QUIZ 13 - Missed 1 Question 1 (1 point) Accounting is...

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Question 1 (1 point) Accounting is important to small business because it shows what the business did financially. True False Question 2 (1 point) The accounting equation states that assets equal liabilities plus owner's equity. True False Question 3 (1 point) Depreciation is the regular and systematic increase in income that transfers asset value to expense over time. True False Question 4 (1 point) The income statement is the sum of all profits and losses, less all dividends paid since the beginning of the business. True False Question 5 (1 point) Economy of scale tells us that it is cheaper to make many of an item rather few. True False Question 6 (1 point) Which type of accounting is used by managers for planning, directing and controlling a business? financial tax managerial public Question 7 (1 point) Which type of accounting is used by banks and outside investors? financial tax managerial public Question 8 (1 point)
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This note was uploaded on 06/28/2011 for the course BUS 350 taught by Professor Na during the Spring '11 term at American River.

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QUIZ 13 - Missed 1 Question 1 (1 point) Accounting is...

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