Research Topic On Cost Accounting Michigan State University Essay

4730 words - 19 pages

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2
Collins   Test Item File   Chapter 12 The Role of Accounting in Business
SEQ CHAPTER \h \r 1Chapter 12
THE ROLE OF ACCOUNTING IN BUSINESS
MULTIPLE CHOICE
  7.
The best way to prepare to be an investor is to learn all the _____ that you can.
a. bookkeeping
b. accounting
c. stock market tips
d. spreadsheet
(b; Easy)
  8.
_____, which supply relevant, accurate, timely information in a format that will aid them in making decisions, are tailored to the needs of individual managers.
a. Reports
b. Summaries
c. Department updates
d. Data sheets
(a; Easy)
  9.
If you were asked to identify “the language of business,” you should reply: _____.
a. “Finance”
b. “Money”
c. “Accounting”
d. “Data keeping”
(c; Moderate)
 10.
The purpose of accounting is to help _____, who are interested in the activities of a business because they’re affected by them.
a. shareholders
b. fiduciaries
c. investors
d. stakeholders
(d; Moderate)
 11.
Accountants communicate the meaning of _____ information and work with individuals and organizations to help them use that information to deal with business problems.
a. financial
b. investment
c. managerial
d. bookkeeping
(a; Moderate)
 12.
Accountants do all of the following except _____.
a. measure business activities
b. summarize business activities
c. interpret financial information
d. locate capital
(d; Hard)
 13.
To help them operate the business, _____ accounting provides information and analysis to decision makers inside the organization.
a. financial
b. internal
c. management
d. executive
(c; Hard)
 14.
Working in the field of _____ accounting, John Bates furnishes information to individuals and groups both inside and outside his organization to help them assess the firm’s financial performance.
a. comprehensive
b. financial
c. advisory
d. management
(b; Hard)
 15.
All of the following appear in the financial statements prepared by accountants except _____.
a. marketing budgets
b. income statements
c. balance sheets
d. statements of cash flows
(a; Hard)
 16.
_____ are principles for financial reporting established by an independent agency called the Financial Accounting Standards Board.
a. Accounting guidelines
b. Government‑approved accounting standards
c. Certified rules and regulations
d. Generally accepted accounting principles
(d; Hard)
17.
Which of the following groups is typically not interested in financial accounting information?
a. labor unions
b. creditors
c. suppliers
d. all of these groups have some use for financial accounting information
(d; Moderate)
SCENARIO-BASED
Bakersfield, Smith, and Babble LLC is a midsized accounting firm in New England. In order to project an image as a full‑service company, each partner specializes in a different field of accounting. Bakersfield provides information and analysis to business owners in order to help them operate their companies. Smit...

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