MULTIPLE CHOICE QUESTIONS

MULTIPLE CHOICE QUESTIONS - MULTIPLE CHOICE QUESTIONS -1)...

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MULTIPLE CHOICE QUESTIONS --------------------------------------------- 1) The origins of accounting are generally attributed to the work of a) Abner Doubleday b) Leonardo da Vinci c) Christopher Columbus d) Luca Pacioli 2) The first step in solving an ethical dilemma is to a) Identify the alternatives. b) Identify and analyze the principal elements in the situation. c) Recognize an ethical situation and the ethical issues involved. d) Weigh the impact of each alternative on various stakeholders. 3) The private sector organization involved in developing accounting principles is the a) Financial Accounting Studies Board. b) Financial Accounting Standards Board. c) Financial Auditors’ standards Body. d) Feasible Accounting Standards Body 4) The SEC and FASB are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true that a) The SAC and FASB rarely co-operate in developing accounting standards. b) The SEC often mandates guidelines when no accounting principles exist.
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