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Final Review Part 2
Test Description: Review Here
Instructions: Answer all questions to get your test result.
1) All types of businesses sell a product.
A
True
B
False
2) In a free enterprise system, businesses compete for customers.
A
True
B
False
3) One advantage of owning your own business is that any financial gain from operating the business is yours.
A
False
B
True
4) For accounting purposes, a business is an entity separate from its owners.
A
True
B
False
5) The most common form of business organization is the ____.
A
not for profit organization
B
corporation
C
sole proprietorship
D
partnership
6) Accounting is often call the language of business because ____.
A
all business owners have a good understanding of accounting principles
B
accountants in many companies share financial information
C
it is fundamental to the communication of financial information
D
it is easy to understand
7) The most common time period covered by an accounting report is one ____.
A
year
B
week
C
month
D
quarter
8) An example of an internal user of accounting information is ____.
A
the manager in charge of a specific product line
B
the president of a bank that has loaned money to the business
C
a large stockholder
D
the Internal Revenue Service
9) The assumption that requires accounting reports to be prepared for a specific period of time is ____.
A
going concern
B
unit of measure
C
accounting period
D
business entity
10) If the creditor's financial claim to property totals $1,000 and the owner's financial claim to property totals $11,000, the property value is ____.
A
$11,000
B
$12,000
C
$1,000
D
$10,000
11) A business is earning a profit if the selling price of its product covers the cost of the raw materials needed to make the product.
A
False
B
True
12) The life of a business is divided into specific periods for reporting purposes
A
False
B
True
13) A partnership can be owned by a more than two individuals.
A
True
B
False
14) GAAP is a way to communicate financial information in a form understood by those interested in the operations and financial condition of the business.
A
False
B
True
15) The account Accounts Receivable is an example of a(n) ____.
A
owners equity
B
liability
C
asset
D
none of the above
16) A business owner must always get permission to operate from the state government.
A
False
B
True
17) Basic accounting rules and procedures differ from business to business.
A
True
B
False
18) All businesses set up their accounting systems in the same manner.
A
True
B
False
19) The corporation is the easiest form of business to organize.
A
True
B
False
20) Corporations often start out as sole proprietorships or partnerships.
A
False
B
True
*select an answer for all questions
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