The main objective of financial audit is to:a) Serve the decision-making needs of internal customers. b) Provide bookkeeping indevelopment that serves external customers. c) Monitor and regulate firm activities. d) Provide indevelopment on both the costs and also benefits of looking after products and also solutions. e) Kcurrently what, as soon as, and exactly how much product to create.

You are watching: External users of accounting information include all of the following except:


The location of audit aimed at serving the decision making needs of internal users is: a) Financial audit. b) Managerial accounting. c) External auditing. d) SEC reporting. e) Bookkeeping.
External individuals of bookkeeping information encompass all of the complying with except: a) Shareholders. b) Customers. c) Purchasing managers. d) Government regulators. e) Creditors.
The independent group that is attempting to harmonize accountancy techniques of different nations is the: a) AICPA. b) IASB. c) CAP. d) SEC. e) FASB.
The audit idea that requires eincredibly company to be accounted for separately from other organization entities, including its owner or owners is recognized as the: a) Time-period assumption. b) Company entity assumption. c) Going-worry assumption. d) Revenue acknowledgment principle. e) Cost principle.
The preeminence that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence mirrors that it will not proceed, is the: a) Going-worry presumption. b) Firm entity presumption. c) Objectivity principle. d) Cost Principle. e) Monetary unit presumption.
The dominion that (1) needs revenue to be known at the time it is earned, (2) permits the incirculation of assets associated with revenue to be in a kind various other than cash, and also (3) procedures the amount of revenue as the cash plus the cash identical value of any noncash assets obtained from customers in exreadjust for items or services, is dubbed the: a) Going-issue presumption. b) Cost principle. c) Revenue acknowledgment principle. d) Objectivity principle. e) Firm entity presumption.
If a firm receives $12,000 from the owner to establish a proprietorship, the result on the audit equation would be: a) Assets decrease $12,000 and also equity decreases $12,000. b) Assets rise $12,000 and liabilities decrease $12,000. c) Assets boost $12,000 and liabilities increase $12,000. d) Liabilities increase $12,000 and also equity decreases $12,000. e) Assets increase $12,000 and equity increases $12,000.

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On May 31 of the present year, the assets and also liabilities of Riser, Inc. are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner"s equity as of May 31 of the existing year? a) $8,300 b) $13,050 c) $20,500 d) $31,100 e) $40,400
Speedy has net earnings of $18,955, and also assets at the start of the year of $200,000. Assets at the end of the year full $246,000. Compute its rerevolve on assets. a) 7.7%. b) 8.5%. c) 9.5%. d) 11.8%. e) 13.0%.
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