Reference no: EM132519777

True/False questions

Question 1. The environment of accounting is unaffected by social - economic- Legal conditions, restraints, and influences that vary from time to time.

Question 2. Financial accounting is the process that culminates in the preparation of financial reports that are relative to the enterprise as a whole and that are used by parties both internal and external to the enterprise.

Question 3. The purpose of accounting is to provide qualitative financial information about an economic entity to person interested in activities of that entity.

Question 4. Accounting is considered as a means to an end.

Question 5. Accounting is an unchanging discipline with its environment and other influences.

Question 6. Financial accounting - focuses primarily on internal users of financial statements.

Question 7. Management accounting is directly concerned with stock holders and creditors.

Question 8. External decision makers (users) Lack direct access to the information generated by the internal operations of a company.

Question 9. A major role of the Accounting Standards Executive committee (AcSEC) is to