final exam - 1 Which of the following is not one of the...

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1. Which of the following is not one of the three forms of business organization? a. corporations. b. partnerships. c. proprietorships. d. investors 2. Which of the following are internal reports that accounting provides to internal users? a. Forecasts of cash needs for next year. b. Financial comparisons of operating activity alternative. c. Both a and b are internal reports. d. Neither a or b is an internal report. 3. Which of the following statements is not true regarding the Sarbanes-Oxley Act (SOX) of 2002? a. The Act calls for increased oversight responsibilities for boards of directors. b. The Act has resulted in increased penalties for financial fraud by top management. c. The Act calls for decreased independence of outside auditors reviewing corporate financial statements. d. The Act is meant to decrease the likelihood of unethical corporate behavior . 4. Which of the following is the most appropriate and modern definition of accounting? a. The information system that identifies, records, and communicates the economic events of an organization to interested users b. A means of collecting information c. The interconnected network of subsystems necessary to operate a business d. Electronic collection, organization, and communication of vast amounts of information. 5.
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This note was uploaded on 10/12/2011 for the course BUSINESS 317 taught by Professor Jackhandy during the Spring '11 term at University of Phoenix.

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final exam - 1 Which of the following is not one of the...

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