FINA 363

FINA 363 - 21. General-purpose financial statements are the...

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21. General-purpose financial statements are the product of a. financial accounting. b. managerial accounting. c. both financial and managerial accounting. d. neither financial nor managerial accounting. financial accounting. 22. Users of financial reports include all of the following except a. creditors. b. government agencies. c. unions. d. All of these are users. All of these are users. 23. The financial statements most frequently provided include all of the following except the a. balance sheet. b. income statement. c. statement of cash flows. d. statement of retained earnings. statement of retained earnings. 24. The information provided by financial reporting pertains to a. individual business enterprises, rather than to industries or an economy as a whole or to members of society as consumers. b. business industries, rather than to individual enterprises or an economy as a whole or to members of society as consumers. c. individual business enterprises, industries, and an economy as a whole, rather than to members of society as consumers. d. an economy as a whole and to members of society as consumers, rather than to individual enterprises or industries. individual business enterprises, rather than to industries or an economy as a whole or to members of society as consumers P 25. The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control an organization’s operations is called a. financial accounting. b. managerial accounting. c. tax accounting. d. auditing. managerial accounting.
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26. Whether a business is successful and thrives is determined by a. markets. b. free enterprise. c. competition. d. all of these. all of these. 27. An effective capital allocation process a. promotes productivity. b. encourages innovation. c. provides an efficient market for buying and selling securities. d. all of these. all of these 28. Financial statements in the early 2000s provide information related to a. non-financial measurements. b. forward-looking data. c. hard assets (inventory and plant assets). d. none of these. hard assets (inventory and plant assets). 29. Which of the following statements is not an objective of financial reporting? a. Provide information that is useful in investment and credit decisions. b. Provide information about enterprise resources, claims to those resources, and changes to them. c. Provide information on the liquidation value of an enterprise. d. Provide information that is useful in assessing cash flow prospects. Provide information on the liquidation value of an enterprise. 30. Accrual accounting is used because a. cash flows are considered less important. b.
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This note was uploaded on 06/30/2011 for the course FINA 1 taught by Professor Don during the Spring '11 term at UNL.

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FINA 363 - 21. General-purpose financial statements are the...

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