FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 1, Problem 2MC
To determine
Identify the correct option for the given statement.
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Which of the following is not a description of a classification of a financial institution?
An entity that accept money from public and use such to financial instruments issued by businesses or government.
An office that collect taxes from registered individuals.
An associations whose members are supposed to have a common bond.
A company that offers a variety of savings and loan products.
When should liabilities for each of the following items berecorded on the books of an ordinary business corporation?(a) Acquisition of goods by purchase on credit.(b) Officers’ salaries.(c) Special bonus to employees.(d) Dividends.(e) Purchase commitments.
If Firm A's business is to obtain savings from individuals and then invest them in financial assets issued by other firms or individuals, Firm A is a financial intermediary.a.Trueb.False
Chapter 1 Solutions
FINANCIAL ACCOUNTING
Ch. 1 - Prob. 1MCCh. 1 - Prob. 2MCCh. 1 - Prob. 3MCCh. 1 - Prob. 4MCCh. 1 - Prob. 5MCCh. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Prob. 5Q
Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10QCh. 1 - Prob. 11QCh. 1 - Prob. 12QCh. 1 - Prob. 13QCh. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - Prob. 19MECh. 1 - Prob. 20MECh. 1 - Prob. 21MECh. 1 - Prob. 24MECh. 1 - Prob. 25MECh. 1 - Prob. 26MECh. 1 - Prob. 27ECh. 1 - Prob. 28ECh. 1 - Prob. 29ECh. 1 - Prob. 30ECh. 1 - Prob. 31ECh. 1 - Prob. 32ECh. 1 - Prob. 33ECh. 1 - Prob. 34ECh. 1 - Prob. 35ECh. 1 - Prob. 36PCh. 1 - Prob. 37PCh. 1 - Prob. 38PCh. 1 - Prob. 39PCh. 1 - Prob. 40PCh. 1 - Prob. 41PCh. 1 - Prob. 42PCh. 1 - Prob. 43PCh. 1 - Prob. 44PCh. 1 - Prob. 45PCh. 1 - Prob. 46CPCh. 1 - Prob. 47CPCh. 1 - Prob. 48CPCh. 1 - Prob. 49CPCh. 1 - Prob. 50CP
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- Which of the following is not one of the five primary responsibilities of the Securities and Exchange Commission (the SEC)? A. inform and protect investors B. regulate securities law C. facilitate capital formation D. assure that dividends are paid by corporationsarrow_forwardWhich of the following are owners of Business? a. Public Deposits Holders b. Holders of Shares c. Holders of Debenture d. Holders of Bondsarrow_forwardWhich of the following is an internal user of a company's financial information? A shareholder in the company B bank lending to the company C union D company treasurerarrow_forward
- Underwriting an issue is the domain of a. the central bank b. the stock exchange c. an investment bank d. a commercial bankarrow_forwardWhich of the following is an internal user of company's financial information? a. company treasurer b. stockholder in the company c. bank lending to the company d. unionarrow_forwardWho makes the financial decisions for a corporation? Select one: a. Financial accountant. b. Corporate finance manager. c. Hedge fund manager. d. Assistant accountant.arrow_forward
- All the following are assets for commericial banks exept: A) loans B)cash C)Deposits D)Investment securitiesarrow_forwardWhat do the following corporations have in common?a. Enron (Energy and utilities)b. Lehman Brothers (Wall Street financial services firm)c. Madoff Investment Securities (Wall Street investment firm)arrow_forwardExplain different types of financial services with examples. What is financial system .explain components. What are the functions of commercial banks? What is finance.explain the roles of financial management. What are the types of financial statements?arrow_forward
- 4. Match the description with its appropriate term. Group choices: a. Chief Financial Officer b. Financial Analyst c. Enrolled Agent d. Chief Executive Officer e. Controller f. Cash Managemnet Accountant Has responsibilities that include transferring monies between accounts and monitoring deposits? The corporation officer who has the overall responsibility of the management of a company? A corporate officer who reports to the chief executive officer and oversees all of the accounting and finance concerns of a company? The financial officer of a corporation reporting to the chief financial officer who is responsible for the accounting records and financial statements? A credential focusing on a career in taxation created by the IRS to signify significant knowledge of the US tax code? Someone who assists in preparing budgets, tracking actual costs and performs other tasks that support other management personnel in organizing forecasts and projections?arrow_forwardWhich of the following users assesses the attractiveness of investing in a business A. Bank B. Employees C. Financial Analysts D. Tax authoritiesarrow_forwardChoose the function and service of a bank in which Bank Purchases and sells securities, shares and debentures on behalf of their customers. a. Miscellaneous Functions of the banks b. Discounting of Bills of Exchange c. Investment of Funds d. Agency Functionsarrow_forward
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