BCOR 3010 Exam 1: Questions/Answers

BCOR 3010 Exam 1: Questions/Answers
Question: Which branch of accounting focuses on providing
information to investors and creditors to support investment
and lending decisions?
a. financial
b. managerial
c. tax
d. audit
e. accounting information systems
Correct answer: a. Financial
Question: Do companies in the United States follow
accounting rules issued by the International Accounting
Standards Board, as do other companies from most countries
around the world?
a. true
b. false
Correct answer: b. False
Question: What does Accounts Receivable represent?
a. amounts owed by the company to vendors for products
purchased
b. amounts owed to the company by employees for payroll
advances
c. amounts owed to the company by customers for purchases
on account
d. cash payments in advance received from customers
Correct answer: c. Amounts owed to the company by
customers for purchases on account 

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