2022_3NA_ intro to accounting

A sole proprietor needs to have 2 more partners to set up a business

• True

• False

It is less likely for banks to loan money to a sole proprietor as he lacks personal assets. (resources)

• True

• False

When the business have debts, the sole proprietor does not need to settle all debts.

• True

• False

The sole proprietor does not have any control in his business.

• True

• False

Objectivity means that we are straightforward and honest in all professional relationships

• True

• False

The purpose of accounting is to provide information for___

• Stallholders

• Shareholders

• Stakeholders

• Stewards

Accountants are also ______________of business as they are responsible for managing the resources

• Stallholders

• Shareholders

• Stakeholders

• Stewards

Accountants need to have integrity and be objective when preparing reports, so as ____________

• Not to lose his job

• Not to mislead users to make wrong decision.

• Not to lose his reputation

Who am I?

Before I give a loan to the business, I need to know whether the business is able to repay the loan and interest.

• Customer

• Sole proprietor

• Government

• Lender

I need to find ways to improve the business’ performance.

• Customer

• Manager

• Lender

• Government