NURSING EXAMS AND STUDY MATERIALS
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ADVANCED INTERMEDIATE ACCOUNTING EXAM #1
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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- • 19 pages •
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...
UPGRADED INTERMEDIATE ACCOUNTING QUESTIONS AND ANSWERS
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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- • 26 pages •
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...
VERIFIEDINTERMEDIATE ACCOUNTING(CHAPTER 1)
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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- • 24 pages •
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...
EVALUATED INTERMEDIATE ACCOUNTING CHAPTERS 1 & 2 QUESTIONS AND ANSWERS
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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- • 12 pages •
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...
REVISED INTERMEDIATE ACCOUNTING QUESTIONS AND ANSWERS
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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- • 18 pages •
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...
INTERMEDIATE ACCOUNTING EXAM #1 CORRECT QUESTION AND ANSWER
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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- • 4 pages •
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...