A creditor is any person who has an ownership interest in a business. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Different users of accounting information focus on the information they need to make the best choices. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Any person or business to whom a business owes money is called the business’s creditor. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The primary objective of financial reporting is to provide information useful for making investment and lending decisions. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Managerial accounting provides information to ________. A) internal decision makers B) outside investors and lenders C) creditors D) taxing authorities ANSWER A
Date: September 2nd, 2020
Critical thinking and judgment skills are not necessary for accountants because technology has made the activities routine. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
The field of accounting that focuses on providing information for internal decision makers is ________. A) managerial accounting B) financial accounting C) nonmonetary accounting D) governmental accounting ANSWER A
Date: September 2nd, 2020
Accounting starts with economic activities that accountants review and evaluate using critical thinking and judgment to create useful information that helps individuals make good decisions. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Which of the following users would rely on managerial accounting information for decision-making purposes? A) potential investors B) creditors C) customers D) company managers ANSWER D
Date: September 2nd, 2020
Accounting is the information system that measures business activities, processes the information into reports, and communicates the results to decision makers. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
