TEST BANK For College Accounting, A Practical Approach 14th Canadian Edition, By Jeffrey Slater, Debra Good | Verified Chapter's 1 - 13 | Complete

TEST BANK For College Accounting, A Practical Approach
14th Canadian Edition, By Jeffrey Slater, Debra Good |
Verified Chapter's 1 - 13




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,CollegeiAccounting,i14Cei(Slater/Good)
Chapteri1 AccountingiConceptsiandiProcedures:iAniIntroduction

1.1 Definingiandilistingitheifunctionsiofiaccounting.

1) Whichiofitheifollowingiprofessionaliaccountingidesignationsihasibeenireplacedibyi"CPA"?
A) CA
B) CMA
C) CGA
D) Alliofitheiabovei
Answer:i D
Diff:i1
Type:iMC
iObjective: 1-1


2) Theitypeiofibusinessiorganizationithaticanicontinueiindefinitelyiisiknowniasia
A) soleiproprietorship.
B) partnership.
C) corporation.
D) Noneiofitheiabove.i
Answer:i C
Diff:i1
Type:iMC
iObjective: 1-1


3) Thisitypeiofibusinessiorganizationiisisubjectitoiincomeitax.
A) soleiproprietorship.
B) partnership.
C) corporation.
D) Alliofitheiabove.i
Answer:i C
Diff:i1
Type:iMC
iObjective: 1-1


4) Puttingitheiinformationiintoitheiaccountingisystemiwouldibeicalled
A) analyzing.
B) recording.
C) classifying.
D) summarizing.
Answer:i i B
Diff:i2
Type:iMC
iObjective: 1-1



2

,5) Theipurposeiofitheiaccountingiprocessiisitoiprovideifinancialiinformationiabout
A) soleiproprietorships.
B) smallibusinesses.
C) largeicorporations.
D) Alliofitheseianswersiareicorrect.i
Answer:i D
Diff:i2
Type:iMC
iObjective: 1-1


6) TheiadvantagesiofiaicorporationidoiNOTiinclude
A) limitedipersonalirisk.
B) canicontinueiindefinitely.
C) businessidecisionsimadeibyicareeriadministrators.
D) easyitoisetiup.i
Answer:i D
Diff:i1
Type:iMC
iObjective: 1-1


7) Accountingireportsiareileastihelpfuliiniansweringiwhichiofitheifollowingiquestions?
A) Howimuchicashiwasiavailableiatitheiendiofitheilastiyear?
B) Howiwelliwereitheiemployeesitreatedibyimanagement?
C) Diditheicompanyimakeiaiprofiti foritheipreviousiyear?
D) Canitheicompanyipayiitsidebtsionitime?i
Answer:i B
Diff:i3
Type:iMC
iObjective: 1-1


8) Accountingiprovidesiinformationito
A) managers.
B) government.
C) investors.
D) Alliofitheseianswersiareicorrecti
Answer:i D
Diff:i2
Type:iMC
iObjective: 1-1


9) Whichiofitheifollowingiisiaicharacteristiciofiaisoleiproprietorship?
A) Businessiownedibyimoreithanioneiperson
B) Easyitoi form
C) Eachishareholderiactsiasianiowneriofitheicompany
D) Canicontinueiindefinitelyi
Answer:i B
Diff:i1
3

, Type:iMC
iObjective: 1-1

10) Aipartnershipiisiaibusinessiwhichiis
A) easyitoi form.
B) endsiwithitheideathiofiaipartner.
C) ownedibyimoreithanioneiperson.
D) Alliofitheseianswersiareicorrect.i
Answer:i D
Diff:i1
Type:iMC
iObjective: 1-1


11) Whichiisianiadvantageiofiaisoleiproprietorshipiformiofibusiness?
A) Thereiisilimitedipersonalirisk.
B) Theibusinessicanicontinueiindefinitely.
C) Theiownerimakesiallitheidecisions.
D) Alliofitheseianswersiareicorrect.i
Answer:i C
Diff:i1
Type:iMC
iObjective: 1-1


12) WhichiofitheifollowingiisiNOTiaitypeiofibusinessiorganization?
A) Corporation
B) Partnership
C) Soleiproprietorship
D) Operation
iAnswer:i D
Diff:i2
Type:iMC
iObjective: 1-1


13) Aicorporation
A) canicontinueiindefinitely.
B) isiownedibyishareholders.
C) hasilimitediriskitoishareholders.
D) alliofitheiabove.i
Answer:i D
Diff:i2
Type:iMC
iObjective: 1-1


14) TheiSarbanes-OxleyiActi initheiUnitediStatesiandiNationaliPoliciesiiniCanadaiwereipassedito
A) preventifraudiatipublicicompanies.
B) replaceialliofitheioldiaccountingiproceduresiwithinewiones.
C) improveitheiaccuracyiofitheicompany'sifinancialireporting.
D) BothiAiandiCiareicorrect.i
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