Question 1 Accounting information users need reports about the economic activiti

Question

Question 1


Accounting information users need reports about the economic activities and condition of businesses.
True
False

10 points
Question 2


Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to the management.
True
False

10 points
Question 3


Some of the major fraudulent acts by senior executives started as what they considered to be small ethical lapses which grew out of control.
True
False

10 points
Question 4


Managerial accounting is primarily concerned with the recording and reporting of economic data and activities of an entity for use by owners, creditors, governmental agencies, and the public.
True
False

10 points
Question 5


The financial statements of a proprietorship should include the owner's personal assets and liabilities.
True
False

10 points
Question 6


Drawings are an example of an expense.
True
False

10 points
Question 7


The double-entry accounting system records each transaction twice.
True
False

10 points
Question 8


The increase side of all accounts is the normal balance.
True
False

10 points
Question 9


The normal balance of an expense account is a credit.
True
False

10 points
Question 10


The process of transferring the data from the journal to the ledger accounts is posting.
True
False

10 points
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Explanation / Answer

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