Acc 303 Week 2 Quiz 1 Essay

3070 Words Mar 31st, 2016 13 Pages
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ACC 303 Week 2 Quiz 1
All Questions Included. TRUE-FALSE—Conceptual 1. Financial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control a company’s operations. 2. Financial statements are the principal means through which a company communicates its financial information to those outside it. 3. Users of financial reports provided by a company use that information to make their capital allocation decisions. 4. An effective process of capital
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14. GAAP is a product of careful logic or empirical findings and are not influenced by political action. 15. The Public Company Accounting Oversight Board has oversight and enforcement authority and establishes auditing and independence standards and rules. 16. The expectations gap is caused by what the public thinks accountants should do and what accountants think they can do. 17. Financial reports in the early 21st century did not provide any information about a company’s soft assets (intangibles). 18. Accounting standards are now less likely to require the recording or disclosure of fair value information. 19. U.S. companies that list overseas are required to use International Financial Reporting Standards, issued by the International Accounting Standards Board. 20. Ethical issues in financial accounting are governed by the AICPA. MULTIPLE CHOICE—Conceptual 21. General-purpose financial statements are the product of
a. financial accounting.
b. managerial accounting.
c. both financial and managerial accounting.
d. neither financial nor managerial accounting. 22. Users of financial reports include all of the following except
a. creditors.
b. government agencies.
c. unions.
d. All of these are users. 23. The financial statements most frequently provided include all of the following except the
a. balance sheet.
b. income

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