Introduction to Accounting and Business
Authored by Edelyn Donio
Business, Other
University
Used 17+ times
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25 questions
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1.
FILL IN THE BLANKS QUESTION
20 sec • 1 pt
True or False
The main objective of a not-for-profit business is not to make profit.
(a)
2.
FILL IN THE BLANKS QUESTION
20 sec • 1 pt
True or False
A corporation is a business that is legally separate and distinct from its owners.
(a)
3.
FILL IN THE BLANKS QUESTION
20 sec • 1 pt
True or False
The role of accounting is to provide many different users with financial information to make economic decisions.
(a)
4.
FILL IN THE BLANKS QUESTION
20 sec • 1 pt
True or False
An account receivable is typically classified as a revenue.
(a)
5.
FILL IN THE BLANKS QUESTION
20 sec • 1 pt
True or False
The cost concept is the basis for entering the exchange price into the accounting records.
(a)
6.
FILL IN THE BLANKS QUESTION
20 sec • 1 pt
True or False
The cost concept is the basis for entering the exchange price into the accounting records.
(a)
7.
FILL IN THE BLANKS QUESTION
20 sec • 1 pt
True or False
The owner's rights to the assets rank ahead of the creditors' right to the assets.
(a)
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