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TEST BANK FOR
COLLEGE ACCOUNTING A PRACTICAL APPROACH 14TH
CANADIAN EDITION JEFFREY SLATER, DEBRA GOO
College Accounting, 14Ce (Slater/Good)
Chapter 1 Accounting Concepts and Procedures: An
Introduction
1.1 Defining and listing the functions of accounting.
1) Which of the following professional accounting
designations has been replaced by "CPA"?
A) CA
B) CMA
C) CGA
D) All of the above
Answer: D
Diff: 1 Type: MC
Objective: 1-1
1
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,2) The type of business organization that can
continue indefinitely is known as a A) sole
proprietorship.
B) partnership.
C) corporation.
D) None of the above.
Answer: C
Diff: 1 Type: MC
Objective: 1-1
3) This type of business organization is
subject to income tax. A) sole
proprietorship.
B) partnership.
C) corporation.
D) All of the above. Answer: C
Diff: 1 Type: MC
Objective: 1-1
4) Putting the information into the
accounting system would be called
A) analyzing.
Objective: 1-1
2
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,B) recording.
C) classifying.
D) summarizing.
Answer: B
Diff: 2 Type: MC
Objective: 1-1
5) 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: 2 Type: MC
Objective: 1-1
6) The advantages of a
corporation do NOT include
A) limited personal risk.
B) can continue indefinitely.
C) business decisions made by career administrators.
Objective: 1-1
3
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, D)easy to set up.
Answer: D
Diff: 1 Type: MC
Objective: 1-1
7) Accounting reports are least helpful in answering
which of the following questions?
A) How much cash was available at the end of the
last year?
B) How well were the employees treated by
management?
C) Did the company make a profit for the previous year?
D) Can the company pay its debts on time?
Answer: B
Diff: 3 Type: MC
Objective: 1-1
8) Accounting provides
information to
A) managers.
B) government.
C) investors.
Objective: 1-1
4
Copyright © 2021 Pearson Education, Inc.
TEST BANK FOR
COLLEGE ACCOUNTING A PRACTICAL APPROACH 14TH
CANADIAN EDITION JEFFREY SLATER, DEBRA GOO
College Accounting, 14Ce (Slater/Good)
Chapter 1 Accounting Concepts and Procedures: An
Introduction
1.1 Defining and listing the functions of accounting.
1) Which of the following professional accounting
designations has been replaced by "CPA"?
A) CA
B) CMA
C) CGA
D) All of the above
Answer: D
Diff: 1 Type: MC
Objective: 1-1
1
Copyright © 2021 Pearson Education, Inc.
,2) The type of business organization that can
continue indefinitely is known as a A) sole
proprietorship.
B) partnership.
C) corporation.
D) None of the above.
Answer: C
Diff: 1 Type: MC
Objective: 1-1
3) This type of business organization is
subject to income tax. A) sole
proprietorship.
B) partnership.
C) corporation.
D) All of the above. Answer: C
Diff: 1 Type: MC
Objective: 1-1
4) Putting the information into the
accounting system would be called
A) analyzing.
Objective: 1-1
2
Copyright © 2021 Pearson Education, Inc.
,B) recording.
C) classifying.
D) summarizing.
Answer: B
Diff: 2 Type: MC
Objective: 1-1
5) 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: 2 Type: MC
Objective: 1-1
6) The advantages of a
corporation do NOT include
A) limited personal risk.
B) can continue indefinitely.
C) business decisions made by career administrators.
Objective: 1-1
3
Copyright © 2021 Pearson Education, Inc.
, D)easy to set up.
Answer: D
Diff: 1 Type: MC
Objective: 1-1
7) Accounting reports are least helpful in answering
which of the following questions?
A) How much cash was available at the end of the
last year?
B) How well were the employees treated by
management?
C) Did the company make a profit for the previous year?
D) Can the company pay its debts on time?
Answer: B
Diff: 3 Type: MC
Objective: 1-1
8) Accounting provides
information to
A) managers.
B) government.
C) investors.
Objective: 1-1
4
Copyright © 2021 Pearson Education, Inc.
