PRE-ASSESSMENT: ACCOUNTING FOR DECISION MAKERS
PVAC
Attempt #2
Status: Passed
1.
What does accounting focus on?
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The
... [Show More] impact a business's activities have on its relationships with
customers The impact a business's activities have on the environment
The impact a business's activities have on its public image
The impact a business's activities have on its overall financial performance
2.
Which report summarizes cash collections and cash expenditures from operating,
investing, and financing activities over a period of time?
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Cash receipts and disbursements sheet
Cash flow schedule
Summary of cash receipts
Statement of cash flows
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2
3.
Which users would have a primary concern with an organization’s ability to provide
healthcare benefits?
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Competitors
Employees
Vendors
Suppliers
4.
Which benefit does a corporation gain by following Generally Accepted Accounting Principles
(GAAP)?
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A decrease in its income tax obligations
A decrease in the amount of net income it reports
An increase in its comparability to other companies
An increase in the amount of assets it reports
5.
Which body regulates a certified public accounting firm’s audit practices when
the firm is auditing a large publicly traded company?
The
Public
Compa
ny
Accounting Oversight
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Board (PCAOB) The Financial Accounting Standards
Board (FASB)
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Another certified public accounting (CPA) firm
The Internal Revenue Service (IRS)
6.
What has had the most significant impact on accounting practices?
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Certification requirements
New product innovations
Information technology
Mobile computing
7.
What two items of information are revealed on the
balance sheet? Choose 2 answers
Ownership
Debt
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Expenses
Revenues
Costs
8.
Which term is defined as the residual interest in the net assets of a company [Show Less]