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Accounting is used to:


A) Record economic variables.
B) Record principally economic variables but can also describe non-financial parameters.
C) Describe non-financial parameters.
D) None of these.

E) None of the above
F) A) and B)

Correct Answer

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What are lenders mainly interested in?


A) The use of the money the firm has borrowed.
B) The ability of the business to create new products.
C) The wealth created by the firm.
D) The ability of the business to reimburse the money it has borrowed.

E) A) and C)
F) None of the above

Correct Answer

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What kind(s) of delegation occur(s) in business?


A) Delegation from the capital providers to the enterprise
B) Delegation from the capital providers to managers
C) Delegation within the organization to specialized managers
D) All of these.

E) All of the above
F) C) and D)

Correct Answer

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Financial accounting is primarily concerned with:


A) The provision of financial information to internal interested parties
B) Reporting at the micro-level
C) The provision of information for managers' use
D) The provision of financial information to external interested parties

E) A) and C)
F) A) and B)

Correct Answer

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Valuation consists in giving a ____ value to the transaction so it can be recorded.


A) Legal
B) Monetary
C) Economic
D) Positive

E) C) and D)
F) A) and B)

Correct Answer

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Which of the following can be capital providers?


A) Shareholders and lenders
B) Shareholders and managers
C) Lenders and suppliers
D) Lenders and customers

E) C) and D)
F) A) and C)

Correct Answer

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Each category of capital providers has specific reporting needs.

A) True
B) False

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