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Acc 653

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Submitted By KCGriffin
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Chapter 1 Self Test, Question 1 | |

| | Correct. | | |
The financial statements most frequently provided include all of the following except the: | statement of stockholders' equity. |

| balance sheet. |

| statement of cash flows. |

| statement of retained earnings | Self Test, Question 2 | |

| | Correct. | | |
An effective process of capital allocation is critical to a healthy economy, which: | promotes productivity. |

| encourages innovation. |

| provides an efficient and liquid market for buying and selling securities. |

| All of the options are correct. | Self Test, Question 3 | |

| | Correct. | | |
Challenges facing financial accounting include all of the following except: | soft assets. |

| timeliness. |

| forward-looking information. |

| financial measurements | Self Test, Question 4 | |

| | Correct. | | |
All of the following are objectives of financial reporting except to provide information: | that is useful in investment and credit decisions. |

| about enterprise resources, claims to those resources, and changes in them. |

| about the management and major shareholders of an enterprise. |

| that is useful in assessing cash flow prospects | Self Test, Question 5 | |

| | Correct. | | |
The term GAAP means: | generally accepted accounting practices. |

| generally accepted accounting purposes. |

| generally accepted accounting principles. |

| generally accepted auditing practices. | Self Test, Question 6 | |

| | Correct. | | |
Which one of the following organizations has not been instrumental in the development of financial accounting standards? | SEC. |

| IMA. |

| AICPA. |

| FASB | Self Test, Question 7 | |

| |

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