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ADVANCED INTERMEDIATE ACCOUNTING EXAM #1

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ADVANCED INTERMEDIATE ACCOUNTING EXAM #1 The process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties - CORRECT ANSWER -Financial accounting The process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, control, and evaluate a company's operations - CORRECT ANSWER -Managerial accounting What are the 4 types of financial statements? - CORRECT ANSWER -1. Bala...

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UPGRADED INTERMEDIATE ACCOUNTING QUESTIONS AND ANSWERS

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UPGRADED INTERMEDIATE ACCOUNTING QUESTIONS AND ANSWERS The financial statements most frequently provided include all of the following except the: A) statement of retained earnings. B) balance sheet. C) statement of cash flows. D) statement of stockholders' equity. - CORRECT ANSWER -A Financial reporting is the process of determining how and at what cost money is allocated among competing interests. True False - CORRECT ANSWER -False Which of the following is the objective of fin...

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VERIFIEDINTERMEDIATE ACCOUNTING(CHAPTER 1)

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VERIFIEDINTERMEDIATE ACCOUNTING(CHAPTER 1) Accounting - CORRECT ANSWER -The essential charecteristics of ___________ are (1) the identification, measurement, and communication of financial information about (2) economic entities to (3) interested parties Financial accounting - CORRECT ANSWER -Is the process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties Managerial accounting - CORRECT ANSWER -Is the process of id...

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EVALUATED INTERMEDIATE ACCOUNTING CHAPTERS 1 & 2 QUESTIONS AND ANSWERS

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EVALUATED INTERMEDIATE ACCOUNTING CHAPTERS 1 & 2 QUESTIONS AND ANSWERS Which of the following is not a user of financial reports? A. Government agencies. B. Unions. C. Creditors. D. Customers. - CORRECT ANSWER -D. Customers. What is the objective of financial reporting? A. Provide information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors. B. Provide information that excludes claims to the resources. C. Provide in...

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REVISED INTERMEDIATE ACCOUNTING QUESTIONS AND ANSWERS

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REVISED INTERMEDIATE ACCOUNTING QUESTIONS AND ANSWERS General-purpose financial statements are the product of: A. financial accounting B. managerial accounting c. both financial and managerial accounting d. neither financial nor managerial accounting - CORRECT ANSWER -A. financial accounting Which of the following is not a user of financial reports? A. Unions B. Employees C. Government agencies D. Creditors - CORRECT ANSWER -B. Employees The financial statements most frequently p...

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INTERMEDIATE ACCOUNTING EXAM #1 CORRECT QUESTION AND ANSWER

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INTERMEDIATE ACCOUNTING EXAM #1 CORRECT QUESTION AND ANSWER providers of financial information - CORRECT ANSWER-profit oriented companies, not for profit entities, households external users of financial information - CORRECT ANSWER-investors, creditors, employees, banks, labor unions, customers, suppliers, gov regulatory agencies conceptual framework - CORRECT ANSWER-underlying structure for the development of accounting standards GAAP - CORRECT ANSWER-generally accepted accounting pr...

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