ACCT.ACBSP.APC.09 - Financial Statements ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Profit is the difference between assets and liabilities the incoming cash and outgoing cash the assets purchased with cash contributed by the owner and the cash spent to operate the business the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services d ANSWER: Easy DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-01 - 01-01 LEARNING OBJECTIVES: ACCT.ACBSP.APC.01 - Purpose ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Two common areas of accounting that respectively provide information to internal and external users are forensic accounting and financial accounting managerial accounting and financial accounting managerial accounting and environmental accounting financial accounting and tax accounting systems b ANSWER: Easy DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-01 - 01-01 LEARNING OBJECTIVES: ACCT.ACBSP.APC.01 - Purpose ACCREDITING STANDARDS: ACCT.AICPA.BB.01 - Industry ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following best describes accounting? Records economic data but does not communicate the data to users according to any specific rules. Is an information system that provides reports to users regarding economic activities and condition of a business. Is of no use by individuals outside of the business. Is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements. b ANSWER: Moderate DIFFICULTY: Remembering Bloom’s:
ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Profit is the difference between assets and liabilities the incoming cash and outgoing cash the assets purchased with cash contributed by the owner and the cash spent to operate the business the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services ANSWER: d DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-01 - 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Two common areas of accounting that respectively provide information to internal and external users are forensic accounting and financial accounting managerial accounting and financial accounting managerial accounting and environmental accounting financial accounting and tax accounting systems ANSWER: b DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-01 - 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.BB.01 - Industry ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following best describes accounting? Records economic data but does not communicate the data to users according to any specific rules. Is an information system that provides reports to users regarding economic activities and condition of a business. Is of no use by individuals outside of the business. Is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements. ANSWER: b DIFFICULTY: Moderate Bloom’s: Remembering
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