Acct_200_Chapter_1_Test - ACCOUNTING 201 CHAPTER 1...

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CHAPTER 1 TRUE-FALSE STATEMENTS 1. Investors and creditors of business firms are two groups who need accounting information. 2. Transactions that can be measured in dollars and cents are recorded in the financial accounting information system. 3. The purchase of office equipment is an economic event recorded by the financial accounting information system. 4. Management of a business enterprise is the major external user of information. 5. Accounting communicates financial information about a business enterprise to both internal and external users. 6. External users of financial statements include labor unions, management and regulatory agencies. 7. Financial statements are the major means of communicating accounting information to interested parties. 8. Bookkeeping and accounting are one and the same because the bookkeeping function includes the accounting process. 9. The origins of accounting are attributed to Leonardo DiVinci, a famous mathematician. 10. The study of accounting will be useful only if a student is interested in working for a corporation. Multiple Choice Questions 11. Accountants refer to an economic event as a a. purchase. b
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Acct_200_Chapter_1_Test - ACCOUNTING 201 CHAPTER 1...

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