Accounting Chapter 1 Review ACTUAL UPDATED QUESTIONS AND CORRECT
ANSWERS
Owners of business firms are the only people who need false
accounting information.
Transactions that can be measured in dollars and cents true
are recorded in the financial information system.
The hiring of a new company president is an economic false
event recorded by the financial information system.
, Management of a business enterprise is the major false
external user of information.
Accounting communicates financial information about a true
business enterprise to both internal and external users.
Accounting information is used only by external users false
with a financial interest in a business enterprise.
Financial statements are the major means of true
communicating accounting information to interested
parties.
Bookkeeping and accounting are one and the same false
because the bookkeeping function includes the
accounting process.
The origins of accounting are attributed to Luca Pacioli, a true
famous mathematician.
The study of accounting will be useful only if a student is false
interested in working for a profit-oriented business firm.
Private accountants are accountants who are not false
employees of business enterprises.
The study of accounting is not useful for a business false
career unless your career objective is to become an
accountant.
A working knowledge of accounting is not relevant to a false
lawyer or an architect.
Expressing an opinion as to the fairness of the true
information presented in financial statements is a service
performed by CPAs.
Accountants rely on a fundamental business concept— true
ethical behavior—in reporting financial information.
The primary accounting standard-setting body in the false
United States is the International Accounting Standards
Board.
The Financial Accounting Standards Board is a part of the false
Securities and Exchange Commission.
The Securities and Exchange Commission oversees U.S. true
financial markets and accounting standard-setting
bodies.
ANSWERS
Owners of business firms are the only people who need false
accounting information.
Transactions that can be measured in dollars and cents true
are recorded in the financial information system.
The hiring of a new company president is an economic false
event recorded by the financial information system.
, Management of a business enterprise is the major false
external user of information.
Accounting communicates financial information about a true
business enterprise to both internal and external users.
Accounting information is used only by external users false
with a financial interest in a business enterprise.
Financial statements are the major means of true
communicating accounting information to interested
parties.
Bookkeeping and accounting are one and the same false
because the bookkeeping function includes the
accounting process.
The origins of accounting are attributed to Luca Pacioli, a true
famous mathematician.
The study of accounting will be useful only if a student is false
interested in working for a profit-oriented business firm.
Private accountants are accountants who are not false
employees of business enterprises.
The study of accounting is not useful for a business false
career unless your career objective is to become an
accountant.
A working knowledge of accounting is not relevant to a false
lawyer or an architect.
Expressing an opinion as to the fairness of the true
information presented in financial statements is a service
performed by CPAs.
Accountants rely on a fundamental business concept— true
ethical behavior—in reporting financial information.
The primary accounting standard-setting body in the false
United States is the International Accounting Standards
Board.
The Financial Accounting Standards Board is a part of the false
Securities and Exchange Commission.
The Securities and Exchange Commission oversees U.S. true
financial markets and accounting standard-setting
bodies.
