Multiple choice: 1. Which of the following statements is incorrect? A. Accounting education is the branch of accounting that deals with the teaching of accounting and related subjects in order to produce competent and responsible business professionals. B.. Erroneous financial statements can lead to bad financial decisions. C. Internal users of financial information refer to the entity’s management personnel. D. Tax accounting refers to the branch of accounting that deals with tax computations, filing of tax returns, and tax planning. 2. Transactions and other events are recorded in the periods in which they occur, not when they affect cash. A. Going concern B. Accrual basis C. Reporting period D. Consistency 2. Under this concept, a business is not expected to end its operations in the near term. A. Separate entity concept B. Going concern C. Stable monetary unit D. Materiality
Multiple choice: 1. Which of the following statements is incorrect? A. Accounting education is the branch of accounting that deals with the teaching of accounting and related subjects in order to produce competent and responsible business professionals. B.. Erroneous financial statements can lead to bad financial decisions. C. Internal users of financial information refer to the entity’s management personnel. D. Tax accounting refers to the branch of accounting that deals with tax computations, filing of tax returns, and tax planning. 2. Transactions and other events are recorded in the periods in which they occur, not when they affect cash. A. Going concern B. Accrual basis C. Reporting period D. Consistency 2. Under this concept, a business is not expected to end its operations in the near term. A. Separate entity concept B. Going concern C. Stable monetary unit D. Materiality
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Multiple choice:
1. Which of the following statements is incorrect?
A. Accounting education is the branch of accounting that deals with the teaching of accounting and related subjects in order to produce competent and responsible business professionals.
B.. Erroneous financial statements can lead to bad financial decisions.
C. Internal users of financial information refer to the entity’s management personnel.
D. Tax accounting refers to the branch of accounting that deals with tax computations, filing of tax returns, and tax planning.
2. Transactions and other events are recorded in the periods in which they occur, not when they affect cash.
A. Going concern
B. Accrual basis
C. Reporting period
D. Consistency
2. Under this concept, a business is not expected to end its operations in the near term.
A. Separate entity concept
B. Going concern
C. Stable monetary unit
D. Materiality
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education