61.Managerial accountants would be responsible for providing information regarding
a.tax reports to government agencies
b.profit reports to owners and management
c.expansion of a product line report to management
d.consumer reports to customers
62.Which of the following is
nota certification for accountants?
a.CIA
b.CMA
c.CISA
d.IRS
63.Which of the following is
nota role of accounting in business?
a.to provide reports to users about the economic activities and conditions of a business
b.to personally guarantee loans of the business
c.to provide information to external users to determine the economic performance and condition of thebusiness
d.to assess the various informational needs of users and design its accounting system to meet those needs
64.Which of the following are guidelines for behaving ethically?
I.Identify the consequences of a decision and its effect on others.
II.Consider your obligations and responsibilities to those affected by the decision.
III.Identify your decision based on personal standards of honesty and fairness.
a.I and II.
b.II and III.
c.I and III.
d.I, II, and III.
65.Which of the following would
notnormally operate as a service business?
a.pet groomer
b.grocer
c.lawn care company
d.styling salon
66.Most businesses in the United States are
a.proprietorships
b.partnerships
c.corporations
d.cooperatives
67.Which of the items below is
nota business entity?
a.entrepreneurship
b.proprietorship
c.partnership
d.corporation
68.An entity that is organized according to state or federal statutes and in which ownership is divided into shares ofstock is a
a.proprietorship
b.corporation
c.partnership
d.governmental unit
69.Which of the following is
truein regards to a limited liability company?
a.Makes up 10% of business organizations in the United States.
b.Combines the attributes of a partnership and a corporation.
c.Provides tax and liability advantages to the owners.
d.All are correct.
70.On May 20, White Repair Service extended an offer of $108,000 for land that had been priced for sale at $140,000.On May 30, White Repair Service accepted the seller’s counteroffer of $115,000. On June 20, the land wasassessed at a value of $95,000 for property tax purposes. On July 4, White Repair Service was offered $150,000for the land by a national retail chain. At what value should the land be recorded in White Repair Service’s records?
a. $108,000
b. $95,000
c. $140,000
d. $115,000