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TEST BANK FOR FINANCIAL ACCOUNTING, 16TH EDITION, CARL WARREN, CHRISTINE JONICK, JENNIFER SCHNEIDER
- Exam (elaborations) • 49 pages • 2024
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True / False 
1. A merchandising business buys products from other businesses to sell to customers. 
a. True 
b. False 
ANSWER: True 
2. The role of accounting is to provide many different users with financial information to make economic decisions. 
a. True 
b. False 
ANSWER: True 
3. Accounting information users need reports about the economic activities and condition of businesses. 
a. True 
b. False 
ANSWER: True 
4. Managerial accounting information is used by external and internal users eq...
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