Accounting > TEST BANKS > Test Bank for Accounting 1-26 and Integrator CD, 6ECharles T. Horngren Walter T. Harrison Linda S. B (All)

Test Bank for Accounting 1-26 and Integrator CD, 6ECharles T. Horngren Walter T. Harrison Linda S. Bamber

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TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) Financial statements are documents that report on a business in monetary amounts. 1) _______ 2) Nonprofit organ... izations have no need for accounting information as do profit-oriented organizations. 2) _______ 3) Managers use accounting information to set goals for their organizations. 3) _______ 4) A Certified Management Accountant is a licensed accountant who serves the general public rather than one particular company. 4) _______ 5) The cost principle states that acquired assets and services should be recorded at their actual cost. 5) _______ 6) The reliability principle is also referred to as the going-concern principle. 6) _______ 7) The accounting equation can be stated as assets + liabilities = owner's equity. 7) _______ 8) Liabilities are economic resources of a business expected to be of benefit in the future. 8) _______ 9) Owner's equity is often referred to as capital and represents the residual amount of business assets that can be claimed by the creditors. [Show More]

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