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ACC 280 ACC280 ACC/280 Accounting Quiz 1



ACC 280 Accounting Quiz 1 Principles of Accounting 1. Financial statements are the major means of communicating accounting information to interested parties. A) True B) False 2. The economic entity assumption requires that the activities of an entity be kept separate and distinct from the activities of its owner and all other economic entities. A) True B) False 3. Owners’ claims to total business assets take precedence over the claims of creditors because owners invest assets in the business and are liable for losses. A) True B) False 4. Net income for the period is determined by subtracting total expenses and dividends from total revenues. A) True B) False 5. Which of the following would not be considered an internal user of accounting data for the XYZ Company? A) President of the company B) Production manager C) Merchandise inventory clerk D) President of the employees’ labor union 6. Ethics are the standards of conduct by which one’s actions are judged as A) right or wrong. B) honest or dishonest. C) fair or unfair. D) all of these. 7. Net income results when A) Assets > Liabilities. B) Revenues = Expenses. C) Revenues > Expenses. D) Revenues


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