Leaming Qbiessive Chl-c echnological Namer Has replaced accounting B) Has act changed the work that accoureants do. C) Has freed E in accounting is only available to large corporstions the need for decision Leaming Qbiective: Chi-cz The primary objective of financial accounting is ing needs of C) To monitor and control company activities D) To provide information on both the costs and beneths of managing products and services To know what, when, and how mach to produce Lsarning Obiestive: Chl-C3 A Certified Publie Accountant Must meet education and experience requirements. A) B) Must pass an examination. C) Must exhibit ethical character Can also be a Certified Management Accountant. D) E) All of the above. Leaming Obiestive: Ch1-C4 Ethical behavior requires: 4. A) That an auditors pay not depend on the figures in the client's reports B) Auditors to invest in businesses they audit. C) Analysts to report information favorable to their companies. D) Managers to use accounting information to benefit themselves All of the above. Lcarning Obiective: Ch1-CS 5. A partnership that is not a limited liability corporation (LLC) A) Is also called a sole proprietorship. Has unlimited liability Cannot be dissolved. B) C) D) Is a legal organization separate from its owners May have one owner. Learning Obiective: Ch1-C6 An example of an investing activity is: 6. A) Paying wages of employees. B) Paying dividends C) Purchasing land for future expansion. D) Selling inventory E) Contribution from owner Chl-Al 7 The excess of expenses over revenues for a period is: A) Net assets. B) Equity C) Net loss D) Net income. B) A liability. Learning Obiective: Chl-A2 8. If the liabilities of a business increased $75,000 during a period of time and the business increased $75,000 the same period, the assets of the business must have A) Decreased $105,000 B) Decreased $45,000. C) Increased $30,000. $45,000