ACC 410 Critical Assignment(1)
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ACC 410, Advanced Accounting
Name: Kristen Treas Comprehensive Quiz*
Questions 1 - 5 relate to CSO 3.1, 3.2, 3.3
1.
B
A.
$ 16,500 B.
$ 9,000 C.
$ 25,500 D.
$ 7,500 E.
$ 50,000 2.
A
A company should always use the equity method to account for an investment if:
A.
It has the ability to exercise significant influence over the operating policies of the investee.
B.
It owns 30% of another company’s stock. C.
It has a controlling interest (more than 50%) of another company’s stock.
Instructions:
Read each of the following multiple choice questions carefully. Enter the correct answer in the highlighted and underlined cell corresp
question. Use capital letters for your responses (A, B, C, or D). There is only one correct answer to each question. The assignment is open book an
non-collaborative: This assignment must be your own work. The assignment is not timed but it is due by the date indicated in the syllabus.
Note:
DO NOT change the formatting of this spreadsheet. Do not add columns or rows. Simply place your answer in the appropriate cell.
*Critical Assignment: This is the Critical Assignment for the course and must be passed at an acceptable rate in order to pass the course.
Objective 3.1: Identify and Apply GAAP
Objective 3.2: Determine fair value of consideration in acquisition through consolidating entries
Objective 3.3: Calculate goodwill and determine its proper reporting and ongoing analysis for impairment
Gaw Company owns 15% of the common stock of Trace Corporation and used the fair-value method to account for this invest
Trace reported net income of $110,000 for 2013 and paid dividends of $60,000 on October 1, 2013. How much income should
recognize on this investment in 2013?
D.
The investment was made primarily to earn a return on excess cash.
E.
It does not have the ability to exercise significant influence over the operating policies of the investee.
3.
A
A.
$ 950,800 B.
$ 958,000 C.
$ 836,000 D.
$ 990,100 E.
$ 956,400 4.
C
A.
Club should switch to the fair-value method. B.
Club should decrease the balance in the investment account to the current value and recognize a loss on the income statemen
C.
No accounting because the decline in fair value is temporary. D.
Club should not record its share of Chip’s 2013 earnings until the decline in the fair value of the stock has been recovered. E.
Club should decrease the balance in the investment account to the current value and recognize an unrealized loss on the balan
5.
C
A.
$ 6,480 B.
$ 3,240 C.
$ 10,800 D.
$ 16,200 On January 1, 2013, Bangle Company purchased 30% of the voting common stock of Sleat Corp. for $1,000,000. Any excess of
was assigned to goodwill. During 2013, Sleat paid dividends of $24,000 and reported a net loss of $140,000. What is the balan
account on December 31, 2013? Club Co. appropriately uses the equity method to account for its investment in Chip Corp. As of the end of 2013, Chip’s comm
suffered a significant decline in fair value, which is expected to be recovered over the next several months. How should Club a
decline in value? Tower Inc. owns 30% of Yale Co. and applies the equity method. During the current year, Tower bought inventory costing $66
to Yale for $120,000. At year-end, only $24,000 of merchandise was still being held by Yale. What amount of intra-entity inve
deferred by Tower?
E.
$ 6,610 Questions 6 - 10 relate to CSO 3.1, 3.2
6.
C
At the date of an acquisition which is not a bargain purchase, the acquisition method A.
Consolidates the subsidiary’s assets at fair value and the liabilities at book value. B.
Consolidates all subsidiary assets and liabilities at book value. C.
Consolidates all subsidiary assets and liabilities at fair value. D.
Consolidates current assets and liabilities at book value, long-term assets and liabilities at fair value. E.
Consolidates the subsidiary’s assets at book value and the liabilities at fair value. 7.
A
Lisa Co. paid cash for all of the voting common stock of Victoria Corp. Victoria will continue to exist as a separate corporation.
A.
A worksheet
B.
Lisa's general journal
C.
Victoria's general journal
D.
Victoria's secret consolidation journal
E.
The general journal of both companies 8.
E
A.
If the subsidiary is dissolved, it will not be operated as a separate division. B.
If the subsidiary is dissolved, assets and liabilities are consolidated at their book values. C.
If the subsidiary retains its incorporation, there will be no goodwill associated with the acquisition. D.
If the subsidiary retains its incorporation, assets and liabilities are consolidated at their book values. E.
If the subsidiary retains its incorporation, the consolidation is not formally recorded in the accounting records of the acquiring
Objective 3.1: Identify and Apply GAAP
Objective 3.2: Determine fair value of consideration in acquisition through consolidating entries
What is the primary accounting difference between accounting for when the subsidiary is dissolved and when the subsidiary re
incorporation?
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9.
B
Retained Earnings 1/1/15
$ 250,000 $ 240,000 Cash and receivables
$ 170,000 $ 70,000 $ 70,000 Inventory
$ 230,000 $ 170,000 $ 210,000 Land
$ 280,000 $ 220,000 $ 240,000 Buildings (net) $ 480,000 $ 240,000 $ 270,000 Equipment (net)
$ 120,000 $ 90,000 $ 90,000 Liabilities
$ 650,000 $ 430,000 $ 420,000 Common Stock
$ 360,000 $ 80,000 Additional paid-in capital
$ 20,000 $ 40,000 A.
$ 144,000.00 B.
$ 104,000.00 C.
$ 64,000.00 D.
$ 60,000.00 E.
$ - 10.
D
A.
460,000
B.
510,000
C.
500,000
D.
520,000
Bullen Inc. acquired 100% of the voting common stock of Vicker Inc. on January 1, 2013. The book value and fair value of Vick
to creating the combination) follow, along with the book value of Bullen's accounts:
Bullen Book Value
Vicker Book Value
Vicker Fair Value
Assume that Bullen issued 12,000 shares of common stock with a $5 par value and a $47 fair value to obtain all of Vicker's out
acquisition transaction, how much goodwill should be recognized? Refer to the information from Question 9: Assume that Bullen issued 12,000 shares of common stock with a $5 par value and all of the outstanding stock of Vicker. What is the consolidated balance for Land as a result of this acquisition transaction?
E.
490,000
Questions 11 - 15 relate to CSO 3.1, 3.2, 3.3
11.
C
A.
Goodwill
B.
Equipment
C.
Investment in Subsidiary
D.
Common Stock
E.
Additional Paid-In Capital
12.
D
Which one of the following varies between the equity, initial value, and partial equity methods of accounting for an investmen
A.
The amount of consolidated net income
B.
Total assets on the consolidated balance sheet
C.
Total liabilities on the consolidated balance sheet
D.
The balance in the investment account on the parents books
E.
The amount of consolidated cost of goods sold
13.
C
A.
Goodwill, Investment in Tangiers Co., and Retained Earnings
B.
Expenses, Investment in Tangiers Co., and Equity in Subsidiary Earnings
C.
Investment in Tangiers Co., Equity in Subsidiary Earnings, and Retained Earnings
D.
Common Stock, Goodwill, and Investment in Tangiers Co.
Objective 3.1: Identify and Apply GAAP
Objective 3.2: Determine fair value of consideration in acquisition through consolidating entries
Objective 3.3:
Calculate goodwill and determine its proper reporting and ongoing analysis for impairment
Which one of the following accounts would not appear in the consolidated financial statements at the end of the first fiscal pe
combination? Racer Corp. acquired all of the common stock of Tangiers Co. in 2011. Tangiers maintained its incorporation. Which of Racer's
would vary between the equity method and the initial value method?
E.
Expenses, Goodwill, and Investment in Tangiers Co.
14.
D
A.
$400,000 and $900,000 B.
$400,000 and $970,000 C.
$470,000 and $900,000 D.
$470,000 and $970,000 E.
$470,000 and $1,040,000 15.
B
A.
$ 432,000.00 B.
$ - C.
$ 408,000.00 D.
$ 120,000.00 E.
$ 288,000.00 Questions 16 - 20 relate to CSO 3.2, 3.3
Refer to the following information for Questions 16-20 below:
When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of $70,000 and a fair valu
Velway Corp. acquired Joker Inc. on January 1, 2012. The parent paid more than the fair value of the subsidiary's net assets. O
equipment with a book value of $500,000 and a fair value of $640,000. Joker had equipment with a book value of $400,000 an
Joker decided to use push-down accounting. Immediately after the acquisition, what Equipment amount would appear on Jok
on Velway’s consolidated balance sheet, respectively? Cashen Co. paid $2,400,000 to acquire all of the common stock of Janex Corp. on January 1, 2012. Janex's reported earnings f
paid $120,000 in dividends during the year. The amortization of allocations related to the investment was $24,000. Cashen's investment, was $3,180,000, and it paid dividends of $900,000. On the consolidated financial statements for 2012, what amo
Equity in Subsidiary Earnings? Objective 3.2: Determine fair value of consideration in acquisition through consolidating entries
Objective 3.3: Calculate goodwill and determine its proper reporting and ongoing analysis for impairment
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16.
E
What amount should have been reported for the land in a consolidated balance sheet at the acquisition date? A.
$ 52,500 B.
$ 70,000 C.
$ 75,000 D.
$ 92,500 E.
$ 100,000 17.
B
What is the total amount of excess land allocation at the acquisition date? A.
$ - B.
$ 30,000 C.
$ 22,500 D.
$ 25,000 E.
$ 17,500 18.
C
What is the amount of excess land allocation attributed to the controlling interest at the acquisition date?
A.
$ - B.
$ 30,000 C.
$ 22,500 D.
$ 25,000 E.
$ 17,500 19.
D
What is the amount of excess land allocation attributed to the non-controlling interest at the acquisition date? A.
$ - B.
$ 30,000 C.
$ 22,500 D.
$ 7,500 E.
$ 17,500
20.
D
A.
70,000
B.
75,000
C.
85,000
D.
92,500
E.
100,000
Questions 21 - 25 relate to CSO 3.2, 3.3
21.
E
A.
$ 3,600 B.
$ 22,800 C.
$ 30,900 D.
$ 32,900 E.
$ 40,800 22.
D
A.
$ 17,200,000 B.
$ 15,040,000 C.
$ 14,800,000 What amount should have been reported for the land in a consolidated balance sheet, assuming the investment was obtained
purchase method of accounting for new business combinations was discontinued?
Objective 3.2: Determine fair value of consideration in acquisition through consolidating entries
Objective 3.3: Calculate goodwill and determine its proper reporting and ongoing analysis for impairment
On January 1, 2013, Race Corp. acquired 80% of the voting common stock of Gallow Inc. During the year, Race sold to Gallow which cost $330,000. Gallow still owned 15% of the goods at year-end. Gallow's reported net income was $204,000, and Race
$806,000. Race decided to use the equity method to account for this investment. What was the non-controlling interest's sha
net income? Webb Co. acquired 100% of Rand Inc. on January 5, 2013. During 2013, Webb sold goods to Rand for $2,400,000 that cost We
still owned 40% of the goods at the end of the year. Cost of goods sold was $10,800,000 for Webb and $6,400,000 for Rand. W
consolidated cost of goods sold?
D.
$ 15,400,000 E.
$ 14,560,000 23.
E
A.
not recognize a gain on the sale of the land since it was made to a related party.
B.
recognize a gain of $17,600. C.
defer recognition of the gain until Evana sells the land to a third party. D.
recognize a gain of $8,000. E.
recognize a gain of $22,000. 24.
A
A.
When the goods are sold to a third party by Lord. B.
When Lord pays Von for the goods. C.
When Von sold the goods to Lord. D.
When Lord receives goods. E.
No gain can be recognized since the transaction was between related parties. 25.
D
A.
$ 41,100 B.
$ 33,600 C.
$ 21,600 D.
$ 45,600 E. $ 36,600 Justings Co. owned 80% of Evana Corp. During 2013, Justings sold to Evana land with a book value of $48,000. The selling pric
accounting records, Justings should During 2012, Von Co. sold inventory to its wholly-owned subsidiary, Lord Co. The inventory cost $30,000 and was sold to Lord
the perspective of the combination, when is the $14,000 gain realized? Bauerly Co. owned 70% of the voting common stock of Devin Co. During 2012, Devin made frequent sales of inventory to Bau
unrealized gains of $40,000 in the beginning inventory and $25,000 of unrealized gains at the end of the year. Devin reported
$137,000 for 2012. Bauerly decided to use the equity method to account for the investment. What is the non-controlling inte
Devin's net income for 2012?
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Questions 26 -30 relate to CSO 3.2, 3.3
26.
D
A.
The difference is added to the carrying value of the debt. B.
The difference is deducted from the carrying value of the debt. C.
The difference is treated as a loss from the extinguishment of the debt. D.
The difference is treated as a gain from the extinguishment of the debt. E. The difference does not influence the consolidated financial statements. 27.
C
How would consolidated earnings per share be calculated if the subsidiary has no convertible securities or warrants? A.
Parent's earnings per share plus subsidiary's earnings per share. B.
Parent's net income divided by parent's number of shares outstanding. C.
Consolidated net income divided by parent's number of shares outstanding. D.
Average of parent's earnings per share and subsidiary's earnings per share. E. Consolidated income divided by total number of shares outstanding for the parent and subsidiary. 28.
D
A.
$ 234,000 B.
$ 237,000 C.
$ 302,000 D.
$ 312,000 E.
$ 284,000 Objective 3.2: Determine fair value of consideration in acquisition regarding debt transactions
Objective 3.3: Calculate goodwill and determine its proper reporting and ongoing analysis for impairment
On January 1, 2013, Riley Corp. acquired some of the outstanding bonds of one of its subsidiaries. The bonds had a carrying va
Riley paid $401,937 for them. How should you account for the difference between the carrying value and the purchase price i
financial statements for 2013? Rojas Co. owned 7,000 shares (70%) of the outstanding 10%, $100 par preferred stock and 60% of the outstanding common st
When Brett reported net income of $780,000, what was the non-controlling interest in the subsidiary's income?
29.
A
A.
$ 406,000 B.
$ 374,000 C.
$ 378,000 D.
$ 410,000 E. $ 394,000 30.
C
A.
reduction of $27,000. B.
reduction of $4,000. C.
reduction of $19,000. D.
reduction of $30,000. E. reduction of $20,000. Questions 31 - 35 relate to CSO 2.1
Refer to the following information for Questions 31-33 below:
Dec. 1
Spot Rate
$ 1.7241 Campbell Inc. owned all of Gordon Corp. For 2013, Campbell reported net income (without consideration of its investment in while the subsidiary reported $112,000. The subsidiary had bonds payable outstanding on January 1, 2013, with a book value parent acquired the bonds on that date for $281,000. During 2013, Campbell reported interest income of $31,000 while Gord
expense of $29,000. What is consolidated net income for 2013? Vontkins Inc. owned all of Quasimota Co. The subsidiary had bonds payable outstanding on January 1, 2012, with a book value
parent acquired the bonds on that date for $288,000. Subsequently, Vontkins reported interest income of $25,000 in 2012 wh
reported interest expense of $29,000. Consolidated financial statements were prepared for 2013. What adjustment would ha
the retained earnings balance as of January 1, 2013? Objective 2.1: Identify hedge instruments; describe how they mitigate exchange rate risk; apply the accounting rules governing fair value rep
instruments
Norton Co., a U.S. corporation, sold inventory on December 1, 2013, with payment of 10,000 British pounds to be received in s
pertinent exchange rates were as follows:
Dec. 31
Spot Rate
$ 1.8182 Jan. 30
Spot Rate
$ 1.6666 31.
D
For what amount should Sales be credited on December 1? A.
$ 5,500 B.
$ 16,949 C.
$ 18,182 D.
$ 17,241 E. $ 16,667 32.
E
What amount of foreign exchange gain or loss should be recorded on December 31? A.
$300 gain. B.
$300 loss. C.
$0.00 D.
$941 loss.
E. $941 gain. 33.
B
What amount of foreign exchange gain or loss should be recorded on January 30? A.
$1,516 gain. B.
$1,516 loss. C.
$ 575 loss.
D. $ 500 loss. E.
$ 500 gain. 34.
B
Meisner Co. ordered parts costing §100,000 for a foreign supplier on May 12 when the spot rate was $.24 per stickle. A one-m
contract was signed on that date to purchase §100,000 at a forward rate of $.25 per stickle. On June 12, when the parts were
payment was made, the spot rate was $.28 per stickle. At what amount should inventory be reported?
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A.
$ - B.
$ 28,000 C.
$ 24,000 D.
$ 25,000 E. $ 2,000 35.
A
A spot rate may be defined as A.
The price a foreign currency can be purchased or sold today. B.
The price today at which a foreign currency can be purchased or sold in the future. C.
The forecasted future value of a foreign currency. D.
The U.S. dollar value of a foreign currency. E.
The Euro value of a foreign currency. Questions 36 - 40 relate to CSO 2.2
36.
A
What is a company's functional currency? A.
the currency of the primary economic environment in which it operates. B.
the currency of the country where it has its headquarters. C.
the currency in which it prepares its financial statements. D.
the reporting currency of its parent for a subsidiary. E. the currency it chooses to designate as such. 37.
B
Objective 2.2: Translate financial statements using the appropriate exchange rates
According to U.S. GAAP for a local currency perspective, which method is usually required for translating a foreign subsidiary's
into the parent's reporting currency?
A.
the temporal method. B.
the current rate method. C.
the current/noncurrent method. D.
the monetary/nonmonetary method. E. the noncurrent rate method
Refer to the following information for Questions 38-39 below:
Jan. 1
£1 = $1.60 June 30
£1 = $1.64 Dec. 31
£1 = $1.61 Weighted Avg for the Year
£1 = $1.59 38.
C
A.
$ 2,415,000 B.
$ 2,400,000 C.
$ 2,385,000 D.
$ 943,396 E.
$ 931,677 39.
E
A.
$ 173,913 B.
$ 176,100 C.
$ 445,200 Westmore, Ltd. is a British subsidiary of a U.S. company. Westmore's functional currency is the pound sterling (£). The follow
were in effect during 2013:
Westmore reported sales of £1,500,000 during 2013. What amount (rounded) would have been included for this subsidiary in
consolidated sales? On December 31, 2013, Westmore had accounts receivable of £280,000. What amount (rounded) would have been included calculating consolidated accounts receivable?
D.
$ 448,000 E. $ 450,800 Jan 1: Sinkal issued common stock for §1,000,000.
June 30: Sinkal paid dividends of §20,000
Dec. 31: Sinkal reported net income of §80,000 for the year
Exchange rates for 2013 were: Jan. 1
§1 = $.48 June 30
§1 = $.46 Dec. 31
§1 = $.42 Weighted Avg for the Year
§1 = $.44 40.
B
What was the amount of the translation adjustment for 2013? A.
$52,000 decrease in relative value of net assets. B.
$60,800 decrease in relative value of net assets. C.
$61,200 decrease in relative value of net assets. D.
$466,400 increase in relative value of net assets. E.
$26,000 increase in relative value of net assets. Questions 41 - 45 relate to CSO 3.1, 3.2
41.
C
Objective 3.1: Distinguish among alternative legal forms of partnerships and how to account for partner capital contributions
Objective 3.2: Determine fair value of consideration in acquisition regarding debt transactions
Cherryhill and Hace had been partners for several years, and they decided to admit Quincy to the partnership. The accountan
believed that the dissolved partnership and the newly formed partnership were two separate entities. What method would th
used for recording the admission of Quincy to the partnership?
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A.
the bonus method. B.
the equity method. C.
the goodwill method. D.
the proportionate method. E. the cost method. 42.
B
The disadvantages of the partnership form of business organization, compared to corporations, include A.
the legal requirements for formation. B.
unlimited liability for the partners. C.
the requirement for the partnership to pay income taxes. D.
the extent of governmental regulation. E. the complexity of operations. 43.
E
The dissolution of a partnership occurs A.
only when the partnership sells its assets and permanently closes its books. B.
only when a partner leaves the partnership. C.
at the end of each year, when income is allocated to the partners. D.
only when a new partner is admitted to the partnership. E.
when there is any change in the individuals who make up the partnership
Refer to the following information for Questions 44-45 below:
44.
A
What was Wasser's total share of net income for 2012? division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $
and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net inco
A.
$ 63,000 B.
$ 53,000 C.
$ 58,000 D.
$ 29,000 E. $ 51,000 45.
C
What was Nolan's total share of net income for 2012? A.
$ 63,000 B.
$ 53,000 C.
$ 58,000 D.
$ 29,000 E.
$ 51,000
ponding to that nd open note but is tment. d Gaw
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nt. nce sheet. f cost over book value nce in the investment mon stock had account for the 6,000 and then sold it entory profit must be
. Entries for the consolidation of Lisa and Victoria would be recorded in g company. etains its
ker's accounts on that date (prior tstanding stock. In this a $42 fair value for
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nt? eriod of the 's account balances
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ue of $100,000. On that date, Velway had nd a fair value of $470,000. ker's separate balance sheet and for 2012 totaled $432,000, and it net income, not including the ount should have been shown for
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d prior to the date the for $450,000 goods e's net income was are of consolidated ebb $1,800,000. Rand What was
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ce was $70,000. In its d for $44,000. From uerly. There were d net income of erest's share of
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alue of $421,620, and in the consolidated tock of Brett Co.
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Gordon) of $280,000 of $297,000. The don reported interest e of $265,000. The hile Quasimota ave been required for porting of hedge sixty days. The
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month forward e received and
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s financial statements
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wing exchange rates n calculating for this subsidiary in
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nt for the partnership he accountant have
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$10,000 to Wasser, ome was $150,000 in
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Subject :- Accounting
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Which of the following would be part of a financial manager's investment decision? *a. Collecting receivables from customersb. Paying loansc. Allocating funds for permanent current assetsd. Paying dividends to shareholders
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The journal entry to record the amount receivable when a call is made by the company is:
Select one:
a. DR Allotment CR Share capital
b. DR Cash Trust CR Call
c. DR Call CR Share capital
d. DR Share capital CR Call
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Requirement
Referring to the qualitative characteristics of accounting information, indicate the fundamental characteristic (relevance or representationally
faithful) and its related attribute (confirmatory value, completeness, materiality, neutrality, or predictive value) for each of the following uses of
accounting information.
Use of Accounting Information
This year's reported earnings per share is
a. $.50 below analysts' forecasts
Potential creditors review a company's long-
term liabilities footnote to determine that
b. entity's ability to assume additional debt.
A corporation discloses both favorable and
unfavorable tax settlements.
C.
A company discloses the write-off of an
accounts receivable. The receivable due from
a major customer accounts for 35% of the
d. company's current assets.
A financial analyst computes a company's
five-year average cost of goods sold in order
e. to forecast next year's profit margin.
*****
Fundamental Characteristic
Attribute
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aims to identify, record, and communicate information about
business activities. It helps assess opportunities, products,
investments, and social and community responsibilities.
Users of accounting are both internal and external. Some
users and uses of accounting include (a) managers in
controlling, monitoring, and planning; (b) lenders for
measuring the risk and return of loans; (c) shareholders for
assessing the return and risk of stock; and (d) employees for
judging employment opportunities. Opportunities in
accounting include financial, managerial, and tax accounting.
Csuterstack/Fory burrow
OGlow Asia/Saperstock
130s
:00/ 0:58
1x
CC
Knowledge Check 01
Match the term and the definition.
Definition
The recording of transactions and events only, either manually or electronically.
An information and measurement system that identifies, records, and communicates relevant,
reliable, and comparable information about an organization's business activities.
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Question 2
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Hello tutor give correct answer
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Business 123 Introduction to Investments
May I please have the solution of the following objective: Investigate Regulation FD (Fair Disclosure) and how financial statements and other important data about companies are disseminated?
Thank you!
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need help
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IV. Conclusion:
Based on your findings on ratio analysis and interpretation, what conclusion can you make?
V. Recommendations:
- What recommendations can you give to the company with regards to your findings?
- What recommendations can you give to the investor with regards to your findings?
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- Requirement Referring to the qualitative characteristics of accounting information, indicate the fundamental characteristic (relevance or representationally faithful) and its related attribute (confirmatory value, completeness, materiality, neutrality, or predictive value) for each of the following uses of accounting information. Use of Accounting Information This year's reported earnings per share is a. $.50 below analysts' forecasts Potential creditors review a company's long- term liabilities footnote to determine that b. entity's ability to assume additional debt. A corporation discloses both favorable and unfavorable tax settlements. C. A company discloses the write-off of an accounts receivable. The receivable due from a major customer accounts for 35% of the d. company's current assets. A financial analyst computes a company's five-year average cost of goods sold in order e. to forecast next year's profit margin. ***** Fundamental Characteristic Attributearrow_forwardaims to identify, record, and communicate information about business activities. It helps assess opportunities, products, investments, and social and community responsibilities. Users of accounting are both internal and external. Some users and uses of accounting include (a) managers in controlling, monitoring, and planning; (b) lenders for measuring the risk and return of loans; (c) shareholders for assessing the return and risk of stock; and (d) employees for judging employment opportunities. Opportunities in accounting include financial, managerial, and tax accounting. Csuterstack/Fory burrow OGlow Asia/Saperstock 130s :00/ 0:58 1x CC Knowledge Check 01 Match the term and the definition. Definition The recording of transactions and events only, either manually or electronically. An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities.arrow_forwardQuestion 2arrow_forward
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