1. The area of accounting that provides external users with information is calle
ID: 2397480 • Letter: 1
Question
1. The area of accounting that provides external users with information is called _____.
a. managerial accounting
b. financial accounting
c. tax accounting
d. None of these choices are correct.
2. Which of the following is not a guideline of ethical conduct?
a. Identify an ethical decision using your personal ethical standards of honesty and fairness.
b. Identify the consequences of the decision and its effect on others.
c. Make a decision that is in the best interests of the company; other parties affected are not important.
d. None of these choices are correct.
3. Which organization has the overall authority with the accounting and financial disclosures for companies whose shares of ownership (stock) are traded and sold to the public?
a. FASB
b.SEC
c. IASB
d. GAAP
4. Which type of business is owned by one individual?
a.Corporation
b.Partnership
c.Proprietorship
d.Limited Liability Company (LLC)
Explanation / Answer
1 The area of accounting that provides external users with information is called financial accounting 2 Make a decision that is in the best interests of the company; other parties affected are not important. 3 SEC has the overall authority with the accounting and financial disclosures for companies whose shares of ownership (stock) are traded and sold to the public 4 Proprietorship is owned by one individual
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