The primary users of management accounting information are
8) The primary users of management accounting information are _____.
B. internal decision makers
C. governmental regulatory authorities
9) _____ is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies.
A. Financial accounting
B. Management accounting
C. Tax accounting
10) The _____ is also called the statement of financial position.
A. balance sheet
B. income statement
C. statement of retained earnings
D. statement of cash flows
11) Any event that affects the financial position of an organization and requires recording is called a(n)_____.
D. accounting change
12) _____ would not appear on the financial statements for a sole proprietorship.
A. Cost of Goods Sold
B. Paid-in Capital
C. Accumulated Depreciation
D. Unearned Sales Revenues
13) The accounting convention of _____ guides the relative sophistication of the accounting system.
A. cost benefit
14) Mr. Bryant invested $50,000 cash in a new corporation. The new corporation will record this transaction with a debit to_____.
A. Cash and a credit to Retained Income for $50,000
B. Cash and a credit to Paid-in Capital for $50,000
C. Retained Earnings and a credit to Cash for $50,000
D. Paid-in Capital and a credit to Retained Earnings for $50,000
15) The accounting convention of _____ means selecting the method of measurement that yields the gloomiest immediate results.
C. cost benefit
16) The statement of cash flows is used for all of the following except_____.
A. determining a company’s ability to pay its debts when they are due
B. evaluating the creditworthiness of the organization
C. showing the relationship of net income to changes in cash
D. revealing commitments that may restrict future courses of action
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