Chapter 1 Quiz ACC 2210 29H Principles OF Accounting I FA-20 PDF

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Chapter 1 Quiz ACC 2210 29H Principles OF Accounting I FA-20...

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Chapter 1 Quiz Due

at 11:59pm

Points 15

Available un 0 at 11:59pm Allowed Attempts 2

Questions 15 Time Limit 20 Minutes

Take the Quiz Again

Attempt History LATEST

Attempt

Time

Score

Attempt 1

5 minutes

11 out of 15

 Correct answers will be available on Score for this attempt: 11 out of 15 Submitted at 8:54pm This attempt took 5 minutes.

Question 1

1 / 1 pts

Generally accepted accounting principles were established by the American Accounting Association in 1934 and are updated annually by Congress.

False

correct

Question 2

1 / 1 pts 1/8

Chapter 1 Qu

One purpose of generally accepted accounting principles is to make accounting information prepared by different companies more comparable.

True

correct

Question 3

1 / 1 pts

Financial accounting standards issued by the FASB are considered generally accepted accounting principles.

True

correct

Question 4

1 / 1 pts

The Sarbanes-Oxley Act places responsibility on CEOs and CFOs of companies to certify the fairness of company's financial statements. The Act also created the Public Company Accounting Oversight Board which oversees the public accounting profession.

True

2/8

correct

Question 5

1 / 1 pts

Management accounting information is oriented toward the future while financial accounting information is historical in nature.

True

correct

Question 6

1 / 1 pts

The Sarbanes-Oxley Act of 2002 created:

The Public Company Accounting Oversight Board.

correct

3/8

Chapter 1 Quiz: ACC 2210 29H PRINCIPLES OF ACCOUNTING I FA-20

Question 7

1 / 1 pts

Overseeing a company's affairs to ensure that the company is managed with the best interest of shareholders in mind is called:

Corporate governance.

correct

Incorrect

Question 8

0 / 1 pts

The basic purpose of bookkeeping is to:

Develop the types of information best-suited to specific managerial decisions.

incorrect

https://wmcarey.instructure.com/courses/46151/quizzes/65992

4/8

Chapter 1 Quiz: ACC 2210 29H PRINCIPLES OF ACCOUNTING I FA-20

Incorrect

Question 9

0 / 1 pts

Financial statements are prepared:

In either monetary or nonmonetary terms, depending upon the need of the decision maker.

incorrect

Incorrect

Question 10

0 / 1 pts

The basic purpose of an audit is to:

mcare

5/8

Chapter 1 Quiz: ACC 2210 29H PRINCIPLES OF ACCOUNTING I FA-20

Meet an organization's need for accounting information as efficiently as possible.

incorrect

Question 11

1 / 1 pts

Which organization best serves the professional needs of a CPA?

AICPA.

correct

Incorrect

Question 12

0 / 1 pts

A complete set of financial statements for Citywide Company, at December 31, 2009, would include each of the following, except:

Balance sheet as of December 31, 2009.

incorrect

6/8

Chapter 1 Quiz: ACC 2210 29H PRINCIPLES OF ACCOUNTING I FA-20

Question 13

1 / 1 pts

Financial statements are designed primarily to:

Provide people outside the business organization with information about the company's financial position and operating results.

correct

Question 14

1 / 1 pts

A strong internal control structure:

Contributes to the accuracy and reliability of the accounting records. 7/8

Chapter 1 Quiz: ACC 2210 29H PRINCIPLES OF ACCOUNTING I FA-20

correct

1 / 1 pts

Question 15 The principal function of CPAs is to:

Perform audits to determine the fairness and reliability of a company's financial statements.

correct

Quiz Score: 11 out of 15

8/8...