1. Accounting in Business.
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Questions and Answers

The majority of accounting opportunities are in public accounting.

False

Certified public accountant (CPA) is a designation for accounting specialists.

True

Ethics are not important in accounting.

False

GAAP aims to make accounting information irrelevant and unreliable.

<p>False</p> Signup and view all the answers

Two main groups establish GAAP.

<p>True</p> Signup and view all the answers

Financial accounting is one of the four broad areas of opportunities in accounting.

<p>True</p> Signup and view all the answers

The majority of accounting opportunities are in government agencies.

<p>False</p> Signup and view all the answers

Certified public accountant (CPA) is a designation for accounting specialists in government agencies.

<p>False</p> Signup and view all the answers

GAAP aims to make accounting information relevant and comparable.

<p>True</p> Signup and view all the answers

Ethics are unimportant in successful organizations.

<p>False</p> Signup and view all the answers

What is the primary focus of financial accounting?

<p>To make accounting information relevant, reliable and comparable</p> Signup and view all the answers

What is the importance of ethical behavior in accounting?

<p>It is important in all successful organizations</p> Signup and view all the answers

What is the purpose of GAAP?

<p>To make accounting information relevant, reliable and comparable</p> Signup and view all the answers

What is the primary area of opportunities in accounting?

<p>Private accounting</p> Signup and view all the answers

What is the designation for accounting specialists in personal financial planning?

<p>PFS</p> Signup and view all the answers

What is the purpose of ethics in accounting?

<p>To distinguish right from wrong</p> Signup and view all the answers

What is the role of the AICPA and IMA in accounting?

<p>To set up ethical codes of conduct</p> Signup and view all the answers

What is the importance of trust in accounting information?

<p>Users must be able to trust accounting information</p> Signup and view all the answers

What is the purpose of certificates in accounting?

<p>To denote the professional standing of accounting specialists</p> Signup and view all the answers

What is the scope of accounting opportunities?

<p>Financial accounting, managerial accounting, taxation, and accounting-related careers</p> Signup and view all the answers

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