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Chapter 01
Accounting: The Language of Business
True / False Questions
1. The purpose of accounting is to provide financial information about an economic or social
entity.
True False
2. An accounting system is designed to accumulate and classify data about a firm's financial
affairs and summarize it in the general journal.
True False
3. In a sole proprietorship, the owner is responsible for the debts of the business if the firm is
unable to pay.
True False
4. Laws by Congress in 1933 and 1934 gave the Securities and Exchange Commission
(SEC) final say on matters of financial reporting by publicly owned corporations.
True False
5. Currently, generally accepted accounting principles are developed by the American
Institute of Certified Public Accountants (AICPA)
True False
6. The Securities and Exchange Commission (SEC) requires that publicly owned corporations
submit financial statements to it each year.ÂÂ
College Accounting, 13e John Ellis Price David Haddock Michael Farina All Chapters, Original , Answers At The End Of Each Chapter Complete And Study material 2167pages LEARNEXAMS
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