财务会计题库 The Financial Statements

Financial Accounting, 7e

Harrison/Horngren

Test Item File

Chapter 1: The Financial Statements

1.1-1 Bookkeeping is a type of accounting used primarily by proprietorships.

Answer: False LO: 1-1 Diff: 2 EOC: QC 1

1.1-2 The three forms of business organizations are proprietorships, partnerships, and for-profit organizations.

Answer: False LO: 1-1 Diff: 1 EOC: E1-13

1.1-3 To convince an investor to invest money in a particular company, relevant and reliable accounting

information is required.

Answer: True LO: 1-1 Diff: 1 EOC: E1-14

1.1-4 Limited Liability Companies (LLCs) have members instead of stockholders.

Answer: True LO: 1-1 Diff: 1 EOC: E1-13

1.1-5 All business owners are personally liable for the debts of their businesses.

Answer: False LO: 1-1 Diff: 1 EOC: E1-13

1.1-6 A proprietorship is a distinct and separate entity from the proprietor, from both an accounting and a legal

viewpoint.

Answer: False LO: 1-1 Diff: 2 EOC: E1-13

1.1-7 The two types of accounting are:

A. profit and nonprofit.

B. financial and managerial.

C. internal and external.

D. bookkeeping and decision-oriented.

Answer: B LO: 1-1 Diff: 2 EOC: E1-13

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