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Home / Questions / The intentional preparation of misleading financial statements, known as fraudulent financ

The intentional preparation of misleading financial statements, known as fraudulent financ

The intentional preparation of misleading financial statements, known as fraudulent financial reporting, can result from all of the following except

 

a.

the manipulation of inventory records.

b.

recording a revenue that has been earned but not yet received.

c.

the misapplication of accounting principles.

d.

fictitious sales or orders.

 

 

 

91.All of the following statements are true about the Sarbanes-Oxley Act except

 

a.

its primary goal is to regulate financial reporting and the accounting profession.

b.

it shields chief executives from criminal penalties.

c.

it orders the SEC to draw up certain rules.

d.

it applies to publicly traded companies.

 

 

 

92.The purchase of land is an example of a(n)

 

a.

operating activity.

b.

investing activity.

c.

financing activity.

d.

capital activity.

 

 

 

93.The correct order of the three stages of accounting is

 

a.

measurement, communication, and processing.

b.

measurement, processing, and communication.

c.

processing, measurement, and communication.

d.

communication, processing, and measurement.

 

 

 

 

 

 

94.Which of the following is an example of an operating activity?

 

a.

Selling land

b.

Purchasing equipment

c.

Selling goods and services to customers

d.

Obtaining capital from stockholders

 

 

 

95.Which of the following is an example of an investing activity?

 

a.

Producing goods and services

b.

Obtaining a bank loan

c.

Purchasing a building

d.

Paying taxes to the government

 

 

 

96.Which of the following is an example of a financing activity?

 

a.

Employing workers

b.

Purchasing land

c.

Selling equipment

d.

Paying off a loan

 

 

 

97.The communication stage of accounting is accomplished by

 

a.

recording data.

b.

processing data.

c.

reporting to decision makers.

d.

storing data.

 

 

 

98.Which of the following is the most appropriate and modern definition of accounting?

 

a.

The measurement, processing, and communication of financial information about an identifiable economic entity

b.

A means of recording transactions and keeping records

c.

The electronic collection, organization, and communication of vast amounts of information

d.

The interconnected network of subsystems necessary to operate a business

 

 

 

 

99.The measurement stage of accounting is accomplished by

 

a.

processing data.

b.

storing data.

c.

reporting to decision makers.

d.

recording data.

Dec 10 2019 View more View Less

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