Quick Chapter Review (Chapter 1) 01 Accounting provides information that helps individuals make sound decisions. 02 are moral principles that guide the conduct of individuals. 03 Economic events must be measured in terms. 04 Which is a broader term, bookkeeping or accounting? 05 users are those outside of the organization. 06 users are officers and decision makers within the organization. 07 Areas of Public Accounting: _/ Management Consulting. 08 Private Accounting: Accounting / / General Accounting. 09 Not-for- Governmental Units / Hospitals / Unions. 10 GAAP: 11 AICPA: 12 The states that assets should be recorded at their cost. 13 A business owned by two or more persons associated as partners is a 14 What impact does inflation have on the Monetary Unit assumption? 15 Assets - Liabilities 16 Assets = Liabilities + Owners Equity is called the Accounting 17 are creditorship claims on total assets or existing debts and obligation. 00 is the owner's permanent investment in the business. 19 are the cost of assets consumed or services used in the process of earning revenue. 21 Every business transaction must have a dual effect on the Accounting Equation so that the equality of the equation is preserved. True or False 22 The Balance Sheet reports the Assets, Liabilities and Owner's Equity of a company at a