College Accounting, Chapters 1-27, 22e James Heintz, Robert Parry (Test Bank All Chapters, 100% Original Verified, A+ Grade) (Complete And Verified Study material) (1295pages) LEARNEXAMS

1. The purpose of accounting is to provide financial information about the current operations and financial conditions of a business to individuals and organizations. a. True b. False ANSWER:   True POINTS:   1 DIFFICULTY:   Easy LEARNING OBJECTIVES:   COLL.HEIN.17.01 - LO 1-1 ACCREDITING STANDARDS:  AICPA FN-Measurement BUSPROG: Analytic TOPICS:   ACBSP: APC-01-Purpose KEYWORDS:   Bloom's: Remembering NOTES:   1 min. 2. Since financial information is communicated in accounting terms, accounting is said to be the "language of business." a. True b. False ANSWER:   True POINTS:   1 DIFFICULTY:   Easy LEARNING OBJECTIVES:   COLL.HEIN.17.01 - LO 1-1 ACCREDITING STANDARDS:  AICPA FN-Measurement BUSPROG: Analytic TOPICS:   ACBSP: APC-01-Purpose KEYWORDS:   Bloom's: Remembering NOTES:   1 min. 3. Interpreting refers to reviewing events that have taken place and determining how they affect a business. a. True b. False