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ACC 303 WEEK 2 QUIZ 1
ACC 303 Week 2 Quiz 1
All Questions Included.
1. Financial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control a company’s operations.
2. Financial statements are the principal means through which a company communicates its financial information to those outside it.
3. Users of financial reports provided by a company use that information to make their capital allocation decisions.
4. An effective process of capital allocation promotes productivity and provides an efficient market for buying and selling securities and obtaining and granting credit.
5. The objective of financial reporting is to provide financial information about the reporting entity that is useful to present and potential equity investors, but not to users who are not investors.
6. Investors are interested in financial reporting because it provides information that is useful for making decisions (decision-usefulness approach).
7. Users of financial accounting statements have both coinciding and conflicting needs for information of various types.
8. The Securities and Exchange Commission appointed the Committee on Accounting Procedure.