CHAPTER 1MULTIPLE CHOICE QUESTIONS
41.Accountants refer to an economic event as a
42.The process of recording transactions has become more efficient because
b.computers are used in processing business events.
43.Communication of economic events is the part of the accounting process thatinvolves
c.preparing accounting reports.
44.Which of the following events cannot be quantified into dollars and cents andrecorded as an accounting transaction?
a.The appointment of a new CPA firm to perform an audit.
45.The use of computers in recording business events
a.has made the recording process more efficient.
46.The accounting process involves all of the following except
c.recording nonquantifiable economic events.
47.The accounting process is correctly sequenced as
c.identification, recording, communication.
48.Which of the following techniques are not used by accountants to interpret and reportfinancial information?
b.Special memos for each class of external users
49.Which of the following would not be considered an internal user of accounting data for the XYZ Company?
d.President of the employees' labor union
50.Which of the following would not be considered an external user of accounting datafor the XYZ Company?
51.Which of the following would not be considered internal users of accounting data for acompany?
c.Creditors of a company
52.Which of the following is an other external user of accounting information?
53.Which one of the following is an external user with a financial interest?
54.Bookkeeping differs from accounting in that bookkeeping primarily involves which partof the accounting process?
55.All of the following are services offered by public accountants except
56.Which list below best describes the major services performed by public accountants?
c.Auditing, taxation, management consulting