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61 which of the following is a characteristic of financial accounting information a 4295592

 

 

61.Which of the following is a characteristic of financial accounting information? 
 
 

A.Its preparation requires judgment.

 

B.It is more about the future than it is about the past.

 

C.None of it is based on estimates, assumptions, and judgments.

 

D.Notes and explanations from management are not included.

 

 

 

 

62.Which of the following statements is considered a “snapshot” of the business in financial or dollar terms? 
 
 

A.Statement of financial position.

 

B.Statement of cash flows.

 

C.Income statement.

 

D.The federal income tax return.

 

 

 

 

63.Objectives of financial reporting to external investors and creditors include preparing information about all of the following except
 
 

A.Information used to determine which products to produce.

 

B.Information about economic resources, claims to those resources, and changes in both resources and claims.

 

C.Information that is useful in assessing the amount, timing, and uncertainty of future cash flows.

 

D.Information that is useful in making investment and credit decisions.

 

 

 

 

64.Financial accounting information is characterized by all of the following except
 
 

A.It is historical in nature.

 

B.It results from inexact and approximate measures.

 

C.It is factual, so it does not require judgment to prepare.

 

D.It is enhanced by management's explanation.

 

 

 

 

65.It is the function of management accounting to perform the following activities, except
 
 

A.Financial forecasts.

 

B.Cost accounting.

 

C.Internal audits.

 

D.Audited financial statements.

 

 

 

 

66.All of the following are characteristics of management accounting, except
 
 

A.Reports are used primarily by insiders rather than by persons outside of the business entity.

 

B.Its purpose is to assist managers in planning and controlling business operations.

 

C.Information must be developed in conformity with generally accepted accounting principles or with income tax regulations.

 

D.Information may be tailored to assist in specific managerial decisions.

 

 

 

 

67.Internal users of financial accounting information include all of the following except
 
 

A.Investors.

 

B.Managers.

 

C.Chief Financial Officer.

 

D.Chief Executive Officer.

 

 

 

 

68.Which of the following is not a user of internal accounting information? 
 
 

A.Store manager

 

B.Chief executive officer

 

C.Creditor

 

D.Chief financial officer

 

 

 

 

69.Characteristics of internal accounting information include all of the following except
 
 

A.It is audited by a CPA.

 

B.It must be timely.

 

C.It is oriented toward the future.

 

D.It measures efficiency and effectiveness.

 

 

 

 

70.Which of the following is not an important factor in ensuring the integrity of accounting information? 
 
 

A.Institutional factors, such as standards for preparing information.

 

B.Professional organizations, such as the American Institute of CPAs.

 

C.Competence, judgment, and ethical behavior of individual accountants.

 

D.The cost of preparing the financial information.

 

 

 

 

 

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