Ch01QuizSol - Quiz #1 - Chapter 1 - Solution Please choose...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Quiz #1 - Chapter 1 - Solution Please choose the BEST answer for each question. 1. Accounting provides information to help in making decisions about organizations. Which of the following statements concerning accounting information is FALSE? It helps decision makers determine a. where they are b. where they should be c. where they have been d. where they are going 2. The primary purpose of accounting is to a. audit the financial information of businesses b. certify the accuracy of records c. facilitate decision making by the stakeholders d. provide for internal control over financial transactions 3. You are inspecting the profit statement of a company. It reports profit of $6,000. From this information, you can conclude that a. the owners have a rather small investment in the firm b. the company is a merchandising firm c. there have been financing and investing activities during the period but no operating activities d. the value of resources received from sales exceeds the value of resources consumed
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/30/2010 for the course ACC 310F taught by Professor Verduzco during the Spring '07 term at University of Texas.

Page1 / 2

Ch01QuizSol - Quiz #1 - Chapter 1 - Solution Please choose...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online