controls thu 11 The acounting ooncept that 12. The area ofaceuting med at servin
ID: 2589956 • Letter: C
Question
controls thu 11 The acounting ooncept that 12. The area ofaceuting med at serving thedecision making neds of A SEC reporting 13. All of the following reganding a Certified Public ccouant e B. Must pass an exaesination C May also be a Certified Management Act D. Must exhibit ethical character E. Canot hold certificate other than CPA 14 External users of accouning infoemation include all of the Sollowing esoqpt C. Creditors E Purchasing managers. 15. A partnership A. Is a legal organization separate from its owners B. Has owners called shareholders C. Is also called a sole proprietorship D. Has unlimited iability for its partners E. Has to have a writen agreement in order to he legal Test 1, V Page 3 MS8110Explanation / Answer
10)Resources a company owns or controls that are expected to yield future benefits are
Answer : B) assets
11) the accounting concept that requires every business to be accounted for separately from other organizations including its owner or owners is known as the:
Answer : E) business entity assumption
12) the area of accounting aimed at arriving the decision making needs of internal users:
Answer: B)managerial accounting
13) All of the following regarding a Certified Public Accountant are true except:
Answer :E) Cannot hold any certificate other than a CPA
14) external users of accounting information include all of the following except
Answer : E)purchasing managers
15) a partnership
Answer : D)has unlimited liability for its partners
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