Choose the correct answer out of given options..

Question: MULTIPLE CHOICE   01) Accounting guidelines are formulated by: a) the American Institute of Certified Public Accountants b) the Financial Accounting Standards Board c) the American Accounting Association d) the Securities and Exchange Commission   02) All of the following are forms of business organizations except: a) governmental unit Read more…

Mark the statement true or false…

Question: 01) The purchase of supplies on account would have an affect on the liabilities of the firm.   02) One way of decreasing the equity of a business is to increase an asset.   03) The purchase of supplies on account will decrease equity.   04) When revenue is Read more…

Mark the statement true or false..

Question: TRUE/FALSE   01) Financial statements are documents that report on a business in monetary amounts.   02) Nonprofit organizations have no need for accounting information as do profit-oriented organizations.   03) Managers use accounting information to set goals for their organizations.   04) A Certified Management Accountant is a Read more…

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