Chapter 01 Introducing Accounting in Business True / False Questions [Question] 1. Accounting is an information and measurement system that identifies, records, and communicates financial information to users. Answer: TRUE Blooms Taxonomy: Remember AACSB: Analytic AACSB: Communication AICPA BB: Critical Thinking AICPA BB: Industry AICPA FN: Measurement AICPA FN: Reporting Difficulty: 1 Easy Learning Objective: 01-C1 Topic: Accounting [Question] 2. Bookkeeping is the sole purpose of accounting. Answer: FALSE Blooms Taxonomy: Understand AACSB: Analytic AACSB: Communication AICPA BB: Critical Thinking AICPA BB: Industry AICPA FN: Measurement AICPA FN: Reporting Difficulty: 2 Medium Learning Objective: 01-C1 Topic: Accounting [Question] 3. Accounting