False False ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-02 - LO: 01-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.03 - Business Forms ACCREDITING STANDARDS: ACCT.AICPA.BB.01 Industry – ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic An example of an external user of accounting information is the federal government. True False True ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-02 - LO: 01-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.01 Purpose ACCREDITING STANDARDS: – ACCT.AICPA.BB.01 Industry – ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic The Financial Accounting Standards Board (FASB) is the authoritative body that has primary responsibility for developing accounting principles. True False True ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-02 - LO: 01-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 GAAP ACCREDITING STANDARDS: – ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic The cost concept is the basis for entering the purchase price into the accounting records. True False True ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-02 - LO: 01-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 GAAP ACCREDITING STANDARDS: – ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic The unit of measurement concept requires that economic data be recorded in dollars. True False
False ANSWER: False DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-02 - LO: 01-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms ACCT.AICPA.BB.01 – Industry ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic An example of an external user of accounting information is the federal government. True False ANSWER: True DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-02 - LO: 01-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose ACCT.AICPA.BB.01 – Industry ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic The Financial Accounting Standards Board (FASB) is the authoritative body that has primary responsibility for developing accounting principles. True False ANSWER: True DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-02 - LO: 01-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic The cost concept is the basis for entering the purchase price into the accounting records. True False ANSWER: True DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-02 - LO: 01-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic The unit of measurement concept requires that economic data be recorded in dollars. True False
FinMan_Chapter_01_Introduction_to_Accounting_and_Business.docx