Question 1Accounting information users need reports about the economic activities and condition of businesses.TrueFalseQuestion 2Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to the management.TrueFalseQuestion 3Some of the major fraudulent acts by senior executives started as what they considered to be small ethical lapses which grew out of control.TrueFalseQuestion 4Managerial accounting is primarily concerned with the recording and reporting of economic data and activities of an entity for use by owners, creditors, governmental agencies, and the public.TrueFalseQuestion 5The financial statements of a proprietorship should include the owner's personal assets and liabilities.TrueFalseQuestion 6Drawings are an example of an expense.TrueFalseQuestion 7The double-entry accounting system records each transaction twice.TrueFalseQuestion 8The increase side of all accounts is the normal balance.TrueFalseQuestion 9The normal balance of an expense account is a credit.TrueFalseQuestion 10The process of transferring the data from the journal to the ledger accounts is posting.TrueFalseSave and Submit

Question 1


Accounting information users need reports about the economic activities and condition of businesses.
True
False


Question 2


Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to the management.
True
False


Question 3


Some of the major fraudulent acts by senior executives started as what they considered to be small ethical lapses which grew out of control.
True
False

Question 4


Managerial accounting is primarily concerned with the recording and reporting of economic data and activities of an entity for use by owners, creditors, governmental agencies, and the public.
True
False

Question 5


The financial statements of a proprietorship should include the owner's personal assets and liabilities.
True
False


Question 6


Drawings are an example of an expense.
True
False


Question 7


The double-entry accounting system records each transaction twice.
True
False


Question 8


The increase side of all accounts is the normal balance.
True
False

Question 9


The normal balance of an expense account is a credit.
True
False


Question 10


The process of transferring the data from the journal to the ledger accounts is posting.
True
False

Save and Submit