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Test Bank for Accounting, 28th edition by Carl S. Warren

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Test Bank for Accounting 28e 28th edition by Carl S. Warren, James M. Reeve and Jonathan Duchac ISBN-13: 2687 Full chapters test bank PDF

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  • July 10, 2022
  • 1621
  • 2021/2022
  • Exam (elaborations)
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Indicate whether the statement is true or false.
1.Proper ethical conduct implies that you only consider what's in your best interest.
a.True
b.False
2.If a building is appraised for $85,000, it is offered for sale at $90,000, and the buyer pays $80,000 cash for it, the
buyer would record the building at $85,000.
a.True
b.False
3.Financial accounting reports are relevant only to users within the business.
a.True
b.False
4.Assets that are used up during the process of earning revenue are called expenses.
a.True
b.False
5.The role of accounting is to provide many different users with financial information to make economic decisions.
a.True
b.False
6.If total assets decreased by $30,000 during a specific period and owner's equity decreased by $35,000 during
the same period, the period's change in total liabilities was a $65,000 increase.
a.True
b.False
7.The higher the ratio of liabilities to owner’s equity, the better able a company is to withstand poor business
conditions and to pay its obligations to creditors.
a.True
b.False
8.The balance sheet represents the accounting equation.
a.True
b.False
9.An account receivable is typically classified as a revenue.
a.True
b.False
10.The main objective for all business is to maximize unrealized profits.
a.True
b.False Page
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Name: Class: Date: Chap 01_28e

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