Your Questions About The Stock Market Presentation

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Mark asks…

Please Help with the following Accounting Questions. I will choose Best Anwer?

1. The issuance of quarterly financial statements by a company is an example of which of the following concepts? (Points : 2)
a. going concern
b.accrual accounting
c.periodic measurement
d.transformation process

2. The two primary qualities that result in accounting information being useful are: (Points : 2)
a.recognition and measurement criteria
b.summary and accuracy
c.exposure and responsiveness
d.relevance and reliability

3. Attestation occurs when: (Points : 2)
a. the company issues stock
b.an auditor affirms the fairness of presentation of the financial statements
c.managers become certified
d.a contract is signed

4. Audits are performed by CPAs who are employed by the company’s accounting department. (Points : 2)
True
False

5. External decisions makers: (Points : 2)
a. are CPA’s who perform the company’s audit
b.rely on financial statements for information
c.sell stock to brokerage houses
d. are responsible to the shareholders

6.
Form 10K Reports are NOT required to be filed by corporations if they provide annual audited financial statements.
(Points : 2)
True
False

7. A code of ethics: (Points : 2)
a. ensures acting above the law
b. is an abatement of moral hazards
c.is not needed if a company has an annual audit
d.spells out acceptable and expected behavior

8. The purpose of internal controls is to (Points : 2)
a. ensure that production of goods and services will meet market demand
b. protect assets and ensure the accuracy of accounting information
c ensure that tax returns will be filed in a timely manner
d.ensure that there will be no fraud or errors in the accounting system

9. The audit report provides notice of the auditor’s guarantee as to the accuracy and completeness of the accompanying financial information. (Points : 2)
True
False

10.
Which of the following is NOT included in a corporate annual report:
(Points : 2)
a. letter from the President or CEO
b. summary of selected business data
c. budget for upcoming year
d.financial statements

11. The document that describes a proposed accounting standard is the: (Points : 2)
a. discussion memorandum
b. exposure draft
c. recognition statement
d. SEC Memorandum

12.
Objectives of financial reporting provide an overall purpose of financial reports.
(Points : 2)
True
False

13. The procedures designed to protect assets and ensure the accuracy of accounting records are known as (Points : 2)
a. internal controls
b. closing the books
c.auditing standards
d.accounting principles

14. Which of the following is a step in the FASB Standard-Setting Process: (Points : 2)
a. accounting issues are identified
b. exposure draft is issued
c. public hearings are held
d. all of the above are steps in the process

15.
In accounting, the term “going concern” means that an organization is
(Points : 2)
a. operating effectively and efficiently
b. expected to continue operating indefinitely
c.regularly earning a profit
d.generating both positive cash flow and profits

16.
A strong system of internal controls should provide a high level of protection of a company’s information systems.
(Points : 2)
True
False

17.
The General Accounting Office (GAO) is the agency that oversees accounting practices at the State and Local levels.
(Points : 2)
True
False

18. Good internal controls might help to prevent which of the following events? (Points : 2)
a. incorrectly recording a $10,480 purchase at $14,080
b. losing $20,000 of merchandise to theft
c.entering both sides of a transaction as debits
d.all the above might be prevented by proper internal controls

19. Background checks done on prospective employees are usually required by the board of directors. (Points : 2)
True
False

20. Generally accepted accounting principles (GAAP) are standards developed by the U. S. Treasury Department to identify appropriate accounting and reporting procedures. (Points : 2)
True
False

Justin answers:

1=C, 2=D, 3=B, 4=FALSE they are employed externally. 5=B, 6=FALSE, 7=D, 8=D, 9=TRUE, 10=C, 11=B, 12=FALSE, 13=D, 14=D, 15=B, 16=TRUE, 17=FALSE, 18=A, 19=TRUE, 20=TRUE.

I’m studying in the United Kingdom so I haven’t covered all of this but I’d guess 80% correct.

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