48.Which financial statement is prepared as of a specific date?   

A. The balance sheet

B. The income statement

C. The statement of cash flows

D. The balance sheet, income statement, and statement of cash flows are all for a period of time rather than at a specific date.

49.In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a management accounting report is more likely to:   

A. Be used by decision makers outside of the business organization.

B. Focus upon the operation results of the most recently completed accounting period.

C. View the entire organization as the reporting entity.

D. Be tailored to the specific needs of an individual decision maker.

50.Which of the following decision makers is least likely to be among the users of management accounting reports developed by Sears Roebuck and Co.?   

A. The chief executive officer of Sears.

B. The manager of the Automotive Department in a Sears' store.

C. The manager of a mutual fund considering investing in Sears' common stock.

D. Internal auditors within the Sears organization.

51.Which financial statement is primarily concerned with reporting the financial position of a business at a particular time?   

A. The balance sheet.

B. The income statement.

C. The statement of cash flows.

D. All three statements are concerned with the financial position of a business at a particular time.

52.Financial statements are prepared:   

A. Only for publicly owned business organizations.

B. For corporations, but not for sole proprietorships or partnerships.

C. Primarily for the benefit of persons outside of the business organization.

D. In either monetary or nonmonetary terms, depending upon the need of the decision maker.

53.Financial statements may be prepared for which time period?   

A. One year.

B. Less than one year.

C. More than one year.

D. Any time period.

54.Which of the following is generally not considered an external user of accounting information?   

A. Stockholders of a corporation.

B. Bank lending officers.

C. Financial analysts.

D. Factory managers.

55.Although accounting information is used by a wide variety of external parties, financial reporting is primarily directed toward the informational needs of:   

A. Investors and creditors.

B. Government agencies such as the Internal Revenue Service.

C. Customers.

D. Trade associations and labor unions.

56.Investors may be described as:   

A. Individuals and enterprises that have provided credit to a reporting entity.

B. Individuals and enterprises that own a reporting entity business.

C. Anyone that has an interest in the results of the operations of the reporting entity.

D. Those whose primary economic activity consists of buying and selling stocks and bonds.

57.Of the following objectives of financial reporting, which is the most specific?   

A. Provide information useful in assessing amount, timing, and uncertainty of future cash flows.

B. Provide information useful in making investment and credit decisions.

C. Provide information about economic resources, claims to resources, and changes in resources and claims.

D. Provide information useful to help the enterprise achieve its goals, objectives, and mission.

48.Which financial statement is prepared as of a specific date?   

A. The balance sheet

B. The income statement

C. The statement of cash flows

D. The balance sheet, income statement, and statement of cash flows are all for a period of time rather than at a specific date.

49.In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a management accounting report is more likely to:   

A. Be used by decision makers outside of the business organization.

B. Focus upon the operation results of the most recently completed accounting period.

C. View the entire organization as the reporting entity.

D. Be tailored to the specific needs of an individual decision maker.

50.Which of the following decision makers is least likely to be among the users of management accounting reports developed by Sears Roebuck and Co.?   

A. The chief executive officer of Sears.

B. The manager of the Automotive Department in a Sears' store.

C. The manager of a mutual fund considering investing in Sears' common stock.

D. Internal auditors within the Sears organization.

51.Which financial statement is primarily concerned with reporting the financial position of a business at a particular time?   

A. The balance sheet.

B. The income statement.

C. The statement of cash flows.

D. All three statements are concerned with the financial position of a business at a particular time.

52.Financial statements are prepared:   

A. Only for publicly owned business organizations.

B. For corporations, but not for sole proprietorships or partnerships.

C. Primarily for the benefit of persons outside of the business organization.

D. In either monetary or nonmonetary terms, depending upon the need of the decision maker.

53.Financial statements may be prepared for which time period?   

A. One year.

B. Less than one year.

C. More than one year.

D. Any time period.

54.Which of the following is generally not considered an external user of accounting information?   

A. Stockholders of a corporation.

B. Bank lending officers.

C. Financial analysts.

D. Factory managers.

55.Although accounting information is used by a wide variety of external parties, financial reporting is primarily directed toward the informational needs of:   

A. Investors and creditors.

B. Government agencies such as the Internal Revenue Service.

C. Customers.

D. Trade associations and labor unions.

56.Investors may be described as:   

A. Individuals and enterprises that have provided credit to a reporting entity.

B. Individuals and enterprises that own a reporting entity business.

C. Anyone that has an interest in the results of the operations of the reporting entity.

D. Those whose primary economic activity consists of buying and selling stocks and bonds.

57.Of the following objectives of financial reporting, which is the most specific?   

A. Provide information useful in assessing amount, timing, and uncertainty of future cash flows.

B. Provide information useful in making investment and credit decisions.

C. Provide information about economic resources, claims to resources, and changes in resources and claims.

D. Provide information useful to help the enterprise achieve its goals, objectives, and mission.

48.Which financial statement is prepared as of a specific date?   

A. The balance sheet

B. The income statement

C. The statement of cash flows

D. The balance sheet, income statement, and statement of cash flows are all for a period of time rather than at a specific date.

49.In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a management accounting report is more likely to:   

A. Be used by decision makers outside of the business organization.

B. Focus upon the operation results of the most recently completed accounting period.

C. View the entire organization as the reporting entity.

D. Be tailored to the specific needs of an individual decision maker.

50.Which of the following decision makers is least likely to be among the users of management accounting reports developed by Sears Roebuck and Co.?   

A. The chief executive officer of Sears.

B. The manager of the Automotive Department in a Sears' store.

C. The manager of a mutual fund considering investing in Sears' common stock.

D. Internal auditors within the Sears organization.

51.Which financial statement is primarily concerned with reporting the financial position of a business at a particular time?   

A. The balance sheet.

B. The income statement.

C. The statement of cash flows.

D. All three statements are concerned with the financial position of a business at a particular time.

52.Financial statements are prepared:   

A. Only for publicly owned business organizations.

B. For corporations, but not for sole proprietorships or partnerships.

C. Primarily for the benefit of persons outside of the business organization.

D. In either monetary or nonmonetary terms, depending upon the need of the decision maker.

53.Financial statements may be prepared for which time period?   

A. One year.

B. Less than one year.

C. More than one year.

D. Any time period.

54.Which of the following is generally not considered an external user of accounting information?   

A. Stockholders of a corporation.

B. Bank lending officers.

C. Financial analysts.

D. Factory managers.

55.Although accounting information is used by a wide variety of external parties, financial reporting is primarily directed toward the informational needs of:   

A. Investors and creditors.

B. Government agencies such as the Internal Revenue Service.

C. Customers.

D. Trade associations and labor unions.

56.Investors may be described as:   

A. Individuals and enterprises that have provided credit to a reporting entity.

B. Individuals and enterprises that own a reporting entity business.

C. Anyone that has an interest in the results of the operations of the reporting entity.

D. Those whose primary economic activity consists of buying and selling stocks and bonds.

57.Of the following objectives of financial reporting, which is the most specific?   

A. Provide information useful in assessing amount, timing, and uncertainty of future cash flows.

B. Provide information useful in making investment and credit decisions.

C. Provide information about economic resources, claims to resources, and changes in resources and claims.

D. Provide information useful to help the enterprise achieve its goals, objectives, and mission.

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