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College Accounting, 13e (Slater)
Chapter 1 Accounting Concepts and Procedures
1.1 Learning Objective 1-1
1) The type of business organization that can continue indefinitely is known as a:
A) sole proprietorship.
B) partnership.
C) corporation.
D) All of the above
Answer: C
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
2) The purpose of the accounting process is to provide financial information about:
A) sole proprietorships.
B) small businesses.
C) large corporations.
D) All of these answers are correct.
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
3) Accounting provides information to:
A) managers.
B) government.
C) investors.
D) All of these answers are correct.
Answer: D
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principlesÂÂ
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