C213 Chapter Quizzes with correct answers

C213 Chapter QuizzesThe emphasis in financial accounting is on which of the following external user groups? - correct answer Investors and creditors The primary internal group that uses accounting information is - correct answer Management Internal reports are generally used by - correct answer Management Which of the following is NOT an external user of financial information? - correct answer Management Which of the following is NOT true of the Financial Accounting Standards Board (FASB)? - correct answer It is a government agency Generally accepted accounting principles are - correct answer Developed by accounting rule makers The current standard-setting board for accounting in the private sector is the - correct answer Financial Accounting Standards Board (FASB) Which of the following is the government agency that stipulates the rules and regulations that govern the collection of taxes in the United States? - correct answer Internal Revenue Service Standards established by the International Accounting Standards Board are referred to as - correct answer International Financial Reporting Standards Which of the following organizations has specific legal authority to establish accounting standards for publicly held companies? - correct answer Securities and Exchange Commission (SEC) The organization that develops worldwide accounting standards is the - correct answer International Accounting Standards Board (IASB) Which of the following is NOT a reason for the integration of worldwide accounting standards? - correct answer the theoretical necessity of a common set of accounting standards The International Accounting Standards Board (IASB) is charged with developing worldwide accounting practices? - correct answer True With the current state of information technology, investors outside a company are now allowed access to a company's internal database of financial information and do their own customized analysis of a firm's performance. - correct answer False Increased federal oversight of the audit process resulted from the passage of the following act of Congress - - correct answer Sarbanes-Oxley Act Which of the following is NOT one of the three primary financial statements? - correct answer The Statement of Retained Earnings A borrower benefits from providing financial information regarding income and expenses in the form of a lower interest rate on the loan because of reduced uncertainty for the lender with regard to repayment. - correct answer True