operations of the firm. A) True B) False Feedback: It is true that those persons who are directly involved in the day-to-day operations of the firm are called internal users. INCORRECT The CPA designation stands for Certified Public Auditor. A) True B) False Feedback: The CPA designation stands for Certified Public Accountant. 5 CORRECT The designations CMA and CIA stand for Certified Management Accountant and Certified Internal Auditor. A) True B) False Feedback: The designations CMA and CIA do stand for Certified Management Accountant and Certified Internal Auditor. 6 CORRECT The two main groups that establish generally accepted accounting principles (GAAP) in the United States are the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC). A) True B) False Feedback: The two main groups that establish generally accepted accounting principles (GAAP) in the United States are the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC). 7 INCORRECT The historical cost principle guides the accountant by informing him or her on when a company must recognize revenue. A) True B) False Course-wide Content MH Enhanced Cartridge Sample Study Guide Working Paper Sample Generic Working Papers Student ALEKS Video Library Cogg Hill Practice Set Student Learning Tools NetTutor Appendices Text Updates Tech Support Quizzes Interactive Quiz A Interactive Quiz B More Resources Glossary Flashcards PowerPoint Presentations Narrated Slides Excel Templates BusinessWeek Articles More Taking it to the . ..
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This note was uploaded on 08/01/2010 for the course ACC 101 taught by Professor Layvand during the Spring '09 term at Thomas Edison State.

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1 Interactive Quiz B - Interactive Quiz B

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