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Principles of Financial Accounting 12th Edition Test Bank

Strengthen your exam preparation with Principles of Financial Accounting 12th Edition Test Bank, featuring expert-reviewed content and sample tests.

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Chapter 1: Accounting Principles and the Financial StatementsStudent: ___________________________________________________________________________1.The processing stage of accounting is accomplished by the recording of data.TrueFalse2.The terms“bookkeeping”and“accounting”arenotsynonymous.TrueFalse3.A company's management information system is a subsystem of its accounting information system.TrueFalse4.Accountants focus on the needs for financial information by both internal and external decision makers.TrueFalse5.Accountants consider money the common unit of measure for all business transactions.TrueFalse6.Payment to a creditor is an example of a nonexchange business transaction.TrueFalse7.For accounting purposes, a business and its owner are considered the same entity.TrueFalse8.Knowledge of the exchange rate is necessary to apply the money measure concept in case of internationaltransactions.TrueFalse

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Principles Of Financial Accounting ...

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