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ACCT MISCChapter 1-2 exam Chapter 2—Analyzing Transactions: The Accounting Equation
  • Exam (elaborations)

    ACCT MISCChapter 1-2 exam Chapter 2—Analyzing Transactions: The Accounting Equation

  • 1. A business entity is an individual, association, or organization with control over economic resources and which engages in economic activities. ANS: T PTS: 1 DIF: Difficulty: Easy OBJ: LO: 2-1 NAT: BUSPROG: Communication STA: AICPA BB-Industry TOP: ACBSP: APC-03-Business Forms KEY: Bloom's: Knowledge NOT: 1 min. 2. Liabilities represent an "inside" interest in a business. ANS: F PTS: 1 DIF: Difficulty: Easy OBJ: LO: 2-1 NAT: BUSPROG: Communication STA: AICPA BB-Industry TOP: ACBSP...
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