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FIN 370T Finance For Business Week 2 Exam Questions and Complete Solutions Graded A+
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FIN 370T Finance For Business Week 2 Exam Questions and Complete Solutions Graded A+
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FIN 370T Finance ForBusiness Week 2 Exam
Questions and Complete
Solutions Graded A+
Denning [Date] [Course title]
, How is it possible for an accountant to intentionally deceive financial statement users and yet still
technically be in compliance with generally accepted accounting principles (GAAP)? - Answer: There is
flexibility inherent in the assumptions underlying the preparation of financial statements.
Alliah Company just released its public accounting data for 20X9. Which user of accounting information
will monitor this data to ensure that the company is providing sufficient information for investors? -
Answer: Government agencies
A new product line manager approaches the accounting department in order to understand the past
performance of the product line he has been asked to manage in the future. Which role of accounting
involves obtaining and using financial information to determine the financial health and performance of
a business or product line? - Answer: Evaluation
You read in the newspaper that a local company you are familiar with has been found guilty in court of
publishing financial statements that are false and misleading to users of those financial statements. In
this situation, what could the American Institute of Certified Public Accountants (AICPA) do in response
to the accountants who were found guilty of unethical conduct in accounting practices? - Answer:
Implement professional sanctions
What is the purpose of the financial accounting cycle? - Answer: To turn transactions into financial
statements and provide useful financial information for decision makers
In the context of the financial accounting cycle, what is the definition of an account? - Answer: A
specific accounting record that provides an efficient way to categorize similar types of transactions
What is an arm's-length transaction? - Answer: An exchange between two independent parties
Which item is a liability? - Answer: Mortgage
After Oliver records each transaction, how should he ensure that the accounting equation remains in
balance? - Answer: Add up the balances in all of the asset accounts and compare them to the sum of all
the liability and owners' equity accounts
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