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Directions: Each of the following statements is true or false. Indicate your choice by writing in the Answers column T for a true answer or F for a false answer. (I point for each correct answer) 1. Section A The purpose of accounting is to provide management information about a business to individuals, agencies, and organizations. 2. The Securities and Exchange Commission (SEC) has the power to require firms to follow generally accepted accounting principles (GAAP). 3. There are only two types of business ownership: partnerships and sole proprietorships. 4. A business that produces a product to sell to retailers is called a merchandising business. 5. 6 A sole proprietorship can have multiple owners. As explained in the text, there are six major steps in the accounting process. Answers

Directions: Each of the following statements is true or false. Indicate your choice by writing in the Answers column T for a true answer or F for a false answer. (I point for each correct answer) 1. Section A The purpose of accounting is to provide management information about a business to individuals, agencies, and organizations. 2. The Securities and Exchange Commission (SEC) has the power to require firms to follow generally accepted accounting principles (GAAP). 3. There are only two types of business ownership: partnerships and sole proprietorships. 4. A business that produces a product to sell to retailers is called a merchandising business. 5. 6 A sole proprietorship can have multiple owners. As explained in the text, there are six major steps in the accounting process. Answers

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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DO s: On 12 References 16-12 === 1 3. AC2760 Week 1Assignment Mailings Review View Help 5. 1 6. Paragraph 1. A H Directions: Each of the following statements is true or false. Indicate your choice by writing in the Answers column T for a true answer or F for a false answer. (I point for each correct answer) The purpose of accounting is to provide management information about a business to individuals, agencies, and organizations. 8. T AaBbCcD. AaBbCcD AaBbCcDcAaBbCcDd AaBbCcL Emphasis 1 Heading 1 Subtitle Section A The Securities and Exchange Commission (SEC) has the power to require firms to follow generally accepted accounting principles (GAAP). 4. A business that produces a product to sell to retailers is called a merchandising business. There are only two types of business ownership: partnerships and sole proprietorships. Accessibility: Good to go 31 0 A sole proprietorship can have multiple owners. As explained in the text, there are six major steps in the accounting process. The drawing account is used to record assets distributed by the business to A business transaction usually requires an exchange between the business and another outside entity. Assets represent something owed to another business entity. 1 Normal Strong W Styles Answers 1111111 Focus 21
Transcribed Image Text:DO s: On 12 References 16-12 === 1 3. AC2760 Week 1Assignment Mailings Review View Help 5. 1 6. Paragraph 1. A H Directions: Each of the following statements is true or false. Indicate your choice by writing in the Answers column T for a true answer or F for a false answer. (I point for each correct answer) The purpose of accounting is to provide management information about a business to individuals, agencies, and organizations. 8. T AaBbCcD. AaBbCcD AaBbCcDcAaBbCcDd AaBbCcL Emphasis 1 Heading 1 Subtitle Section A The Securities and Exchange Commission (SEC) has the power to require firms to follow generally accepted accounting principles (GAAP). 4. A business that produces a product to sell to retailers is called a merchandising business. There are only two types of business ownership: partnerships and sole proprietorships. Accessibility: Good to go 31 0 A sole proprietorship can have multiple owners. As explained in the text, there are six major steps in the accounting process. The drawing account is used to record assets distributed by the business to A business transaction usually requires an exchange between the business and another outside entity. Assets represent something owed to another business entity. 1 Normal Strong W Styles Answers 1111111 Focus 21
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