Test Bank for Financial Accounting, 11th Global Edition by Harrison, Horngren
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Course
ACCT
Institution
Nottingham Trent University (NTU)
Test Bank for Financial Accounting Global Edition, 11th Edition by Walter T. Harrison, Charles T. Horngren
ISBN-13: 978-1-292-21114-5
Full chapters test bank PDF
1. Conceptual Framework and Financial Statements
2. Recording Business Transactions
3. Accrual Accounting
4. Presentati...
Test Bank for Financial Accounting: IFRS, 11e, GE
Harrison/Horngren/Thomas/Tietz/Suwardy
Test Item File
Chapter 1: Conceptual Framework and Financial Statements
1.1-1 Bookkeeping is a type of accounting used primarily by proprietorships.
1.1-3 The major forms of business organizations are proprietorships, partnerships, and for-profit organizations.
Answer: False
LO: 1-1
Difficulty: 2
AACSB: Analytical skills
AICPA Functional Competencies: Measurement
AICPA Business Perspective Competencies: Industry Sector
1.1-4 Limited Liability Partnerships (LLPs) have at least one general partner with unlimited liability for all
partnership debts.
Answer: True
LO: 1-1
Difficulty: 1
AACSB: Analytical Skills
AICPA Functional Competencies: Measurement
AICPA Business Perspective Competencies: Industry Sector, Legal/Regulatory
1.1-5 In an LLP, each partner is liable for partnership debts only to the extent of their investment in the
partnership plus their share of the liabilities.
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