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ACC 557 (Strayer) WK 2 chapter 1 Quiz

TRUE-FALSE STATEMENTS

1. Owner of business firms room the only people who need bookkeeping information.

2. Transactions that can be measure up in dollars and also cents are recorded in the financial info system.

3. The rental of a brand-new company chairman is an financial event videotaped by the financial details system.

4. Administration of a business enterprise is the major external user the information.

5. Audit communicates jae won information around a service enterprise come both internal and external users.

6. Bookkeeping information is supplied only by outside users through a financial interest in a company enterprise.


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7. Gaue won statements room the significant means that communicating accounting information to interested parties.

8. Accounting and bookkeeping are one and the same since the bookkeeping duty includes the bookkeeping process.

9. The origins of accounting are attributed come Luca Pacioli, a famous mathematician.

10. The examine of accounting will be valuable only if a college student is interested in functioning for a profit-oriented service firm.

11. Private accountants room accountants who room not employee of business enterprises.

12. The study of bookkeeping is not helpful for a organization career unless your career objective is to become an accountant.

13. A working expertise of accounting is not appropriate to a lawyer or an architect.

14. Express an opinion as to the same of the details presented in financial statements is a business performed by CPAs.


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15. Accountants count on a an essential business concept—ethical behavior—in reporting financial information.

16. The primary accountancy standard-setting human body in the United says is the International audit Standards Board.

17. The Financial bookkeeping Standards board is a part of the Securities and Exchange Commission.

18. The Securities and also Exchange Commission oversees U.S. Financial industries and bookkeeping standard-setting bodies.

19. The cost and fair worth of one asset room the exact same at the time of acquisition and in all succeeding periods.

20. Also though a cooperation is not a different legal entity, for bookkeeping purposes the cooperation affairs must be retained separate indigenous the an individual activities that the owners.

21. A partnership have to have much more than one owner.

22. The economic entity presumption requires the the tasks of an entity be retained separate and also distinct from the activities of that is owner and all other economic entities.

23. The monetary unit assumption states that transactions that have the right to be measure in terms of money should be tape-recorded in the accounting records.

24. In bespeak to possess future service potential, an legacy must have actually physical substance.

25. Owners" cases to total organization assets take precedence end the cases of creditors since owners invest heritage in the business and are liable for losses.

26. The straightforward accounting equation says that legacy = Liabilities.

27. Accountants record both internal and external transactions.

28. Internal transactions perform not affect the straightforward accounting equation since they are economic events that occur totally within one company.

29. The purchase of store tools for cash reduce stockholders’ same by an same amount.

30. The acquisition of office tools on credit transaction increases complete assets and also total liabilities.

31. The major purpose the the explain of cash flows is to administer information around the cash receipts and cash payment of a agency during a period.

32. Net income for the period is figured out by subtracting complete expenses and also drawings from complete revenues.

33. The income statement is periodically referred to as the declare of operations.

34. A balance paper reports the assets and liabilities that a agency for a specific period of time.

35. The finishing retained earnings balance is report on both the retained revenue statement and the balance sheet.

36. Identify is the process of maintaining a chronological diary of events measured in dollars and also cents.

37. Monitoring consulting includes evaluating the gaue won statements that companies and expressing one opinion regarding the same of your presentation.

38. Accountants carry out not have to worry about issues the ethics.

39. At the moment an asset is acquired, cost and fair value should be the same.

40. The monetary unit assumption requires that all dollar amounts be rounded come the nearest dollar.

41. The an easy accounting equation is in balance once the creditor and ownership claims against the service equal the assets.

42. Exterior transactions involve financial events in between the agency and some other enterprise or party.

43. In the retained earnings statement, profits are noted first, complied with by expenses, and also net income (or net loss).

MULTIPLE choice QUESTIONS

44. Accountants refer to an financial event together a

a. Purchase.

b. Sale.

c. Transaction.

d. Readjust in ownership.

45. The process of recording transactions has become an ext efficient because

a. Fewer occasions can be quantified in jae won terms.

b. Computers are supplied in processing organization events.

c. Much more people have actually been hired to record company transactions.

d. Organization events are recorded just at the end of the year.

46. Communication of economic events is the component of the accounting procedure that involves

a. Identifying financial events.

b. Quantifying transactions into dollars and cents.

c. Preparing bookkeeping reports.

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d. Recording and classifying information.

47. Which of the following events cannot it is in quantified into dollars and also cents and recorded together an accountancy transaction?