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College
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College A Practical
Accounting-
for College
Accounting-
AAccounting-
Practical AApproach,
A Practical
Approach,
Practical
Approach,
15th
Approach,
edition 15th
15th edition
by
15th
Jeffrey
by edition
edition
Jeffrey
Slater.pdf
bySlater| by Jeffrey
JeffreyQuestions
Slater & Verified Slater
Answers
College Accounting, 15e (Slater) All Chapters ✅
Chapter 1 Accounting Concepts and Procedures
Learning Objective 1-1
1) The type of business organization where the owners are NOT personally liable for the business’s debts
is a:
A) corporation
B) partnership
C) sole proprietorship
D) All of the above
Answer: A
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
2) The purpose of the accounting process is to provide financial information about:
A) sole proprietorships
B) small businesses
C) large corporations
D) All of these answers are correct
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
3) Accounting provides information to:
A) investors
B) government
C) managers
D) All of these answers are correct
Answer: D
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
1
Page 1 of 1004 Test Bank for College Accounting-
Test Bank for
A Practical
College Accounting-
Approach, 15th
A Practical
edition Approach,
by Jeffrey Slater.pdf
15th edition by Jeffrey Slater.pdf LATEST.
,2026| Practice Questions & Verified
TestAnswers-
Bank
Test Bank
for Test
College
forBank
College
Accounting-
for College
Accounting-
AAccounting-
Practical
A Practical
Approach,
A Practical
Approach,
15th
Approach,
edition
15th edition
by
15th
Jeffrey
by
edition
Jeffrey
Slater.pdf
bySlater|
JeffreyQuestions
Slater & Verified Answers
4) Which of the following is a characteristic of a sole proprietorship?
A) Business owned by more than one person.
B) Easy to form.
C) Each stockholder acts as an owner of the company.
D) Can continue indefinitely.
Answer: B
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
5) A partnership is a business which:
A) is easy to form
B) ends with the death of a partner
C) is owned by more than one person
D) All of these answers are correct
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
6) Which is an advantage of a sole proprietorship form of business?
A) There is limited personal risk.
B) The business can continue indefinitely.
C) The owner makes all the decisions.
D) The business is owned by stockholders.
Answer: C
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
7) Which of the following is NOT a type of business organization?
A) Corporation
B) Partnership
C) Sole proprietorship
D) Limited Asset Corporation
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
2
Page 2 of 1004 Test Bank for College Accounting-
Test Bank for
A Practical
College Accounting-
Approach, 15th
A Practical
edition Approach,
by Jeffrey Slater.pdf
15th edition by Jeffrey Slater.pdf LATEST.
,2026| Practice Questions & Verified
TestAnswers-
Bank
Test Bank
for Test
College
forBank
College
Accounting-
for College
Accounting-
AAccounting-
Practical
A Practical
Approach,
A Practical
Approach,
15th
Approach,
edition
15th edition
by
15th
Jeffrey
by
edition
Jeffrey
Slater.pdf
bySlater|
JeffreyQuestions
Slater & Verified Answers
8) A corporation:
A) is legally separate from its owners
B) is owned by stockholders
C) has limited risk to stockholders
D) All of the above
Answer: D
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
9) The basic accounting equation is:
A) Assets + Liabilities = Owner’s Equity
B) Assets = Liabilities - Owner's Equity
C) Assets = Owner’s Equity - Liabilities
D) Assets = Liabilities + Owner's Equity
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
10) A law firm would be considered a:
A) merchandise company
B) manufacturer
C) service company
D) retailer
Answer: C
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
11) GAAP stand for ______________________.
A) Generally Accepted Accounting Practices
B) General Accounting Accepted Practices
C) Generally Accepted Accounting Principles
D) General Accounting Application Practices
Answer: C
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
3
Page 3 of 1004 Test Bank for College Accounting-
Test Bank for
A Practical
College Accounting-
Approach, 15th
A Practical
edition Approach,
by Jeffrey Slater.pdf
15th edition by Jeffrey Slater.pdf LATEST.
,2026| Practice Questions & Verified
TestAnswers-
Bank
Test Bank
for Test
College
forBank
College
Accounting-
for College
Accounting-
AAccounting-
Practical
A Practical
Approach,
A Practical
Approach,
15th
Approach,
edition
15th edition
by
15th
Jeffrey
by
edition
Jeffrey
Slater.pdf
bySlater|
JeffreyQuestions
Slater & Verified Answers
12) The purchase of supplies for cash would affect which account category?
A) Assets
B) Liabilities
C) Capital
D) Expense
Answer: A
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Analyze and record transactions and their effects on the financial statements
13) Items owned by the business such as land, supplies and equipment are:
A) Assets
B) Liabilities
C) Owner's Equity
D) Expenses
Answer: A
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
14) Which of the following is NOT an Asset?
A) Cash
B) Accounts Receivable
C) Buildings
D) All of the above are Assets
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
15) If total liabilities increased by $10,000 and the assets increased by $10,000 during the accounting
period, what is the change in the owner's equity amount?
A) No effect on owner's equity
B) Decrease of $10,000
C) Increase of $20,000
D) Decrease of $40,000
Answer: A
Diff: 2
LO: 1-1
AACSB: Analytical Thinking
Learning Outcome: Analyze and record transactions and their effects on the financial statements
4
Page 4 of 1004 Test Bank for College Accounting-
Test Bank for
A Practical
College Accounting-
Approach, 15th
A Practical
edition Approach,
by Jeffrey Slater.pdf
15th edition by Jeffrey Slater.pdf LATEST.
, 2026| Practice Questions & Verified
TestAnswers-
Bank
Test Bank
for Test
College
forBank
College
Accounting-
for College
Accounting-
AAccounting-
Practical
A Practical
Approach,
A Practical
Approach,
15th
Approach,
edition
15th edition
by
15th
Jeffrey
by
edition
Jeffrey
Slater.pdf
bySlater|
JeffreyQuestions
Slater & Verified Answers
16) The claims of creditors against the Assets are:
A) Expenses
B) Revenues
C) Liabilities
D) Owner's Equity
Answer: C
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
17) The Owner's Equity of Logan's Company is equal to one-half of the total Assets. Liabilities equal
$90,000. What is the amount of Owner's Equity?
A) $45,000
B) $90,000
C) $135,000
D) None of these answers is correct.
Answer: B
Explanation: If owner’s equity equals one-half of total assets, then liabilities also equal one-half of total
assets because Assets = Liabilities + Owner’s Equity.
Diff: 2
LO: 1-1
AACSB: Analytical Thinking
Learning Outcome: Analyze and record transactions and their effects on the financial statements
18) Assets are equal to:
A) Liabilities + Owner's Equity.
B) Liabilities - Owner's Equity.
C) Liabilities - Revenues.
D) Revenues - Expenses.
Answer: A
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
19) The basic accounting equation can be written as:
A) Assets = Revenues - Expenses
B) Assets = Liabilities - Owner's Equity
C) Profit = Revenues - Expenses
D) Assets — Owner’s Equity = Liabilities
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
5
Page 5 of 1004 Test Bank for College Accounting-
Test Bank for
A Practical
College Accounting-
Approach, 15th
A Practical
edition Approach,
by Jeffrey Slater.pdf
15th edition by Jeffrey Slater.pdf LATEST.
2026|Bank for College
Practice Questions & Verified Accounting:
TestAnswers-
Bank
Test Bank
for Test
College
forBank
College A Practical
Accounting-
for College
Accounting-
AAccounting-
Practical AApproach,
A Practical
Approach,
Practical
Approach,
15th
Approach,
edition 15th
15th edition
by
15th
Jeffrey
by edition
edition
Jeffrey
Slater.pdf
bySlater| by Jeffrey
JeffreyQuestions
Slater & Verified Slater
Answers
College Accounting, 15e (Slater) All Chapters ✅
Chapter 1 Accounting Concepts and Procedures
Learning Objective 1-1
1) The type of business organization where the owners are NOT personally liable for the business’s debts
is a:
A) corporation
B) partnership
C) sole proprietorship
D) All of the above
Answer: A
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
2) The purpose of the accounting process is to provide financial information about:
A) sole proprietorships
B) small businesses
C) large corporations
D) All of these answers are correct
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
3) Accounting provides information to:
A) investors
B) government
C) managers
D) All of these answers are correct
Answer: D
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
1
Page 1 of 1004 Test Bank for College Accounting-
Test Bank for
A Practical
College Accounting-
Approach, 15th
A Practical
edition Approach,
by Jeffrey Slater.pdf
15th edition by Jeffrey Slater.pdf LATEST.
,2026| Practice Questions & Verified
TestAnswers-
Bank
Test Bank
for Test
College
forBank
College
Accounting-
for College
Accounting-
AAccounting-
Practical
A Practical
Approach,
A Practical
Approach,
15th
Approach,
edition
15th edition
by
15th
Jeffrey
by
edition
Jeffrey
Slater.pdf
bySlater|
JeffreyQuestions
Slater & Verified Answers
4) Which of the following is a characteristic of a sole proprietorship?
A) Business owned by more than one person.
B) Easy to form.
C) Each stockholder acts as an owner of the company.
D) Can continue indefinitely.
Answer: B
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
5) A partnership is a business which:
A) is easy to form
B) ends with the death of a partner
C) is owned by more than one person
D) All of these answers are correct
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
6) Which is an advantage of a sole proprietorship form of business?
A) There is limited personal risk.
B) The business can continue indefinitely.
C) The owner makes all the decisions.
D) The business is owned by stockholders.
Answer: C
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
7) Which of the following is NOT a type of business organization?
A) Corporation
B) Partnership
C) Sole proprietorship
D) Limited Asset Corporation
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
2
Page 2 of 1004 Test Bank for College Accounting-
Test Bank for
A Practical
College Accounting-
Approach, 15th
A Practical
edition Approach,
by Jeffrey Slater.pdf
15th edition by Jeffrey Slater.pdf LATEST.
,2026| Practice Questions & Verified
TestAnswers-
Bank
Test Bank
for Test
College
forBank
College
Accounting-
for College
Accounting-
AAccounting-
Practical
A Practical
Approach,
A Practical
Approach,
15th
Approach,
edition
15th edition
by
15th
Jeffrey
by
edition
Jeffrey
Slater.pdf
bySlater|
JeffreyQuestions
Slater & Verified Answers
8) A corporation:
A) is legally separate from its owners
B) is owned by stockholders
C) has limited risk to stockholders
D) All of the above
Answer: D
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
9) The basic accounting equation is:
A) Assets + Liabilities = Owner’s Equity
B) Assets = Liabilities - Owner's Equity
C) Assets = Owner’s Equity - Liabilities
D) Assets = Liabilities + Owner's Equity
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
10) A law firm would be considered a:
A) merchandise company
B) manufacturer
C) service company
D) retailer
Answer: C
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
11) GAAP stand for ______________________.
A) Generally Accepted Accounting Practices
B) General Accounting Accepted Practices
C) Generally Accepted Accounting Principles
D) General Accounting Application Practices
Answer: C
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
3
Page 3 of 1004 Test Bank for College Accounting-
Test Bank for
A Practical
College Accounting-
Approach, 15th
A Practical
edition Approach,
by Jeffrey Slater.pdf
15th edition by Jeffrey Slater.pdf LATEST.
,2026| Practice Questions & Verified
TestAnswers-
Bank
Test Bank
for Test
College
forBank
College
Accounting-
for College
Accounting-
AAccounting-
Practical
A Practical
Approach,
A Practical
Approach,
15th
Approach,
edition
15th edition
by
15th
Jeffrey
by
edition
Jeffrey
Slater.pdf
bySlater|
JeffreyQuestions
Slater & Verified Answers
12) The purchase of supplies for cash would affect which account category?
A) Assets
B) Liabilities
C) Capital
D) Expense
Answer: A
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Analyze and record transactions and their effects on the financial statements
13) Items owned by the business such as land, supplies and equipment are:
A) Assets
B) Liabilities
C) Owner's Equity
D) Expenses
Answer: A
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
14) Which of the following is NOT an Asset?
A) Cash
B) Accounts Receivable
C) Buildings
D) All of the above are Assets
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
15) If total liabilities increased by $10,000 and the assets increased by $10,000 during the accounting
period, what is the change in the owner's equity amount?
A) No effect on owner's equity
B) Decrease of $10,000
C) Increase of $20,000
D) Decrease of $40,000
Answer: A
Diff: 2
LO: 1-1
AACSB: Analytical Thinking
Learning Outcome: Analyze and record transactions and their effects on the financial statements
4
Page 4 of 1004 Test Bank for College Accounting-
Test Bank for
A Practical
College Accounting-
Approach, 15th
A Practical
edition Approach,
by Jeffrey Slater.pdf
15th edition by Jeffrey Slater.pdf LATEST.
, 2026| Practice Questions & Verified
TestAnswers-
Bank
Test Bank
for Test
College
forBank
College
Accounting-
for College
Accounting-
AAccounting-
Practical
A Practical
Approach,
A Practical
Approach,
15th
Approach,
edition
15th edition
by
15th
Jeffrey
by
edition
Jeffrey
Slater.pdf
bySlater|
JeffreyQuestions
Slater & Verified Answers
16) The claims of creditors against the Assets are:
A) Expenses
B) Revenues
C) Liabilities
D) Owner's Equity
Answer: C
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
17) The Owner's Equity of Logan's Company is equal to one-half of the total Assets. Liabilities equal
$90,000. What is the amount of Owner's Equity?
A) $45,000
B) $90,000
C) $135,000
D) None of these answers is correct.
Answer: B
Explanation: If owner’s equity equals one-half of total assets, then liabilities also equal one-half of total
assets because Assets = Liabilities + Owner’s Equity.
Diff: 2
LO: 1-1
AACSB: Analytical Thinking
Learning Outcome: Analyze and record transactions and their effects on the financial statements
18) Assets are equal to:
A) Liabilities + Owner's Equity.
B) Liabilities - Owner's Equity.
C) Liabilities - Revenues.
D) Revenues - Expenses.
Answer: A
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
19) The basic accounting equation can be written as:
A) Assets = Revenues - Expenses
B) Assets = Liabilities - Owner's Equity
C) Profit = Revenues - Expenses
D) Assets — Owner’s Equity = Liabilities
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
5
Page 5 of 1004 Test Bank for College Accounting-
Test Bank for
A Practical
College Accounting-
Approach, 15th
A Practical
edition Approach,
by Jeffrey Slater.pdf
15th edition by Jeffrey Slater.pdf LATEST.
