Unit 1 Introduction to Financial Accounting

Jul 20th, 2016
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Unit 1 Introduction to Financial Accounting

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Unit 1 Introduction to Financial Accounting1. A sporting goods store in the local mall is an example of a merchandising business.a. Trueb. False2. The primary purpose of financial accounting is to communicate information to the managers of a business.a. Trueb. False3. The professional organization for Certified Public Accountants in the United States is thea. IRS.b. SEC.c. FASB.d. USPS.e. none of these4. The preparation and accuracy of a company's financial statements and compliance with GAAP is primarilythe responsibility of the company'sa. management.b. CPA firm.c. investment banker.d. internal auditors.5. A disadvantage of the corporate form of business ownership isa. unlimited legal liability for the company owners.b. possible double income taxation on profits distributed to the company owners.c. limited access to capital .d. both unlimited legal liability for the company owners and possible double income taxation onprofits distributed to the company owners.e. none of these6. Company stock values are influenced most significantly by investors' changing expectations of a company'sfuture earnings.a. Trueb. False7. Stock selling at a low P/E ratio is more characteristic of a growing company than one that has stabilizedearnings.a. Trueb. False8. The SEC is considering the allowance of international accounting standards for companies wishing to accessU.S. capital markets, but such a policy is opposed by the FASB and many U.S. corporations.a.

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