chapter1a - Chapter 1a 1 Which of the following is not a...

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Chapter 1a 1. Which of the following is not a step in the accounting process? A. identification. B. verification. C. recording. D. communication. 2. Which of the following statements about users of accounting information is incorrect ? A. Management is an internal user. B. Taxing authorities are external users. C. Present creditors are external users. D. Regulatory authorities are internal users. 3. The cost principle states that: A. assets should be initially recorded at cost and adjusted when the market value changes. B. activities of an entity are to be kept separate and distinct from its owner. C. assets should be recorded at their cost. D. only transaction data capable of being expressed in terms of money be included in the accounting records. 4. Which of the following statements about basic assumptions is correct ? A. Basic assumptions are the same as accounting principles. B. The economic entity assumption states that there should be a particular unit of accountability. C.
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This note was uploaded on 01/27/2010 for the course MGT 011A taught by Professor Hancock,john during the Spring '07 term at UC Davis.

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chapter1a - Chapter 1a 1 Which of the following is not a...

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