Learning Objective: 01-03 Identify users and uses of, and opportunities in, accounting.
Topic: 01-07 External Information Users
15. Internal users include creditors, shareholders, internal auditors and managers.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-03 Identify users and uses of, and opportunities in, accounting.
Topic: 01-08 Internal Information Users
16. Managerial accounting provides special-purpose reports customized to meet the information needs of internal users.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-03 Identify users and uses of, and opportunities in, accounting.
Topic: 01-08 Internal Information Users
17. Internal operating functions include research and development, distribution, and human resources.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-03 Identify users and uses of, and opportunities in, accounting.
Topic: 01-08 Internal Information Users
18. Internal controls include procedures to protect assets and prevent fraud.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-03 Identify users and uses of, and opportunities in, accounting.
Topic: 01-08 Internal Information Users
19. Career opportunities in accounting include auditing, forensic accounting, and tax planning.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-03 Identify users and uses of, and opportunities in, accounting.
Topic: 01-09 Accounting Opportunities
20. Budgeting is the process of developing formal plans for an organization's future activities.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-03 Identify users and uses of, and opportunities in, accounting.
Topic: 01-11 Managerial Accounting
21. At the request of the Board of Directors, internal auditors perform the audit function to protect shareholder interests.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-03 Identify users and uses of, and opportunities in, accounting.
Topic: 01-10 Financial Accounting
22. The purpose of an audit is to add credibility to the financial statements.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-03 Identify users and uses of, and opportunities in, accounting.
Topic: 01-10 Financial Accounting
23. Private accountants work for several employers.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-03 Identify users and uses of, and opportunities in, accounting.
Topic: 01-09 Accounting Opportunities
24. In Canada, Chartered Professional Accountants of Canada is the national organization that has been established to train and monitor its highly qualified professionals.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-03 Identify users and uses of, and opportunities in, accounting.
Topic: 01-13 Professional Certification
25. Internal auditors perform the audit at the request of the board of directors to protect investor interests.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-03 Identify users and uses of, and opportunities in, accounting.
Topic: 01-10 Financial Accounting
26. The preferred ethical path is to take a course of action that avoids casting doubt on one's decisions.
TRUE
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-04 Identify and explain why ethics and social responsibility are crucial to accounting.
Topic: 01-15 Understanding Ethics
27. Ethics and laws often differ.
FALSE
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-04 Identify and explain why ethics and social responsibility are crucial to accounting.