Acct c-100 Quiz 2 - PREVIEW: Accounting 100 Quiz 2 PAGE 1...

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— P A G E 1 — 1. The purpose of accounting is to provide financial information about an economic or social entity. X True False 2. An accounting system is designed to accumulate and classify data about a firm's financial affairs and summarize it in the general journal. True X False 3. In a sole proprietorship, the owner is responsible for the debts of the business if the firm is unable to pay. X True False 4. The separate entity assumption applies only to the corporate form of business. True X False 5. The SEC uses financial information to determine a company's tax base. True X False 6. An act passed in response to the wave of corporate accounting scandals is Saxon-Ordanly Act X Sarbanes-Oxley Act Sardonic-Oxone Act Sorbine-Oxide Act 7. Managerial accounting is public accounting government accounting X private accounting tax accounting 8. A firm issues periodic reports called X financial statements summaries
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Acct c-100 Quiz 2 - PREVIEW: Accounting 100 Quiz 2 PAGE 1...

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