1. All of the following are examples of managerial accounting activities except

a. making equipment repair or replacement decisions

b. preparing external financial statements in compliance with GAAP

c. deciding whether or not to use automation

d. deciding whether or not to use automation

2. The primary purpose of what type of business is to serve a particular need in the community?

a. for-profit

b. manufacturing

c. not-for-profit

d. retail

3. External users of financial accounting information include all of the following except

a. employees of a business

b. governmental agencies such as the IRS

c. potential investors

d. lenders such as bankers

4. Which of the following is typically required for entry-level positions in the accounting profession?

a. masters degree

b. bachelors degree

c. Certified Public Accountant (CPA)

d. Certified Management Accountant (CMA)

5. Which of the following skills/attributes is not a primary skill for accountants to possess?

a. verbal communication

b. extensive computer programing background

c. written communication

d. analytical thinking