Exam (elaborations)

TEST BANK for Fundamental Accounting Principles Vol. 1 17th Edition by Kermit D. Larson , John J Wild & Barbara Chiappetta. Questions and Answer keys. A+

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Fundamental Accounting Principles

Institution
Fundamental Accounting Principles

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Fundamental Accounting Principles

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Uploaded on October 31, 2024
Number of pages 172
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

17th edition
test bank for fundamental accounting principles vo
1 17th edition by kermit d larson john j wild
test bank
fundamental accounting principles vol

Institution Fundamental Accounting Principles
Course Fundamental Accounting Principles

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1|Page
e e e e e

Test Bank For FundamentalAccountingPrinciplesVolume
e e e e e e

117thEditionbyLarson e e e e e

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

1) Accounting is an information system that identifies, measures, records ande e e e e e e e e

communicatesrelevant information that objectively and correctly represents an organization's
e e e e e e e e e e

economic activities.
e e

⊚ true
⊚ false

Question Details e

Accessibility : Keyboard Navigation e e e

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

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

Bloom's : e

RememberDifficulty
e e

: Easy
e e

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

business.
e

⊚ true
⊚ false

Question Details e

Accessibility : Keyboard Navigation e e e

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

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

Bloom's : e

RememberDifficulty
e e

: Easy
e e

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

andbusinesses.
e e

⊚ true
⊚ false

Question Details e

Accessibility : Keyboard Navigation e e e

Learning Objective : 01-01 Describe the purpose and importance
e e e e e e e e

ofaccounting.Bloom's : Remember
e e e e

Difficulty : Easy e e

Version 1 e 1

,2|Page
e e e e e

,3|Page
e e e e e

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

Version 1 e 2

, 4|Page
e e e e e

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

⊚ true
⊚ false

Question Details e

Accessibility : Keyboard Navigation e e e

Learning Objective : 01-01 Describe the purpose and importance
e e e e e e e e

ofaccounting.Bloom's : Remember
e e e e

Difficulty : Easy e e

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

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

⊚ true
⊚ false

Question Details e

Accessibility : Keyboard Navigation e e u

Bloom's : Remember
e e e

Difficulty : Easy e e

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

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

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

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

⊚ true
⊚ false

Question Details e

Accessibility : Keyboard e e

NavigationBloom's : Remember
e e e e

Difficulty : Easy e e

Learning Objective : 01-02 Describe forms of
e e e e e e

businessorganization.Topic : 01-05 Business
e e e e e

Organizations
e

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

⊚ true
⊚ false

Version 1 e 3

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Exam (elaborations) ·

Exam (elaborations)

TEST BANK for Fundamental Accounting Principles Vol. 1 17th Edition by Kermit D. Larson , John J Wild & Barbara Chiappetta. Questions and Answer keys. A+

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