1|Page
e e e e e
Test Bank For FundamentalAccountingPrinciplesVolume
e e e e e e
117thEditionbyLarson e e e e e
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
e e e e e e e e e e e e e e e
1) Accounting is an information system that identifies, measures, records ande e e e e e e e e
communicatesrelevant information that objectively and correctly represents an organization's
e e e e e e e e e e
economic activities.
e e
⊚ true
⊚ false
Question Details e
Accessibility : Keyboard Navigation e e e
Learning Objective : 01-01 Describe the purpose and importance
e e e e e e e u
of accounting.Topic : 01-02 Power of Accounting
e e e e e e e
Bloom's : e
RememberDifficulty
e e
: Easy
e e
2) Accounting information helps people make better decisions about the performance of a
u u e e u e u e e e e
business.
e
⊚ true
⊚ false
Question Details e
Accessibility : Keyboard Navigation e e e
Learning Objective : 01-01 Describe the purpose and importance
e e e e e u e e
of accounting.Topic : 01-02 Power of Accounting
e e e e e e e
Bloom's : e
RememberDifficulty
e e
: Easy
e e
3) The main objective of accounting is to help people to invest in new products
e e e e e e e e e e e e e
andbusinesses.
e e
⊚ true
⊚ false
Question Details e
Accessibility : Keyboard Navigation e e e
Learning Objective : 01-01 Describe the purpose and importance
e e e e e e e e
ofaccounting.Bloom's : Remember
e e e e
Difficulty : Easy e e
Version 1 e 1
,2|Page
e e e e e
,3|Page
e e e e e
Topic : 01-07 External Information Users
e e e e e
Version 1 e 2
, 4|Page
e e e e e
4) Recordkeeping" is another term for "accounting". e e e e e
⊚ true
⊚ false
Question Details e
Accessibility : Keyboard Navigation e e e
Learning Objective : 01-01 Describe the purpose and importance
e e e e e e e e
ofaccounting.Bloom's : Remember
e e e e
Difficulty : Easy e e
Topic : 01-03 Focus of Accounting
e e e e e
5) A sole proprietorship is a business owned by one or more persons.
e e e e e e e e e e e
⊚ true
⊚ false
Question Details e
Accessibility : Keyboard Navigation e e u
Bloom's : Remember
e e e
Difficulty : Easy e e
Learning Objective : 01-02 Describe forms of business
e e e eu u u u
organization.Topic : 01-05 Business Organizations
e e e u e
6) A partnership requires no special legal requirements to start, other than to register the
e e u e u u e e e e e e e
business name and obtain a business license.
e e e e e e u
⊚ true
⊚ false
Question Details e
Accessibility : Keyboard e e
NavigationBloom's : Remember
e e e e
Difficulty : Easy e e
Learning Objective : 01-02 Describe forms of
e e e e e e
businessorganization.Topic : 01-05 Business
e e e e e
Organizations
e
7) Ownership of a corporation is divided into units called shares.
e e e e e e e e e
⊚ true
⊚ false
Version 1 e 3
e e e e e
Test Bank For FundamentalAccountingPrinciplesVolume
e e e e e e
117thEditionbyLarson e e e e e
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
e e e e e e e e e e e e e e e
1) Accounting is an information system that identifies, measures, records ande e e e e e e e e
communicatesrelevant information that objectively and correctly represents an organization's
e e e e e e e e e e
economic activities.
e e
⊚ true
⊚ false
Question Details e
Accessibility : Keyboard Navigation e e e
Learning Objective : 01-01 Describe the purpose and importance
e e e e e e e u
of accounting.Topic : 01-02 Power of Accounting
e e e e e e e
Bloom's : e
RememberDifficulty
e e
: Easy
e e
2) Accounting information helps people make better decisions about the performance of a
u u e e u e u e e e e
business.
e
⊚ true
⊚ false
Question Details e
Accessibility : Keyboard Navigation e e e
Learning Objective : 01-01 Describe the purpose and importance
e e e e e u e e
of accounting.Topic : 01-02 Power of Accounting
e e e e e e e
Bloom's : e
RememberDifficulty
e e
: Easy
e e
3) The main objective of accounting is to help people to invest in new products
e e e e e e e e e e e e e
andbusinesses.
e e
⊚ true
⊚ false
Question Details e
Accessibility : Keyboard Navigation e e e
Learning Objective : 01-01 Describe the purpose and importance
e e e e e e e e
ofaccounting.Bloom's : Remember
e e e e
Difficulty : Easy e e
Version 1 e 1
,2|Page
e e e e e
,3|Page
e e e e e
Topic : 01-07 External Information Users
e e e e e
Version 1 e 2
, 4|Page
e e e e e
4) Recordkeeping" is another term for "accounting". e e e e e
⊚ true
⊚ false
Question Details e
Accessibility : Keyboard Navigation e e e
Learning Objective : 01-01 Describe the purpose and importance
e e e e e e e e
ofaccounting.Bloom's : Remember
e e e e
Difficulty : Easy e e
Topic : 01-03 Focus of Accounting
e e e e e
5) A sole proprietorship is a business owned by one or more persons.
e e e e e e e e e e e
⊚ true
⊚ false
Question Details e
Accessibility : Keyboard Navigation e e u
Bloom's : Remember
e e e
Difficulty : Easy e e
Learning Objective : 01-02 Describe forms of business
e e e eu u u u
organization.Topic : 01-05 Business Organizations
e e e u e
6) A partnership requires no special legal requirements to start, other than to register the
e e u e u u e e e e e e e
business name and obtain a business license.
e e e e e e u
⊚ true
⊚ false
Question Details e
Accessibility : Keyboard e e
NavigationBloom's : Remember
e e e e
Difficulty : Easy e e
Learning Objective : 01-02 Describe forms of
e e e e e e
businessorganization.Topic : 01-05 Business
e e e e e
Organizations
e
7) Ownership of a corporation is divided into units called shares.
e e e e e e e e e
⊚ true
⊚ false
Version 1 e 3
