= True The external user of accounting information is the: = Customer A business ownership capitalization divided into hundreds or thousands of transferable shares of stock and must have at least five owners or investors. = Corporation 4.) Which of the following is not true? (Accounting) = 2nd Creditors information needs involve makingall of the following decisions,except: =d. Whether or not to sell goods and serviceson accountbasis 5.) An Italian mathematician and known as the father of modern accounting who introduced the modern double-entry bookkeeping system in 1494 at Venice in Italy. = Luca Pacioli The period covered by the prepared financial statements: d. Cannot be longer than 12 months. Which of the following is a mechanical aspect of accounting?
b. Reviewing the effectiveness of the internal control procedures 6.) Private accounting, as a sub-discipline of accounting, includes: = Management Accounting [Dobleng Tanong] Public Accounting, as a sub-discipline of accounting, includes: =d. Managerial Advisory services 7.) Accounting deals with quantifiable information. = True [Dobleng Tanong] Sole proprietors are personally liable for all debts and obligations of their businesses. =a. True 8.) Which of the following is not a part of the functions of the accounting system? = Preparing .... It deals with recording, classifying and summarizing the details of materials, labor and overhead necessary to produce and sell product or service. C - Cost Accounting The term book keeping and accountancy can be used interchangeably. b. True 9.) Person who manages all of a firm's accounting activities. = Controller Which financial statement is used to show what the firm owns? d. Balance sheet A business that is owned by one person.
- Winter '08
- Angelo Mauricio
- Accounting, accounting professor, Dobleng Tanong