51.Which of the following
bestdescribes accounting?
a.records economic data but does not communicate the data to users according to any specific rules
b.is an information system that provides reports to users regarding economic activities and condition of abusiness
c.is of no use by individuals outside of the business
d.is used only for filling out tax returns and for financial statements for various type of governmental reportingrequirements
52.Which type of accountant typically practices as an individual or as a member of a public accounting firm?
a.Certified Public Accountant
b.Certified Payroll Professional
c.Certified Internal Auditor
d.Certified Management Accountant
53.Financial reports are used by
a.management
b.creditors
c.investors
d.all are correct
54.All of the following are general-purpose financial statements
except
a.balance sheet
b.income statement
c.retained earnings statement
d.cash budget
55.Which of the following is a manufacturing business?
a.General Motors
b.Facebook
c.American Airlines
d.Target
56.Which of the following is a service business?
a.Microsoft
b.Dell Computers
c.Facebook
d.Walmart
57.Which of the following groups of companies are all examples of a merchandising business?
a.Delta Airlines, Marriott, Gap
b.Gap, Amazon, NIKE
c.GameStop, Sony, Dell
d.GameStop, Best Buy, Gap
58.Which of the following groups are considered to be
internal usersof accounting information?
a.employees and customers
b.customers and vendors
c.employees and managers
d.government entities and banks
59.The following are examples of external users of accounting information
except
a.government entities
b.customers
c.creditors
d.managers
60.Which of the following is the
bestdescription of accounting’s role in business?
a.Accounting provides stockholders with information regarding the market value of the company’s stocks.
b.Accounting provides information to managers to operate the business and to other users to make decisionsregarding the economic condition of the company.
c.Accounting helps in decreasing the credit risk of the company.
d.Accounting is not responsible for providing any form of information to users. That is the role of theInformation Systems Department.