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Examen

COMM 203 Exam 2

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COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2COMM 203 Exam 2

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Accounting Ch. 1-4 Test Bank

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T or F,

Owners of business firms are the only people who need accounting information - (correct Answer) - F

T or F

Transactions that can be measured in dollars and cents are recorded in the financial information system -
(correct Answer) - T

T or F

The hiring of a new company president is an economic event recorded by the financial information system -
(correct Answer) - F

T or F

Management of a business enterprise is the major external user of information - (correct Answer) - F

T or F

Accounting communicates financial information about a business enterprise to both internal and external users
- (correct Answer) - T

T or F

Accounting information is used only by external users with a financial interest in a business enterprise - (correct
Answer) - F

T or F

Financial statements are the major means of communicating accounting information to interested parties -
(correct Answer) - T

T or F

Bookkeeping and accounting are one and the same because the bookkeeping function includes the accounting
process - (correct Answer) - F

,T or F

The origins of accounting are attributed to Luca Pacioli, a famous mathematician - (correct Answer) - T

T or F

The State Administration of Taxation in the People's Republic of China is an example of an internal user of
accounting informa - (correct Answer) - F

T or F

The German Confederation of Trade Union is an example of an external user of accounting information -
(correct Answer) - T

T or F

Accountants rely on a fundamental business concept - ethical behaviour - in reporting financial information -
(correct Answer) - T

T or F

The process of reducing the differences between GAAP and IFRS is known as convergence - (correct Answer) - T

T or F

Even though a partnership is not a separate legal entity, for accounting purposes the partnership affairs should
be kept separate from the personal activities of the owner - (correct Answer) - T

T or F

The economic entity assumption requires that the activities of an entity be kept separate and distinct from the
activities of its owner and all other economic entities - (correct Answer) - T

T or F

The monetary unit assumption states that transactions that can be measured in terms of money should be
recorded in the accounting records - (correct Answer) - T

T or F

In order to possess future service potential, an asset must have physical substance - (correct Answer) - F

T or F

Owners' claims to total business assets take precedence over the claims of credits because owners invest
assets in the business and are liable for losses. - (correct Answer) - F

T or F

The basic accounting equation states that Assets = Liabilities - (correct Answer) - F

, T or F

Share capital is the total amount paid in by shareholders for shares purchased - (correct Answer) - T

T or F

The principal source of equity is amounts paid in by shareholders - (correct Answer) - F

T or F

Expenses are increases in equity that result from operating the business - (correct Answer) - F

T or F

The two components of equity are retained earnings and share capital - (correct Answer) - T

T or F

The purchase of an asset on account increases assets and decreases equity - (correct Answer) - F

T or F

Providing services for cash increases assets and equity - (correct Answer) - T

T or F

Accountants record both internal and external transactions - (correct Answer) - T

T or F

Internal transactions do not affect the basic accounting equations because they are economic events that occur
entirely within one company - (correct Answer) - F

T or F

The purchase of store equipment for cash reduces the equity by an equal amount - (correct Answer) - F

T or F

The purchase of office equipment on credit increases total assets and total liabilities - (correct Answer) - T

T or F

The primary purpose of the statement of cash flows is to provide information about the cash receipts and cash
payments of a company during a period - (correct Answer) - T

T or F

Net income for the period is determined by subtracting total expenses and dividends from total revenues -
(correct Answer) - F

T or F

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