TEST BANK - Corporate Financial Accounting, 16th Edition by Carl S. Warren (Author), Jeff Jones/ISBN-/Complete Guide

TEST BANK- Corporate Financial Accounting, 16th Edition by Carl S. Warren (Author), Jeff Jones Chapter 01 - Accounting and Business 1. A corporation is a business that is legally separate and distinct from its owners. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy Bloom's: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms ACCT.AICPA.BB.01 - Industry ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic DATE CREATED: 7/26/2017 4:27 PM DATE MODIFIED: 10/16/2017 3:33 PM 2. The role of accounting is to provide many different users with financial information to make economic decisions. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate Bloom's: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic DATE CREATED: 7/26/2017 4:27 PM DATE MODIFIED: 10/16/2017 3:33 PM 3. Accounting information users need reports about the economic activities and condition of businesses. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy Bloom's: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01-01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.BB.01 - Industry ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic DATE CREATED: 7/26/2017 4:27 PM DATE MODIFIED: 10/16/2017 3:33 PM 4. Managerial accounting information is used by external and internal users equally. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy Bloom's: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic DATE CREATED: 7/26/2017 4:27 PM DATE MODIFIED: 10/16/2017 3:33 PM 5. Senior executives cannot be criminally prosecuted for the wrong doings they commit on behalf of the companies where they work. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy Bloom's: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.BB.03 - Legal ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics DATE CREATED: 7/26/2017 4:27 PM DATE MODIFIED: 10/16/2017 3:33 PM 6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to the management. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate Bloom's: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic DATE CREATED: 7/26/2017 4:27 PM DATE MODIFIED: 10/16/2017 3:33 PM 7. Proper ethical conduct implies that you only consider what's in your best interest. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy Bloom's: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.AICPA.BB.03 - Legal ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics DATE CREATED: 7/26/2017 4:27 PM DATE MODIFIED: 10/16/2017 3:33 PM 8. Some of the major fraudulent acts by senior executives started as what they considered to be small ethical lapses which grew out of control. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate Bloom's: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.AICPA.BB.03 - Legal ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics DATE CREATED: 7/26/2017 4:27 PM DATE MODIFIED: 10/16/2017 3:33 PM 9. A business is an organization in which basic resources or inputs, like materials and labor, are assembled and processed to provide outputs in the form of goods or services to customers. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy Bloom's: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms ACCT.AICPA.BB.01 - Industry ACCT.AICPA.BB.06 - Resource Management BUSPROG: Analytic DATE CREATED: 7/26/2017 4:27 PM DATE MODIFIED: 10/16/2017 3:33 PM 10. Two factors that typically lead to ethical violations are relevance and timeliness of accounting information. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy Bloom's: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.AICPA.BB.01 - Industry ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic DATE CREATED: 7/26/2017 4:27 PM DATE MODIFIED: 10/16/2017 3:33 PM 11. An example of a general-purpose financial statement would be a report about projected price increases related to transportation costs. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy Bloom's: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01