University:
Eastern Kentucky University
Course:
ACC 201 | Introduction to Financial Accounting
Academic year:

2021
Views:

188

Pages:

4
Author:

Prince Sampson

Question 1 1 / 1 pts Which of the following statements is true of financial accounting? Correct!  All statements are correct.  Financial accounting is directed toward external users.  Financial accounting is subject to externally imposed rules.  Financial accounting provides information that can be objectively verified and audited.  Question 2 1 / 1 pts What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?  improving Correct!  controlling  planning  directing  Question 3 1 / 1 pts The primary objective of managerial accounting is:  to provide the Internal Revenue Service with financial and non-financial information about the taxable income of an organization.  to produce financial information that must comply with various accounting standards. Correct!  to provide management with financial and non-financial information useful in planning, controlling and decision making  to produce information for external users, including investors, creditors, customers, suppliers, and government agencies.  Question 4 1 / 1 pts Investigating production variances and adjusting the production process is an example of Correct!  controlling.  planning.  all of these.  decision making.  Question 5 1 / 1 pts In terms of strategic positioning, which two general strategies may be chosen by a company?  Activity based costing and value chain emphasis. Correct!  Cost leadership and product differentiation.  Increasing customer value and decreasing supplier orientation.  Revenue production and cost enhancement.  Question 6 1 / 1 pts Which of the following items would NOT be an example of a value-added activity?  Timely delivery of products.  Customers being offered a variety of products. Correct!  Storage of finished products.  Excellent customer service.  Question 7 1 / 1 pts Which of the following items is an example of the management activity referred to as planning? Correct!  Developing a strategy for disposing of hazardous waste.  Ensuring that the most competent candidates are recruited by a company.  All statements are correct.  Tracking the cost of employee absence.  Question 8 1 / 1 pts The controller of an organization participates in:  decisionmaking   planning   controlling  Correct!  Allstatementsarecorrect.   Question 9 1 / 1 pts Accountants that have a Certificate in Public Accounting (CPA):  are the only accountants permitted to serve as external auditors.  must pass a national examination and be licensed by the state in which they practice. Correct!  all of these statements are true.  may be held responsible to provide assurance concerning the reliability of a firm's financial statements.  Question 10 1 / 1 pts Which of the following companies is generally thought of as having identified a general strategy position of cost leadership?  Starbucks Correct!  Walmart  Lululemon  Apple