_____ is the private, self-regulating, seven-member board established to develop

Question 1

_____ is the private, self-regulating, seven-member board established to develop generally accepted accounting principles used in the practice of financial accounting.

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Answer

		GAAP
		FASB
		NFASC
		FARPA

Question 2

A(n) _____ is issued if the external auditor does not find any problems with the way a firm prepares and reports its financial statements.

Answer

		qualified opinion
		unqualified opinion
		adverse opinion
		no opinion

Question 3

The _____ shows the cash flowing in and out of a firm through its operating, investing, and financing activities.

Answer

		retained earnings
		statement of cash flows
		income statement
		operating budget

Question 4

The process of developing the operating budget begins with the

Answer

		sales budget.
		income statement.
		production schedule.
		capital expenditure budget.

Question 5

_____ is/are what the firm owes its creditors.

Answer

		Retained earnings
		Owners’ equity
		Liabilities
		Assets

Question 6

_____ is a system for recognizing, recording, organizing, summarizing, analyzing, and reporting information about the financial transactions that affect an organization.

Answer

		Accounting
		Bookkeeping
		Managerial finance
		Auditing

Question 7

The Financial Accounting Standards Board hopes to make the U.S. accounting practices

Answer

		more consistent with those of other nations.
		better than those of other nations.
		less consistent with those of other nations.
		isn’t concerned with how the U.S accounting practices compare to other nations.

Question 8

According to the _____ method of accounting, revenues are recognized when they are earned, and payment is reasonably assured

Answer

		accrual-basis
		actuarial
		managerial
		LIFO

Question 9

Out-of-pocket costs are also referred to as

Answer

		implicit costs.
		explicit costs.
		direct costs.
		indirect costs.

Question 10

_____ is a technique used by managerial accountants to assign product costs based on links between activities that drive costs and the production of specific products.

Answer

		Actual basis costing
		Activity-based costing
		Actuarial-based costing
		Break-even analysis

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