introduction to acc and fin

Which one of the following describes the correct sequence of stages of an accounting information system?
A. Information recording, Information identification, Information analysis, Information reporting.
B. Information identification, Information recording,Information analysis, Information reporting.
C. Information recording, Information identification, Information reporting, Information analysis.
D. Information identification, Information recording,Information reporting,Information analysis.

One purpose
of accounting information is to help certain users assess how
effectively the managers are running the business and to make judgements
about likely levels of risk and return in the future. Which one of the
following user groups is most likely to use accounting information for
this purpose?
A.Employees
B.Community representatives
C.Government
D.Owners

Which one of the following is not considered to be a key qualitative characteristic of accounting?
A. Comparability
B. Materiality
C. Understandability
D. Timeliness

Consider the following statements: Management accounting reports are always specific-purpose reports and never general-purpose reports Management accounting reports are subject to regulations imposed by the accounting profession What is the validity of each statement?
Statement
1 2
A. TRUE TRUE
B. TRUE FALSE
C.FALSE TRUE
D.FALSE FALSE

The generally accepted major financial objective of a business is assumed to be:
A. Maximisation of profit
B. Enhancement/maximisation of the wealth of the owners
C. Maximisation of return on capital employed
D. Maximisation of sales revenue

One
purpose of accounting information is to help certain users make
decisions and plans for the business and to exercise control so that the
plans come to fruition.Which one of the following user groups is most likely to use accounting information for this pupose?
A. Managers
B. Community representatives
C. Owners
D. Employees

The study of business investment and financing decisions is known as:
A. Management systems
B. Finance
C. Financial accounting
D. Management accounting

Accounting exists to help people make better __________.
A.profits

B.citizens

C.decisions

D.businesses

__________ is concerned with the collection, analysis and communication of economic information.
A. Business
B. Management
C. Finance
D. Accounting

The two broad classes of accounting are management accounting and __________ A.accounting.
B.business
C.company
D.financial
E.commercial

The process of ensuring that planned events actually occur is known as __________.
A. control
B. accounting
C. management
D. planning

__________ is concerned with financing and investment activities of the business.
A. Control
B. Budgeting
C. Finance
D. Accounting

Accounting can be seen as part of the total __________ system of the business.
A. information
B. financial
C. computer
D. commercial

There are five key qualitative characteristics of accounting; these are relevance, reliability, comparability, __________ and materiality.
A.timeliness
B.accuracy
C.understandability
D.objectivity

Deciding whether to produce an item of accounting information is a question of balancing the __________ against the cost.
A. benefit
B. money
C. profit
D. revenue

The generally accepted __________ of businesses is to maximise the wealth of the owners.
A. description
B. principle
C. strength
D. objective

Accounting seeks to meet the __________ of various users.
A.needs
B.regulations
C.ambitions
D.representatives