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Financial Accounting 7e Libby Test bank ch.1

True / False Questions

1. Accounting is a system that collects and processes financial information about an

organization and reports that information to decision makers.

AACSB Tag: Communications

Difficulty: Easy

L.O.: 1

2. Assets on the balance sheet are recorded at market value or replacement cost.

AACSB Tag: Reflective Thinking

Difficulty: Easy

L.O.: 1

3. In accounting and reporting for a business entity, the accounting and reporting for the business must be kept separate from other economic affairs of its owners.

AACSB Tag: Reflective Thinking

Difficulty: Easy

L.O.: 1

4. The accounting period in which service revenue is recognized (i.e., revenue for services rendered) is generally the period in which the cash is collected.

AACSB Tag: Reflective Thinking

Difficulty: Medium

L.O.: 1

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