WGU C213 Topics 1-6 Quizzes 2022 (91% of Exam Competencies) The emphasis in financial accounting is on which of the following external user groups? - ANSWER Investors and creditors The primary internal group that uses accounting information is? - ANSWER Management Internal reports are generally used by? - ANSWER Management 1 / 4
Which of the following is NOT an external user of financial information? - ANSWER Management Which of the following is NOT true of the Financial Accounting Standards Board (FASB)? - ANSWER It is a government agency Generally accepted accounting principles are? - ANSWER Developed by accounting rule makers The initials GAAP stand for? - ANSWER Generally Accepted Accounting Principles 2 / 4
The current standard-setting board for accounting in the private sector is the? - ANSWER Financial Accounting Standards Board
(FASB)
Which of the following is the government agency that stipulates the rules and regulations that govern the collection of taxes in the United States? - ANSWER Internal Revenue Service The organization that develops worldwide accounting standards is the? - ANSWER International Accounting Standards Board
(IASB) 3 / 4
Standards established by the International Accounting Standards Board are referred to as? - ANSWER International Financial Accounting Standards Which of the following is NOT a service typically provided by large public accounting firms? - ANSWER Making management decisions Which of the following organizations has specific legal authority to establish accounting standards for publicly held companies? - ANSWER Securities and Exchange Commission (SEC) Which of the following is NOT a reason for the integration of worldwide accounting standards? - ANSWER The theoretical necessity of a common set of accounting standards
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