accounting final - accountants A...

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 Which list below best describes the major services performed by public  accountants?  A. Bookkeeping, mergers, budgets B. Employee training, auditing, bookkeeping C. Cost accounting, production scheduling, recruiting D. Auditing, taxation, management consulting 2) Accountants refer to an economic event as a  A. purchase. B. sale. C. change in ownership. D. transaction. 3) The accounting process is correctly sequenced as  A. identification, communication, recording. B. recording, communication, identification. C. communication, recording, identification. D. identification, recording, communication. 4) The SEC and FASB are two organizations that are primarily responsible for  establishing generally accepted accounting principles. It is true that  A. they are both governmental agencies. B. the SEC is a private organization of accountants. C. the SEC and FASB rarely cooperate in developing accounting standards. D. the SEC often mandates guidelines when no accounting principles exist. 5) The body of theory underlying accounting is not based on  A. physical laws of nature.
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B. concepts. C. definitions. D. principles. 6) The private sector organization involved in developing accounting principles  is the  A. Feasible Accounting Standards Body. B. Financial Accounting Studies Board. C. Financial Auditors' Standards Body. D. Financial Accounting Standards Board. 7) Auditing is  A. the examination of financial statements by a CPA in order to express an  opinion on their fairness. B. an area of accounting that involves such activities as cost accounting,  budgeting, and accounting information systems. C. a part of accounting that involves only recording of economic events. D. conducted by the Securities and Exchange Commission to ensure that  registered financial statements are presented fairly. 8) The first step in the recording process is to  A. prepare financial statements. B. post to a journal. C. analyze each transaction for its effect on the accounts. D. prepare a trial balance. 9) All of the financial statements are for a period of time except the  A. income statement.
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B. balance sheet. C. retained earnings. D. statement of cash flows. 10) The dividends account  A. appears on the income statement along with the expenses of the  business. B. is increased with debits and decreased with credits. C. must show transactions every accounting period. D.
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accounting final - accountants A...

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