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Practice Questions MULTIPLE CHOICE ( Unit 1 / CLO 1 - Accounting activities, Users / Uses of Accounting & Ethics ) Which of the following
Practice Questions
MULTIPLE CHOICE Unit CLOAccounting activities, UsersUses of
Accounting & Ethics
Which of the following is not part of the accounting process?
A Recording
B Decision making
C Identifying
D Communicating
Which of the following is a part of the identifying process?
A Select transactions and events
B Keep chronological log of transactions
C Analyzing and interpret
D Prepare reports
The primary objective of financial accounting is to:
A Serve the decisionmaking needs of internal users.
B Provide accounting information that serves external users.
C Monitor and control company activities.
D Provide information on both the costs and benefits of looking after products
and services.
External users of accounting information include all of the following
except:
A Shareholders.
B Customers.
C Purchasing managers.
D Government regulators.
Internal users of accounting information include all of the following except:
A Purchasing managers.
B Executive
C Broker
D Chief Financial Officer CFO
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