Exam (elaborations)
Financial Accounting Chapter 1 (1).
- Course
- CISA - Chapter 1
- Institution
- CISA - Chapter 1
Financial Accounting Chapter 1 (1).
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Financial Accounting Chapter 1*A governmental agency can best be described by which of the following statements?*
a. has regular shareholder meetings
b. has a primary purpose of using taxpayer funds to provide services
c. has a primary purpose of making a profit
d. produces goods for sale to the public - ANS-b. has a primary purpose of using taxpayer funds
to provide services
*All of the following are sustainable methods businesses can use to raise capital (funding)
except for ________.*
a. selling ownership shares
b. tax refunds
c. borrowing from lenders
d. profitable operations - ANS-b. tax refunds
*Most states require 150 semester hours of college credit for which professional certification?*
a. Certified Financial Planner (CFP)
b. Certified Public Accountant (CPA)
c. Certified Management Accountant (CMA)
d. Certified Internal Auditor (CIA) - ANS-b. Certified Public Accountant (CPA)
*Accounting is sometimes called the "language of _____."*
a. Main Street
b. business
c. Wall Street
d. financial statements - ANS-b. business
*Which of the following sell stock on an organized stock exchange such as the New York Stock
Exchange?*
a. privately held companies
b. governmental agencies
c. not-for-profit businesses
d. publicly traded companies - ANS-d. publicly traded companies
*External users of financial accounting information include all of the following except*
a. lenders such as bankers
b. governmental agencies such as the IRS
c. potential investors
d. employees of a business - ANS-d. employees of a business
*All of the following are examples of managerial accounting activities except*
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