1. The accounting profession can be divided into three major categories; specifically, the practiceof public accounting, private accounting, and governmental accounting. A somewhat unique and important service of public accountants is: C
a. Financial accounting.b. Managerial accounting.c. Auditing.d. Cost accounting.
2. The primary private sector agency that oversees external financial reporting standards is the: A
3. Which of the following equations properly represents a derivation of the fundamental accounting equation? D
4. Failure to record the receipt of a utility bill for services already received will result in: C
5. The proper journal entry to record Ransom Company’s billing of clients for $500 of services rendered is: C
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