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Accounting with tables and multiple choice questions.pdf
Accounting_with_tables_and_multiple_choice_questions.pdf
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CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
CHAPTER 1 ACCOUNTING IN ACTION SU...
CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
Accounting in Action
1 - 3
SUMMARY OF STUDY OBJECTIVES BY QUESTION TYPE
Study Objective 7
27.
TF
108.
MC
113.
MC
118.
MC
162.
MC
187.
Ex
192.
Ex
28.
TF
109.
MC
114.
MC
119.
MC
170.
BE
188.
Ex
193.
Ex
29.
TF
110.
MC
115.
MC
120.
MC
184.
Ex
189.
Ex
30.
TF
111.
MC
116.
MC
121.
MC
185.
Ex
190.
Ex
39.
TF
112.
MC
117.
MC
161.
MC
186.
Ex
191.
Ex
Study Objective 8
31.
TF
126.
MC
133.
MC
140.
MC
147.
MC
172.
BE
198.
Ex
32.
TF
127.
MC
134.
MC
141.
MC
148.
MC
173.
BE
199.
Ex
40.
TF
128.
MC
135.
MC
142.
MC
149.
MC
174.
BE
200.
Ex
122.
MC
129.
MC
136.
MC
143.
MC
150.
MC
194.
Ex
201.
Ex
123.
MC
130.
MC
137.
MC
144.
MC
151.
MC
195.
Ex
211.
C
124.
MC
131.
MC
138.
MC
145.
MC
163.
MC
196.
Ex
125.
MC
132.
MC
139.
MC
146.
MC
171.
BE
197.
Ex
Study Objective 9
a
55.
MC
a
56.
MC
a
57.
MC
a
58.
MC
Note: TF = True-False
BE = Brief Exercise
C = Completion
MC = Multiple Choice
Ex = Exercise
The chapter also contains one set of ten Matching questions and six Short-Answer Essay
questions.
CHAPTER STUDY OBJECTIVES
1.
Explain what accounting is.
Accounting is an information system that identifies, records,
and communicates the economic events of an organization to interested users.
2.
Identify the users and uses of accounting.
The major users and uses of accounting are:
(a) Management uses accounting information in planning, controlling, and evaluating
business operations. (b) Investors (owners) decide whether to buy, hold, or sell their financial
interests on the basis of accounting data. (c) Creditors (suppliers and bankers) evaluate the
risks of granting credit or lending money on the basis of accounting information. Other groups
that use accounting information are taxing authorities, regulatory agencies, customers, labor
unions, and economic planners.
3.
Understand why ethics is a fundamental business concept.
Ethics are the standards of
conduct by which actions are judged as right or wrong. If you cannot depend on the honesty
of the individuals you deal with, effective communication and economic activity would be
impossible, and information would have no credibility.
4.
Explain generally accepted accounting principles and the cost principle.
Generally
accepted accounting principles are a common set of standards used by accountants. The
cost principle states that companies should record assets at their cost.
5.
Explain the monetary unit assumption and the economic entity assumption.
The
monetary unit assumption requires that companies include in the accounting records only
transaction data that can be expressed in terms of money. The economic entity assumption
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