Test Bank For College Accounting A Practical Approach 15th Canadian Edition by Jeffrey Slater, Debra Good All Chapters ||Complete A+ Guide

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COLLEGE qACCOUNTING qA qPRACTICAL qAPPROACH q15TH qCANADIAN qEDITION
qJEFFREY qSLATER, qDEBRA qGOO




College q Accounting, q 15Ce q (Slater/Good)
Chapter q 1 Accounting q Concepts q and q Procedures: q An q Introduction

1.1 Defining q and q listing q the q functions q of q accounting.

1) Which q of q the q following q professional q accounting q designations q has q been q replaced q by q "CPA"?
A) CA
B) CMA
C) CGA
D) All qof qthe
qabove

qAnswer:

D
Diff: q1 Type: qMC
qObjective: 1-
1

2) The qtype q of q business q organization q that q can q continue q indefinitely q is q known q as q a
A) sole q proprietorship.
B) partnership.
C) corporation.
D) None qof qthe
qabove. qAnswer: C
qDiff: q1 Type: qMC
qObjective: 1-
1

3) This q type q of q business q organization q is q subject q to q income q tax.
A) sole q proprietorship.
B) partnership.
C) corporation.
D) All qof qthe
qabove.

qAnswer:

C
Diff: q1 Type: qMC
qObjective: 1-
1

4) Putting q the q information q into q the q accounting q system q would q be q called
A) analyzing.
B) recording.

,C) classifying.
D) summarizing.
qAnswer: B
Diff: q2 Type: qMC
qObjective: 1-
1

, 5) The q purpose q of q the q accounting q process q is q to q provide q financial q information q about
A) sole q proprietorships.
B) small q businesses.
C) large q corporations.
D) All qof qthese qanswers
qare qcorrect. qAnswer:

D
Diff: q2 Type: qMC
qObjective: 1-
1

6) The q advantages q of q a q corporation q do q NOT q include
A) limited q personal qrisk.
B) can q continue q indefinitely.
C) business q decisions q made q by qcareer q administrators.
D) easy qto qset
qup. qAnswer:

D
Diff: q1 Type: qMC
qObjective: 1-
1

7) Accounting q reports q are q least q helpful q in q answering q which q of q the q following q questions?
A) How q much q cash q was q available q at q the q end q of q the q last q year?
B) How q well q were q the q employees q treated q by q management?
C) Did q the q company q make q a q profit q for q the q previous q year?
D) Can qthe qcompany qpay qits qdebts qon
qtime? qAnswer: B
Diff: q3 Type: qMC
qObjective: 1-
1

8) Accounting q provides q information q to
A) managers.
B) government.
C) investors.
D) All qof qthese qanswers
qare qcorrect qAnswer:

D
Diff: q2 Type: qMC
qObjective: 1-
1

9) Which q of q the q following q is q a q characteristic q of q a q sole q proprietorship?
A) Business q owned q by q more q than q one q person
B) Easy q to q form
C) Each q shareholder q acts q as q an q owner q of q the q company
D) Can qcontinue
qindefinitely qAnswer: B