Fundamental Accounting Principles Volume 1 17th Edition
by Larson Ch01
Version 1
1
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1)
Accounting is an information system that identifies, measures, records and communicates
relevant information that objectively and correctly represents an organization's economic
activities.
⊚
true
⊚
false
Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-01 Describe the purpose and importance of accounting.
Topic : 01-02 Power of Accounting
Bloom's : Remember
Difficulty : Easy
2)
Accounting information helps people make better decisions about the performance of a
business.
⊚
true
⊚
false
,Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-01 Describe the purpose and importance of accounting.
Topic : 01-02 Power of Accounting
Bloom's : Remember
Difficulty : Easy
3)
The main objective of accounting is to help people to invest in new products and
businesses.
⊚
true
⊚
false
Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-01 Describe the purpose and importance of accounting.
Bloom's : Remember
Difficulty : Easy
Topic : 01-07 External Information Users
DOWNLOAD THE Test Bank for Fundamental Accounting Principles Volume 1
17th Edition Larson
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Fundamental Accounting Principles Volume 1 17th Edition
by Larson Ch01
Version 1
,2
4)
Recordkeeping" is another term for "accounting".
⊚
true
⊚
false
Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-01 Describe the purpose and importance of accounting.
Bloom's : Remember
Difficulty : Easy
Topic : 01-03 Focus of Accounting
5)
A sole proprietorship is a business owned by one or more persons.
⊚
true
⊚
false
Question Details
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : Easy
Learning Objective : 01-02 Describe forms of business organization.
Topic : 01-05 Business Organizations
6)
A partnership requires no special legal requirements to start, other than to register the
business name and obtain a business license.
⊚
true
⊚
, false
Question Details
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : Easy
Learning Objective : 01-02 Describe forms of business organization.
Topic : 01-05 Business Organizations
7)
Ownership of a corporation is divided into units called shares.
⊚
true
⊚
false
DOWNLOAD THE Test Bank for Fundamental Accounting Principles Volume 1
17th Edition Larson
mynursytest.store
Fundamental Accounting Principles Volume 1 17th Edition
by Larson Ch01
Version 1
3
Question Details
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : Easy
Learning Objective : 01-02 Describe forms of business organization.
Topic : 01-05 Business Organizations
by Larson Ch01
Version 1
1
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1)
Accounting is an information system that identifies, measures, records and communicates
relevant information that objectively and correctly represents an organization's economic
activities.
⊚
true
⊚
false
Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-01 Describe the purpose and importance of accounting.
Topic : 01-02 Power of Accounting
Bloom's : Remember
Difficulty : Easy
2)
Accounting information helps people make better decisions about the performance of a
business.
⊚
true
⊚
false
,Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-01 Describe the purpose and importance of accounting.
Topic : 01-02 Power of Accounting
Bloom's : Remember
Difficulty : Easy
3)
The main objective of accounting is to help people to invest in new products and
businesses.
⊚
true
⊚
false
Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-01 Describe the purpose and importance of accounting.
Bloom's : Remember
Difficulty : Easy
Topic : 01-07 External Information Users
DOWNLOAD THE Test Bank for Fundamental Accounting Principles Volume 1
17th Edition Larson
mynursytest.store
Fundamental Accounting Principles Volume 1 17th Edition
by Larson Ch01
Version 1
,2
4)
Recordkeeping" is another term for "accounting".
⊚
true
⊚
false
Question Details
Accessibility : Keyboard Navigation
Learning Objective : 01-01 Describe the purpose and importance of accounting.
Bloom's : Remember
Difficulty : Easy
Topic : 01-03 Focus of Accounting
5)
A sole proprietorship is a business owned by one or more persons.
⊚
true
⊚
false
Question Details
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : Easy
Learning Objective : 01-02 Describe forms of business organization.
Topic : 01-05 Business Organizations
6)
A partnership requires no special legal requirements to start, other than to register the
business name and obtain a business license.
⊚
true
⊚
, false
Question Details
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : Easy
Learning Objective : 01-02 Describe forms of business organization.
Topic : 01-05 Business Organizations
7)
Ownership of a corporation is divided into units called shares.
⊚
true
⊚
false
DOWNLOAD THE Test Bank for Fundamental Accounting Principles Volume 1
17th Edition Larson
mynursytest.store
Fundamental Accounting Principles Volume 1 17th Edition
by Larson Ch01
Version 1
3
Question Details
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : Easy
Learning Objective : 01-02 Describe forms of business organization.
Topic : 01-05 Business Organizations
