Ma2 2.3.6.7.1. The technical phase of accounting.a. Interpretingb. Recording8.4. Carefully examines, tests, and checks accuracy of the accounting records.c. Budget officerd. Auditor9.Includes the design, installation and improvements of the firm's general accounting system.a. Tax servicesc. Management advisory serviceb. Auditingd. Financial accounting serviceProvides management plan for future operations.a. Internal auditingb. General accountingc. Summarizingd. Classifying5.In this phase of accounting, items are sorted and grouped.a. Classifyingb. Summarizinga. Bookkeeperb. Accountantsc. Cost accountingd. Budgetingc. Recordingd. InterpretingServe as guide in accomplishing data and preparing reports.a. Accounting reportsb. Accounting informationc. Accounting opiniond. Accounting principlesFinancial accounting is the area of accounting that emphasizes reporting toa. Managementc. Internal auditorsb. Regulatory bodiesd. Creditors and investorsWhich of the following is not a basic assumption underlying financial accounting.a. Going concern assumptionc. Economic entity assumptiond. Historical cost assumptionb. Periodicity assumptionWhich of the following statements best describes the term "going concern" ?a. When liabilities exceed assets.b. The ability of the entity to continue in operation for the foreseeable futurec. The potential to contribute to the flow of cash and cash equivalents to the entityd. The expenses of an entity exceed its income10.. Which basic assumptions may not be followed when an entity in bankruptcy reports financial results?a. Economic entity assumptionb.Going concern assumptionC. Periodicity assumptiond. Monetary assumption

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Answered: 1. The technical phase of accounting.…

1. The technical phase of accounting. a. Interpreting b. Recording c. Summarizing d. Classifying

10th Edition

ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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