Accounting Multiple Choice Questions and Answers
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Chapter 1 Accounting: The Language of Business True False 1. Accounting does not provide information that is useful in making decisions that have economic consequences. a. True b. False L.O.: 1 Type: Moderate Solution: b 2. Because officials in federal, state, and local governments are not in the business of making a profit, they do not need an understanding of accounting. a. True b. False L.O.: 1 Type: Moderate Solution: b 3. Financial accounting serves external decision makers, su...
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Chapter 1 Accounting: The Language of Business True False 1. Accounting does not provide information that is useful in making decisions that have economic consequences. a. True b. False L.O.: 1 Type: Moderate Solution: b 2. Because officials in federal, state, and local governments are not in the business of making a profit, they do not need an understanding of accounting. a. True b. False L.O.: 1 Type: Moderate Solution: b 3. Financial accounting serves external decision makers, su...