71. Financial reports are used by
A. management
B. creditors
C. investors
D. all are correct
72. Which of the following descriptions best describes 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
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 reporting requirements
73. Which of the following is not a step in providing accounting information to users?
A. design the accounting information system
B. prepare accounting surveys
C. identify users
D. record economic data
74. Two common areas of accounting that respectively provide information to internal and external users are:
A. forensic accounting and financial accounting
B. managerial accounting and financial accounting
C. managerial accounting and environmental accounting
D. financial accounting and tax accounting systems
75. Public accountants are normally
A. Certified Public Accountants
B. Forensic accountants
C. Certified Internal Auditors
D. Certified Management Accountants
76. Which of the following is a specialized field of accounting?
A. social accounting
B. tax accounting
C. environmental accounting
D. all are correct
77. Which of the following is not true about a manufacturing business?
A. Change inputs to products which are sold to their customers.
B. Their primary goal is to maximize profits.
C. Only large business can be considered a manufacturing business.
D. All are true.
78. Which of the following group 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
79. Which of the following would not normally operate as a service business?
A. Pet Groomers
B. Restaurant
C. Video Rentals
D. Styling Salon
80. Select the type of business that is most likely to obtain large amounts of resources by issuing stock.
A. Partnership
B. Corporation
C. Proprietorship
D. None are correct.