TEST BANK for COLLEGE ACCOUNTING A PRACTICAL APPROACH 14TH CANADIAN EDITION BY SLATER AND GOO fully covered

TEST BANK
COLLEGE ACCOUNTING A PRACTICAL APPROACH
14TH CANADIAN EDITION BY SLATER AND GOO




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CopyrightA©A2021APearsonAEducation,AIn
c.

,CollegeAAccounting,A14CeA(Slater/Good)
ChapterA1 AccountingAConceptsAandAProcedures:AAnAIntroduction

1.1 DefiningAandAlistingAtheAfunctionsAofAaccounting.

1) WhichAofAtheAfollowingAprofessionalAaccountingAdesignationsAhasAbeenAreplacedAbyA"CP
A"?
A) CA
B) CMA
C) CGA
D) AllAofAtheAabov
eAAnswer:A D
Diff:A1
Type:AMC
AObjective: 1-1



2) TheAtypeAofAbusinessAorganizationAthatAcanAcontinueAindefinitelyAisAknownAasAa
A) soleAproprietorship.
B) partnership.
C) corporation.
D) NoneAofAtheAabov
e.AAnswer:A C
Diff:A1
Type:AMC
AObjective: 1-1



3) ThisAtypeAofAbusinessAorganizationAisAsubjectAtoAincomeAtax.
A) soleAproprietorship.
B) partnership.
C) corporation.
D) AllAofAtheAabove
.AAnswer:A C
Diff:A1
Type:AMC
AObjective: 1-1



4) PuttingAtheAinformationAintoAtheAaccountingAsystemAwouldAbeAcalled
A) analyzing.
B) recording.
C) classifying.
D) summarizin
g.
Answer:A A B
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c.

,Diff:A2
Type:AMC
A Objective: 1-1




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c.

, 5) TheApurposeAofAtheAaccountingAprocessAisAtoAprovideAfinancialAinformationAabout
A) soleAproprietorships.
B) smallAbusinesses.
C) largeAcorporations.
D) AllAofAtheseAanswersAareAcorr
ect.AAnswer:A D
Diff:A2
Type:AMC
AObjective: 1-1



6) TheAadvantagesAofAaAcorporationAdoANOTAinclude
A) limitedApersonalArisk.
B) canAcontinueAindefinitely.
C) businessAdecisionsAmadeAbyAcareerAadministrators.
D) easyAtoAsetAu
p.AAnswer:A D
Diff:A1
Type:AMC
AObjective: 1-1



7) AccountingAreportsAareAleastAhelpfulAinAansweringAwhichAofAtheAfollowingAquestions?
A) HowAmuchAcashAwasAavailableAatAtheAendAofAtheAlastAyear?
B) HowAwellAwereAtheAemployeesAtreatedAbyAmanagement?
C) DidAtheAcompanyAmakeAaAprofitAforAtheApreviousAyear?
D) CanAtheAcompanyApayAitsAdebtsAonAti
me?AAnswer:A B
Diff:A3
Type:AMC
AObjective: 1-1



8) AccountingAprovidesAinformationAto
A) managers.
B) government.
C) investors.
D) AllAofAtheseAanswersAareAcorr
ectAAnswer:A D
Diff:A2
Type:AMC
AObjective: 1-1



9) WhichAofAtheAfollowingAisAaAcharacteristicAofAaAsoleAproprietorship?
A) BusinessAownedAbyAmoreAthanAoneAperson
B) EasyAtoA form
C) EachAshareholderAactsAasAanAownerAofAtheAcompany
D) CanAcontinueAindefinite
lyAAnswer:A B
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c.