Multiple Choice Questions
1. Which of the following entities would not require accounting information pertaining to their
economic activities?
A. Social clubs.
B. Not-for-profit entities.
C. State governments.
D. All of these require accounting information.
E. None of these requires accounting information.
2. The authoritative financial accounting standards-setting body in the United States is
presently the:
A. Securities and Exchange Commission (SEC).
B. International Accounting Standards Board (IASB).
C. Public Company Accounting Oversights Board (PCAOB).
D. Financial Accounting Standards Boar
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