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Sol. Man. - Chapter 1 - Introduction To Acctg

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180 views3 pages

Sol. Man. - Chapter 1 - Introduction To Acctg

Uploaded by

Amie Jane Miranda
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Page |1

Chapter 1
Introduction to Accounting

PROBLEM 1: TRUE OR FALSE


1. TRUE
2. FALSE – only accountable events
3. TRUE
4. TRUE
5. TRUE
6. TRUE
7. TRUE
8. TRUE
9. FALSE
10. TRUE

PROBLEM 2: TRUE OR FALSE


1. FALSE
2. FALSE
3. FALSE – Finance
4. TRUE
5. FALSE
6. TRUE
7. TRUE
8. FALSE – sole proprietorship
9. FALSE – corporation
10. TRUE
Page |2

PROBLEM 3: FOR CLASSROOM DISCUSSION


1. D
2. D
3. A
4. C
5. C
6. C
7. C
8. C
9. D
Explanation:
- Choices (a) and (b) are incorrect because these are advantages
of a partnership over a sole proprietorship.
- Choice (c) is incorrect because a partnership has a limited life.
- Choice (d) is correct. The general partners of a partnership are
liable for partnership debts up to their personal assets.

10. D

PROBLEM 4: MULTIPLE CHOICE


1. D
2. A
3. B
4. C
5. D
6. D
7. C
8. A
9. C
10. D
Explanation:
Choices (a) and (b) are incorrect. The incapacitation of the owner
or a co-owner necessarily dissolves a sole proprietorship or a
partnership.
Choice (c) is incorrect. Cooperatives have also some degree of
continuity because the incapacitation of a member does not
Page |3

necessarily dissolve a cooperative. However, that degree of


continuity is usually lower than that of a corporation because a
cooperative’s lack of profit motive can adversely affect its growth.
Moreover, a cooperative’s success greatly depends on the
members’ cooperation; failure to sustain that cooperation can
adversely affect the cooperative’s continuity.

PROBLEM 5: MULTIPLE CHOICE


1. A
2. B
3. B
Explanation: General record keeping (i.e., maintaining of journal
and ledger) is within the scope of financial accounting. These
general records provide information needed in the other branches
of accounting.

4. D
5. A
6. A
7. D
8. A
9. D
10. A

PROBLEM 6: CASE STUDY


The learner’s work is graded based on the teacher’s judgment.

PROBLEM 7: ESSAY
The learner’s work is graded based on the teacher’s judgment.

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