27. Corporations issue their shares to the investing public in the: A. Option A
B. Option B
C. Option C
D. Option D

AACSB: Reflective thinking
Bloom's: Knowledge
Learning Objective: 01-01 Describe the function and primary focus of financial accounting.
Level of Learning: Easy 28. The primary focus for financial accounting information is to provide information useful for: A. Option A
B. Option B
C. Option C
D. Option D

AACSB: Reflective thinking
Bloom's: Knowledge
Learning Objective: 01-01 Describe the function and primary focus of financial accounting.
Level of Learning: Easy

29. Which of the following is not true about net operating cash flow?
A. It is the difference between cash receipts and cash disbursements from providing goods and services.
B. It is a measure used in accrual accounting and is recognized as the best predictor of future operating cash flows.
C. Over short periods of time, it may not be indicative of long-run cash-generating ability.
D. It is easy to understand and all information required to measure it is factual.

AACSB: Reflective thinking
Bloom's: Knowledge
Learning Objective: 01-01 Describe the function and primary focus of financial accounting.
Level of Learning: Medium 30. Which of the following groups is not among financial intermediaries?
A. Mutual fund managers
B. Financial analysts
C. CPAs
D. Credit rating organizations

AACSB: Reflective thinking
Bloom's: Knowledge
Learning Objective: 01-01 Describe the function and primary focus of financial accounting.
Level of Learning: Medium 31. Which of the following was the first private sector entity that set accounting standards in the United States?
A. Accounting Principles Board
B. Committee on Accounting Procedure
C. Financial Accounting Standards Board
D. AICPA

AACSB: Reflective thinking
Bloom's: