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TEST BANK for Fundamental Accounting Principles Vol. 1 17th Edition by Kermit D. Larson , John J Wild & Barbara Chiappetta $17.99
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TEST BANK for Fundamental Accounting Principles Vol. 1 17th Edition by Kermit D. Larson , John J Wild & Barbara Chiappetta
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  • Fundamental Accounting Principles Vol 1, 17e
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  • Fundamental Accounting Principles Vol 1, 17e

TEST BANK for Fundamental Accounting Principles Vol. 1 17th Edition by Kermit D. Larson , John J Wild & Barbara Chiappetta

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Document information

  • September 11, 2024
  • 147
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • isbn 978 0072946628
  • accounti
  • test bank for fundamental accounting principles
  • fundamental accounting principles vol 1 17th edit
  • fundamental accounting principles vol 1
  • fundamental accounting principles

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  • Fundamental Accounting Principles Vol 1, 17e
  • Fundamental Accounting Principles Vol 1, 17e

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1|Page




Test Bank For Fundamental Accounting Principles Volume 1 u u u u



17th Edition by Larson u u u u




TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
u u u u u u u u u u u u u u u



1) Accounting is an information system that identifies, measures, records and communicates
u u u u u u u u u u


relevant information that objectively and correctly represents an organization's economic
u u u u u u u u u u



uactivities.

⊚ true
⊚ false

Question Details
u


Accessibility : Keyboard Navigation
u u u


Learning Objective : 01-01 Describe the purpose and importance of
u u u u u u u u u


accounting.Topic : 01-02 Power of Accounting
u u u u u u u


Bloom's : Remember
u u


Difficulty : Easy
u u u




2) Accounting information helps people make better decisions about the performance of a
u u u u u u u u u u u


business.
u




⊚ true
⊚ false

Question Details
u


Accessibility : Keyboard Navigation
u u u


Learning Objective : 01-01 Describe the purpose and importance of
u u u u u u u u u


accounting.Topic : 01-02 Power of Accounting
u u u u u u u


Bloom's : Remember
u u


Difficulty : Easy
u u u




3) The main objective of accounting is to help people to invest in new products and
u u u u u u u u u u u u u u


businesses.
u




⊚ true
⊚ false

Question Details
u


Accessibility : Keyboard Navigation
u u u


Learning Objective : 01-01 Describe the purpose and importance of
u u u u u u u u u


accounting.Bloom's : Remember
u u u u


Difficulty : Easy
u u




Version 1
u 1

,2|Page




Topic : 01-07 External Information Users
u u u u u




Version 1 u 2

,3|Page




4) Recordkeeping" is another term for "accounting". u u u u u




⊚ true
⊚ false

Question Detailsu


Accessibility : Keyboard Navigation
u u u


Learning Objective : 01-01 Describe the purpose and importance of
u u u u u u u u u


accounting.Bloom's : Remember
u u u u


Difficulty : Easy
u u


Topic : 01-03 Focus of Accounting
u u u u u




5) A sole proprietorship is a business owned by one or more persons.
u u u u u u u u u u u




⊚ true
⊚ false

Question Detailsu


Accessibility : Keyboard Navigation
u u u


Bloom's : Remember
u u u


Difficulty : Easy
u u


Learning Objective : 01-02 Describe forms of business
u u u u u u u


organization.Topic : 01-05 Business Organizations
u u u u u u




6) A partnership requires no special legal requirements to start, other than to register the
u u u u u u u u u u u u u


business name and obtain a business license.
u u u u u u u




⊚ true
⊚ false

Question Detailsu


Accessibility : Keyboard Navigation
u u u


Bloom's : Remember
u u u


Difficulty : Easy
u u


Learning Objective : 01-02 Describe forms of business
u u u u u u u


organization.Topic : 01-05 Business Organizations
u u u u u u




7) Ownership of a corporation is divided into units called shares.
u u u u u u u u u




⊚ true
⊚ false



Version 1 u 3

, 4|Page




Question Details
u


Accessibility : Keyboard Navigation
u u u


Bloom's : Remember
u u u


Difficulty : Easy
u u


Learning Objective : 01-02 Describe forms of business
u u u u u u u


organization.Topic : 01-05 Business Organizations
u u u u u u




8) In the partnership form of business, the owners of a business are called shareholders.
u u u u u u u u u u u u u




⊚ true
⊚ false

Question Details
u


Accessibility : Keyboard Navigation
u u u


Bloom's : Remember
u u u


Difficulty : Easy
u u


Learning Objective : 01-02 Describe forms of business
u u u u u u u


organization.Topic : 01-05 Business Organizations
u u u u u u




9) Unlimited liability is an advantage for both a proprietorship and a partnership.
u u u u u u u u u u u




⊚ true
⊚ false

Question Details
u


Accessibility : Keyboard Navigation
u u u


Bloom's : Remember
u u u


Learning Objective : 01-02 Describe forms of business
u u u u u u u


organization.Topic : 01-05 Business Organizations
u u u u u u


Difficulty : Medium
u u




10) Although a proprietorship is not a separate legal entity, a partnership is.
u u u u u u u u u u u




⊚ true
⊚ false




Version 1u 4

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