ACC 561 Final Exam
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1) According to the Financial Executives Institute, one function of controllership is _____.
2) Performance reports _____.
3) Budgets _____.
4) Ethical accountants are important to society because _____.
5) According to the Institute of Management Accountants’ Statement of Ethical Professional Practice, the standard of competence includes:
6) According to the Institute of Management Accountants’ Statement of Ethical Professional Practice, the standard of objectivity includes _____.
7) Which scorecard function is associated with making non-routine decisions?
8) _____ is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies.
9) Launching a new product line is an example of _____.
10) The _____ is also called the statement of financial position
11) The accrual basis of accounting recognizes the impact of transactions on the financial statements in the period when _____.
12) The _____ is not one of the three major financial statements.
13) The use of acquisition cost less depreciation in valuing an asset on the balance sheet is the logical result of the _____ accounting convention.
14) The accounting convention of _____ guides the relative sophistication of the accounting system.
15) The accounting convention of _____ means selecting the method of measurement that yields the gloomiest immediate results.
16) The statement of cash flows is used for all of the following except_____.
17) The difference between a single and multiple step income statement is that a single step income statement_____.
18) Sylvester Company requires clients to pay in advance for legal services. One such client made a $4,000 payment on May 1, and Sylvester Company recorded this transaction in the appropriate...
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