TRUE OR FALSE The only users of financial information are the owners of a business
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TRUE OR FALSE
The only users of financial information are the owners of a business
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- 1. Accounting deals with quantifiable information. Select one: a. True b. False 2. Choose the correct statement Select one: a. Accounting is concerned with monetary transactions. b. Keeping systematic recording of business transaction is not the function of financial accounting. c. Business and Businessman are one and the same from accounting point of view. d. Accounting is concerned with past as well as future events.Which of the following is not an external user of a business’s financial information? a. Taxing authorities b. Customers c. Employees d. InvestorsMCQS The amount of owners' equity in a business is not affected by: The percentage of total assets held in cash. The investments made in the business by the owner. The profitability of the business. The amount of dividends paid to stockholders MCQS A trial balance that balances provides proof that all transactions were correctly journalized and posted to the ledger. True False
- True or false: An owner of a small business usually knows if the business is receiving the assets and services the company paid for.Do not copy Which of the following is not an external user of a business’s financial information? Taxing authorities Customers Employees InvestorsDo not copy from bartleby Which of the following is not an external user of a business’s financial information? Taxing authorities Customers Employees Investors
- Which of the following is not an external user of a business’s financial information? Taxing authorities Customers Employees InvestorsWhich one of the following is not a nominal account?A. purchases accountB. sales accountC. salaries accountD. cash account Which one of the following is a characteristic of a valid business transaction? A. It is an event measurable in terms of money B. It affects the financial position of the business C. It should be supported by a source document D. All of the aboveTransactions can never affect only assets or only liabilities. * A. True B. False Owner’s investments in a business increase revenues. * A. True B. False
- A) The computer is the only tool needed in monitoring a business's financial condition. True or False B) Retained earnings are the same as cash. True or false C) The income statement shows the financial condition of a business over a period of time. True or falseThe practice of accounting provides investors and lenders with the quantitative information they rely on to make business decisions. O True FalseCertain assumptions are essential to prepare financial statements. Select one: a. True b. False Accounting in modern age is regarded as? Select one: a. All of the correct answer b. The language of business c. The source of business information d. The art of recording, classifying, and summarizing the business transactions in monetary units Accounting is the language of business. Select one: a. True b. False