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ACC 557 (Strayer) WK 2 thing 1 Quiz


1. Owner of company firms room the only world who need bookkeeping information.

2. Transactions that can be measure in dollars and cents are recorded in the financial information system.

3. The rental of a new company chairman is an economic event tape-recorded by the financial info system.

4. Administration of a business enterprise is the significant external user that information.

5. Audit communicates jae won information around a company enterprise come both internal and also external users.

6. Accounting information is provided only by outside users v a financial attention in a company enterprise.

7. Financial statements are the significant means that communicating bookkeeping information come interested parties.

8. Accounting and accountancy are one and also the same due to the fact that the bookkeeping duty includes the bookkeeping process.

9. The beginnings of accounting are attributed come Luca Pacioli, a renowned mathematician.

10. The examine of accountancy will be useful only if a college student is interested in functioning for a profit-oriented service firm.

11. Private accountants space accountants who are not employee of organization enterprises.

12. The examine of audit is not valuable for a company career uneven your job objective is to come to be an accountant.

13. A working understanding of accountancy is not appropriate to a lawyer or one architect.

14. Express an opinion as to the same of the information presented in gaue won statements is a organization performed by CPAs.

15. Accountants depend on a fundamental business concept—ethical behavior—in report financial information.

16. The primary accounting standard-setting human body in the United says is the International accountancy Standards Board.

17. The Financial accounting Standards board is a component of the Securities and Exchange Commission.

18. The Securities and Exchange Commission monitor U.S. Financial sectors and accounting standard-setting bodies.

19. The cost and also fair value of one asset are the very same at the time of acquisition and in all subsequent periods.

20. Also though a partnership is not a separate legal entity, for accountancy purposes the cooperation affairs need to be maintained separate indigenous the personal activities the the owners.

21. A partnership have to have an ext than one owner.

22. The financial entity presumption requires that the tasks of an reality be maintained separate and also distinct native the tasks of its owner and also all other financial entities.

23. The financial unit assumption states the transactions that can be measure in terms of money have to be recorded in the accountancy records.

24. In bespeak to own future company potential, an heritage must have actually physical substance.

25. Owners" insurance claims to total service assets take precedence end the cases of creditors due to the fact that owners invest heritage in the business and also are liable for losses.

26. The simple accounting equation states that legacy = Liabilities.

27. Accountants document both internal and also external transactions.

28. Interior transactions execute not influence the an easy accounting equation since they are financial events the occur entirely within one company.

29. The purchase of store tools for cash to reduce stockholders’ equity by an equal amount.

30. The purchase of office devices on credit increases full assets and also total liabilities.

31. The major purpose the the explain of cash operation is to provide information around the cash receipts and cash payment of a firm during a period.

32. Net earnings for the period is determined by subtracting full expenses and also drawings from total revenues.

33. The income statement is sometimes referred to together the statement of operations.

34. A balance sheet reports the assets and liabilities of a firm for a specific period of time.

35. The ending retained income balance is reported on both the retained revenue statement and also the balance sheet.

36. Identify is the process of keeping a chronological diary of events measured in dollars and also cents.

37. Monitoring consulting includes evaluating the gaue won statements of companies and also expressing an opinion regarding the fairness of their presentation.

38. Accountants do not have to worry around issues of ethics.

39. At the moment an heritage is acquired, cost and also fair value should be the same.

40. The financial unit presumption requires that all dollar quantities be rounded to the nearest dollar.

41. The simple accounting equation is in balance as soon as the creditor and ownership claims against the organization equal the assets.

42. External transactions involve financial events between the firm and some various other enterprise or party.

43. In the retained income statement, profits are noted first, followed by expenses, and net earnings (or net loss).


44. Accountants refer to an financial event together a

a. Purchase.

b. Sale.

c. Transaction.

d. Readjust in ownership.

45. The procedure of recording transactions has become more efficient because

a. Fewer events can be quantified in gaue won terms.

b. Computer systems are provided in processing business events.

c. An ext people have been hired to record business transactions.

d. Service events space recorded only at the end of the year.

46. Interaction of economic events is the part of the accounting procedure that involves

a. Identifying economic events.

b. Quantifying transactions into dollars and cents.

c. Preparing accountancy reports.

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d. Recording and classifying information.

47. Which of the following occasions cannot be quantified right into dollars and also cents and also recorded together an bookkeeping transaction?