Acc 557 Wk 2 Chapter 1 Quiz - All Possible Questions

ACC 557 WK 2 Chapter 1 Quiz - All Possible Questions

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ACC 557 WK 2 Chapter 1 Quiz - All Possible Questions

TRUE-FALSE STATEMENTS

    1.     Owners of business firms are the only people who need accounting information.

    2.     Transactions that can be measured in dollars and cents are recorded in the financial information system.

    3.     The hiring of a new company president is an economic event recorded by the financial information system.

    4.     Management of a business enterprise is the major external user of information.

    5.     Accounting communicates financial information about a business enterprise to both internal and external users.

    6.     Accounting information is used only by external users with a financial interest in a business enterprise.

    7.     Financial statements are the major means of communicating accounting information to interested parties.

    8.     Bookkeeping and accounting are one and the same because the bookkeeping function includes the accounting process.

    9.     The origins of accounting are attributed to Luca Pacioli, a famous mathematician.

  10.     The study of accounting will be useful only if a student is interested in working for a profit-oriented business firm.

  11.     Private accountants are accountants who are not employees of business enterprises.

  12.     The study of accounting is not useful for a business career unless your career objective is to become an accountant.

  13.     A working knowledge of accounting is not relevant to a lawyer or an architect.

  14.     Expressing an opinion as to the fairness of the information presented in financial statements is a service performed by CPAs.

  15.     Accountants rely on a fundamental business concept—ethical behavior—in reporting financial...