671. Which of the given cost is NOT required to prepare Cost of Production Report?
A. Period cost
(B) Material cost
(C) Labor cost
(D) Factory overhead cost
672. In accounting, an Economic event is referred to as:
A: Cash
B: Bank statement
C. Transaction
D: Exchange of money
673. Identify the correct sequence of the accounting process
A: Communicating–Recording–Identifying
B: Recording–Communicating–Identifying
C. Identifying–Communicating–Recording
D: Identifying–Recording–Communicating
674. Bookkeeping mainly concerns which part of the accounting process?
A: Analyzing
B. Recording financial information
C: Preparing financial statements
D: Auditing the books of accounts
675. Financial accounting provides financial information to all of the following external users except:
A: Government agencies
B: Investors
C: Creditors
D. Managers
676. Auditing is what?
A: Reporting the financial information
B. Examination of financial statements
C: Preparation of financial statements
D: Maintaining the ledger records
677. For which step of the accounting process do the accountants of a business entity prepare financial statements?
A: Identification of economic event
B. Communication of financial information
C: Recording financial information
D: Making decisions about business
678. Keeping the log of financial information in books of original entries is called:
A. Recording
B: Summarizing
C: Grouping
D: Processing
679. Which of the following is the external user of financial statements?
A: Manager of the business
B: CEO of the business
C. Creditor of the business
D: Controller of the business
680. Which of the following is the internal user of financial statements?
A: Creditor of the business
B: Government agency
C. Shareholder of the business
D: Manager of the business
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