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1. What is the primary focus of bookkeeping? o A) Analyzing financial statements o B) Recording daily transactions o C) Preparing tax returns o D) Forecasting future financial performance Answer: B Rationale: Bookkeeping primarily involves the systematic recording of financial transactions. 2. Which of the following is considered an accounting function? o A) Data entry o B) Journalizing transactions o C) Preparing financial statements o D) Reconciling bank statements Answer: C Ratio...

Question 1: What is the primary purpose of Key Performance Indicators (KPIs)? A) To reduce costs B) To evaluate the success of an organization in achieving its objectives C) To increase market share D) To enhance product quality Correct Answer: B Rationale: KPIs are metrics used to assess how effectively an organization is achieving its key business objectives. ________________________________________ Question 2: Which of the following is NOT a common financial metric for measuring suc...

1. What is the primary objective of financial reporting according to GAAP? • a) Provide information about management's plans. • b) Provide information that is useful to current and potential investors, lenders, and creditors. • c) Present financial statements that avoid taxes. • d) Allow auditors to identify fraud. Answer: b) Provide information that is useful to current and potential investors, lenders, and creditors. Rationale: The primary objective of financial reporting unde...

1. Which of the following is NOT a required element of a valid contract under ASC 606? a) Approval and commitment of the parties b) Identification of performance obligations c) Fixed price for goods or services d) Enforceable rights for payment Answer: c) Fixed price for goods or services Rationale: ASC 606 (Revenue Recognition) does not require a fixed price but requires that the transaction price can be estimated. ________________________________________ 2. When does revenue recognitio...

1. Which of the following is the core principle of revenue recognition according to ASC 606? • A. Revenue is recognized when control of a good or service is transferred to the customer. • B. Revenue is recognized when cash is received. • C. Revenue is recognized when a contract is signed. • D. Revenue is recognized when the goods are shipped. Answer: A Rationale: ASC 606 dictates that revenue should be recognized when control of a good or service is transferred to the customer, whi...

1. Which civilization is credited with the earliest known use of accounting records? • A. Mesopotamians • B. Egyptians • C. Greeks • D. Romans Answer: A Rationale: Mesopotamians are known for creating the first accounting records on clay tablets around 3,300 B.C. 2. Ancient accounting records were mainly used to track which type of transactions? • A. Investments • B. Taxation • C. Loans • D. Trade Answer: D Rationale: Ancient civilizations, like Mesopotamia, used acc...

1. What is the primary purpose of financial accounting? A. To provide internal users with financial information B. To provide external users with financial information C. To ensure businesses pay the correct amount of taxes D. To evaluate the company's management performance Answer: B Rationale: Financial accounting is designed primarily to provide financial information to external users such as investors, creditors, and regulators. ________________________________________ 2. Which of...

1. What is the primary purpose of financial accounting? A) To assist in internal management decisions B) To provide financial information to external users C) To facilitate tax preparation D) To comply with government regulations Answer: B Rationale: Financial accounting primarily focuses on providing relevant financial information to external stakeholders, such as investors and creditors. 2. Which of the following is not a primary financial statement? A) Balance Sheet B) Income Statement...

questions and answers on 1. Introduction to Prioritization & Clinical Judgment for NCLEX-RN 2. Cardiovascular Management 3. Peripheral Vascular Management 4. Respiratory Management 5. Gastrointestinal Management 6. Renal and Genitourinary Management 7. Neurological Management 8. Endocrine Management 9. Integumentary Management

1. A nurse is assessing a patient’s skin for signs of dehydration. Which finding would indicate dehydration? A) Warm, dry skin B) Moist, cool skin C) Elastic skin turgor D) Pale, clammy skin Answer: A) Warm, dry skin Rationale: Dehydrated skin is often warm and dry due to decreased moisture content and impaired blood flow. ________________________________________ 2. A patient presents with a rash that is raised, red, and itchy. What type of skin lesion is most likely present? A) Macul...