WGU ACCOUNTING C213 (CHAPTER 1 QUIZ)

WGU ACCOUNTING C213 (CHAPTER 1 QUIZ)

Leave the first rating Students also studied Terms in this set (18) Western Governors UniversityC 213 Save Wk 1 Practice Topic 2 10 terms rhayanna_mclain Preview Wk 1 – Practice: Topic 2: Who Uses A...10 terms Smaier_1401Preview C213 - Topic 1 17 terms Zoe_Fritz20Preview

ACC 22

36 terms web The emphasis in financial accounting is on which of the following external user groups?· Investors and creditors · Educators · Management · Certified public accountants Investors and creditors The primary internal group that uses accounting information is · Investors · Government agencies · Management · Competitors Management Which of the following is NOT an external user of financial information?Competitors Customers Suppliers Management Management Internal reports are generally used by Suppliers Lenders Management Employee Management

Which of the following is NOT true of the Financial Accounting Standards Board (FASB)?· It seeks consistency for its proposed standards · It is a government agency · It consists of seven full-time members · It has no legal power to enforce the standards it sets It is a government agency Generally accepted accounting principles are · Natural laws · Based on scientific proofs · Developed by accounting rule makers · None of these are correct Developed by accounting rule makers The initials GAAP stand for General Accounting Administration Practices Generally Accepted Accounting Practices Generally Applied Accounting Procedures Generally Accepted Accounting Principles Generally Accepted Accounting Principles The current standard-setting board for accounting in the private sector is the Financial Accounting Standards Board (FASB) International Accounting Standards Board (IASB) American Accounting Association (AAA) Securities and Exchange Commission (SEC) Financial Accounting Standards Board (FASB) Which of the following organizations has specific legal authority to establish accounting standards for publicly held companies?Internal Revenue Service (IRS) Securities and Exchange Commission (SEC) Financial Accounting Standards Board (FASB) American Institute of Certified Public Accountants

(AICPA)

Securities and Exchange Commission (SEC) Which of the following is NOT a service typically provided by large public accounting firms?Making management decisions Redesigning operating procedures Establishing accounting systems Performing audits Making management decisions

Standards established by the International Accounting Standards Board are referred to as International Auditing Standards Generally Accepted Accounting Standards International Financial Accounting Standards International Financial Reporting Standards International Financial Reporting Standards (IFRS) The initials CPA stand for Certified Professional Appraiser Certified Public Accountant Certified Public Auditor Certified Professional Accountant Certified Public Accountant The organization that develops worldwide accounting standards is the International Board of Accounting Standards (IBAS) International Accounting Standards Board (IASB) International Accounting Standards Committee (IASC) International Committee on Accounting Standards (ICAS) International Accounting Standards Board (IASB) Which of the following is the government agency that stipulates the rules and regulations that govern the collection of taxes in the United States?Federal Accounting Standards Board American Institute of Certified Public Accountants Securities and Exchange Commission Internal Revenue Service Internal Revenue Service (IRS) Which of the following is NOT a reason for the integration of worldwide accounting standards?the integration of the global economy the increased efficiency of financial markets the theoretical necessity of a common set of accounting standards the need to evaluate investments across the world the theoretical necessity of a common set of accounting standards The International Accounting Standards Board (IASB) is charged with developing worldwide accounting practices?True/False True With the current state of information technology, investors outside a company are now allowed access to a company's internal database of financial information and do their own customized analysis of a firm's performance.True/False False (While the technology may be available, companies are still not allowing outsiders access to their internal accounting records).

Increased federal oversight of the audit process resulted from the passage of the following act of Congress - Sarbanes-Oxley Act Financial Reports Act Access to High Standards Act AGOA Acceleration Act Sarbanes-Oxley Act