Test 1 - Name Date Accounting 5312 Test 1 Fall 06 1 Which...

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Name: __________________________ Date: _____________ Accounting 5312 Test 1 Fall 06 1. Which of the following entities would not require accounting information pertaining to their economic activities? A) Social clubs. B) Not-for-profit entities. C) State governments. D) All of the above require accounting information. E) None of the above requires accounting information. 2. Which of the following is not an objective of financial reporting described in FASB Concepts Statement No. 1? 3. Major classifications of accounting activity would not include: A) financial accounting, internal auditing, public accounting. B) internal auditing, governmental accounting, managerial accounting. C) financial accounting, national accounting, cost accounting. D) auditing, income tax accounting, governmental accounting. 4. Which of the following is not an example of a decision or informed judgment that a potential employee could make from accounting information? 5. Cost accounting is a subset of which of the following?
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6. Which of the following is not a characteristic or limitation of the kind of information that financial reporting by business enterprises can provide? A) The information results in approximate, rather than exact, measures. B) The information largely reflects the financial effects of transactions that have already happened. C) The information is provided and used at a cost. 7. The objectives of financial reporting for nonbusiness enterprises:
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