Allofthefollowingstatementsaretrueexceptone.Whichstatementisfalse?
A. Theorganizationthatformulatesgenerallyacceptedaccountingprinciplesisthe FinancialAccountingStandardsBoard.
B. Aproprietorshipisabusinesswithseveralowners.
C. Professionalaccountantsareheldtoahighstandardofethicalconduct.
D. Bookkeepingisonlyapartofaccounting.
Thevaluationofassetsonthebalancesheetisgenerallybasedon:
A. currentfairmarketvalueasestablishedbyindependentappraisers.
B. historicalcost.
C. sellingprice.
D. whatitwouldcosttoreplacetheasset.
Theaccountingequationcanbeexpressedas:
Assets=Liabilities - OwnersEquity
B. Assets+Liabilities=OwnersEquity
C. Assets-Liabilities=OwnersEquity
D. OwnersEquity-Assets=Liabilities
Thenatureofanassetisbestdescribedas:
A. aneconomicresourcethatsexpectedtobenefitfutureoperations.
B. somethingwithphysicalformthatsvaluedatcostintheaccountingrecords.
C. somethingownedbyabusinessthathasareadymarketvalue.
D. aneconomicresourcerepresentingcashortherighttoreceivecashinthefuture
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