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

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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. 3. 6. 7. 1. The technical phase of accounting. a. Interpreting b. Recording 8. 4. Carefully examines, tests, and checks accuracy of the accounting records. c. Budget officer d. Auditor 9. Includes the design, installation and improvements of the firm's general accounting system. a. Tax services c. Management advisory service b. Auditing d. Financial accounting service Provides management plan for future operations. a. Internal auditing b. General accounting c. Summarizing d. Classifying 5. In this phase of accounting, items are sorted and grouped. a. Classifying b. Summarizing a. Bookkeeper b. Accountants c. Cost accounting d. Budgeting c. Recording d. Interpreting Serve as guide in accomplishing data and preparing reports. a. Accounting reports b. Accounting information c. Accounting opinion d. Accounting principles Financial accounting is the area of accounting that emphasizes reporting to a. Management c. Internal auditors b. Regulatory bodies d. Creditors and investors Which of the following is not a basic assumption underlying financial accounting. a. Going concern assumption c. Economic entity assumption d. Historical cost assumption b. Periodicity assumption Which 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 future c. The potential to contribute to the flow of cash and cash equivalents to the entity d. The expenses of an entity exceed its income 10.. Which basic assumptions may not be followed when an entity in bankruptcy reports financial results? a. Economic entity assumption b. Going concern assumption C. Periodicity assumption d. Monetary assumption
Transcribed Image Text:2. 3. 6. 7. 1. The technical phase of accounting. a. Interpreting b. Recording 8. 4. Carefully examines, tests, and checks accuracy of the accounting records. c. Budget officer d. Auditor 9. Includes the design, installation and improvements of the firm's general accounting system. a. Tax services c. Management advisory service b. Auditing d. Financial accounting service Provides management plan for future operations. a. Internal auditing b. General accounting c. Summarizing d. Classifying 5. In this phase of accounting, items are sorted and grouped. a. Classifying b. Summarizing a. Bookkeeper b. Accountants c. Cost accounting d. Budgeting c. Recording d. Interpreting Serve as guide in accomplishing data and preparing reports. a. Accounting reports b. Accounting information c. Accounting opinion d. Accounting principles Financial accounting is the area of accounting that emphasizes reporting to a. Management c. Internal auditors b. Regulatory bodies d. Creditors and investors Which of the following is not a basic assumption underlying financial accounting. a. Going concern assumption c. Economic entity assumption d. Historical cost assumption b. Periodicity assumption Which 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 future c. The potential to contribute to the flow of cash and cash equivalents to the entity d. The expenses of an entity exceed its income 10.. Which basic assumptions may not be followed when an entity in bankruptcy reports financial results? a. Economic entity assumption b. Going concern assumption C. Periodicity assumption d. Monetary assumption
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