Solved by Expert Tutors
Accounting is sometimes called the language of __________. Wall Street B. business C. Main Street D. financial statements Financial accounting...
Solved by Expert Tutors
Question

Accounting is sometimes called the language of __________.A. Wall Street B. business C. Main Street

D. financial statements


Financial accounting information_______.


A. should be incomplete in order to confuse competitors

B. should be prepared differently by each company

C. provides investors guarantees about the future

D. summarizes what has already occurred 


External users of financial accounting information include all of the following except ________. 


A. lenders such as bankers

B. governmental agencies such as the IRS

C. employees of a business

D. potential investors 


Which of the following groups would have access to managerial accounting information?


A. bankers

B. investors

C. competitors of the business

D. managers 


All of the following are examples of managerial accounting activities except ________.


A. preparing external financial statements in compliance with GAAP

B. deciding whether or not to use automation

C. making equipment repair or replacement decisions D. deciding whether or not to use automation 


Which of the following is not true?


A. Organizations share a common purpose or mission.

B. Organizations have inflows and outflows of resources.

C. Organizations add value to society.

D. Organizations need accounting information.


The primary purpose of what type of business is to serve a particular need in the community?


A. for-profit

B. not-for-profit

C. manufacturing

D. retail


Which of the following is not an example of a retailer?

A. electronics store

B. grocery store

C. car dealership

D. computer manufacturer

E. jewelry store



A governmental agency can best be described by which of the following statements?


A. has a primary purpose of making a profit

B. has a primary purpose of using taxpayer funds to provide services

C. produces goods for sale to the public

D. has regular shareholder meetings


Which of the following is likely not a type of not-for-profit entity? 


A. public library

B. community foundation

C. university

D. local movie theater


Which of the following is not considered a stakeholder of an organization?


A. creditors

B. lenders

C. employees

D. community residents

E. a business in another industry


Stockholders can best be defined as which of the following?


A. investors who lend money to a business for a short period of time

B. investors who lend money to a business for a long period of time

C. investors who purchase an ownership in the business

D. analysts who rate the financial performance of the business


Which of the following sell stock on an organized stock exchange such as the New York Stock Exchange?


A. publicly traded companies

B. not-for-profit businesses

C. governmental agencies

D. privately held companies

E. government-sponsored entities


All of the following are sustainable methods businesses can use to raise capital (funding) except for________.


A. borrowing from lenders

B. selling ownership shares

C. profitable operations

D. tax refunds 


The accounting information of a privately held company is generally available to all of the following except for ________. 


A. governmental agencies

B. investors

C. creditors and lenders

D. competitors 


Which of the following skills/attributes is not a primary skill for accountants to possess?


A. written communication

B. verbal communication

C. ability to work independently

D. analytical thinking


Which of the following is typically required for entry-level positions in the accounting profession?


A. bachelor's degree

B. master's degree

C. Certified Public Accountant (CPA)

D. Certified Management Accountant (CMA)

E. only a high school diploma


Typical accounting tasks include all of the following tasks except ________.


A. auditing

B. recording and tracking costs

C. tax compliance and planning

D. consulting

E. purchasing direct materials


What type of organization primarily offers tax compliance, auditing, and consulting services?


A. corporations

B. public accounting firms

C. governmental entities

D. universities


Most states require 150 semester hours of college credit for which professional certification?

A. Certified Management Accountant (CMA)

B. Certified Internal Auditor (CIA)

C. Certified Public Accountant (CPA)

D. Certified Financial Planner (CFP)

Step-by-step answer

The student who asked this found it Helpful

o. Donec aliquet. Lorem i


inia pulvinar tortor nec facilisis. Pellentesque dapibus


ipsum dolor sit amet, consectetur adipi


ctum vitae odio. Donec alique


ec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a


ur laoreet. Nam risus ante, dapibus a molestie consequat, ultrice


ipsum dolor sit amet, consectet


ipiscing elit. Nam lacinia pulvinar tort


onec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacin


ce dui lectus, congue vel laoreet ac,


itur laoreet. Nam risus ante, dapibus a molestie


Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec al


or nec facilisis. Pellentesque dapibus effi


icitur laoreet. Nam risus ante, d


onec aliquet. Lorem ipsum do


sque dapibus efficitur laoreet. Nam risus ante,


m ipsum dolor sit amet, consectetur


ultrices ac magna. Fusce dui lectus, congue v


sum dolor sit amet, consectetur adipiscin


risus ante, dapibus a molestie consequat, ultrices

Subscribe to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Let our 24/7 Financial Accounting tutors help you get unstuck! Ask your first question.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes