,DOWNLOAD THE Test Bank for Financial Accounting 13th Edition Thomas
c c c c c c c c c
FinancialcAccounting,c13ec(Thomas/Tietz)
Chapterc1 ThecFinancialcStatements
LearningcObjectivec1-1
1) Accountingcis can cinformation csystem cthatcmeasures cbusiness cactivities.c
Answer:c TRUE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
2) Bookkeepingcis ca cmechanicalcpartcofcaccounting.c
Answer:c TRUE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
3) Accountingcis coften ccalledctheclanguagecofcbusiness.c
Answer:c TRUE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
4) Accountingcproduces cfinancialcstatements,cwhich creportcinformation caboutca cbusiness.c
Answer:c TRUE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory
AICPAcFunctional:c Measurement,cReporting
5) Thecaccountingcprocess cbegins candcends cwith cpeoplecmakingcdecisions.c
Answer:c TRUE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
1
Copyright c©c2022 cPearson cEducation,cInc.
mynursytest.store
,DOWNLOAD THE Test Bank for Financial Accounting 13th Edition Thomas
c c c c c c c c c
6) Accountingcinformation cis cusedcbycinvestors candccreditors,cbutcnotcbycregulatorycbodies.c
Answer:c FALSE
Explanation:c c Itcis cusedcbycindividuals,cinvestors,ccreditors,cnonprofits,candcregulatorycbodies.
Diff:c1
LO:c c 1-1
AACSB:c c Reflective cThinking
AICPAcBuscPersp:c Industry cSector,cLegal/Regulatory cAICP
AcFunctional:c Measurement,cReporting
7) SincecHabitatcforcHumanitycis cnotcconcernedcaboutcmakingca cprofit,cthecentitycdoes cnotcneedctocusec
accountingcinformation.
Answer:c c FALSE
Diff:c1
LO:c c 1-1
AACSB:c c Reflective cThinking
AICPAcBuscPersp:c Industry cSector,cLegal/Regulatory cAICP
AcFunctional:c Measurement,cReporting
8) Thecbusiness crecords cofca csolecproprietorshipcshouldcincludecthecproprietor's cpersonalcfinances.c
Answer:c FALSE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
9) Acpartnershipcis ca ctaxpayingcentity.c
Answer:c FALSE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
10) Stockholders chavecnocpersonalcobligation cforctheccorporation's cdebts.c
Answer:c TRUE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
2
Copyright c©c2022 cPearson cEducation,cInc.
mynursytest.store
, DOWNLOAD THE Test Bank for Financial Accounting 13th Edition Thomas
c c c c c c c c c
11) Accounting:
A) measures cbusiness cactivities.
B) processes cdata cintocreports candccommunicates cthecdata ctocdecision cmakers.
C) is coften ccalledctheclanguagecofcbusiness.
D) is callcofcthecabove.c
Answer:c D
Diff:c2
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory
AICPAcFunctional:c Measurement,cReporting
12) Acdisadvantagecofcgeneralcpartnerships cis:
A) doublectaxation cofcdistributedcprofits.
B) thecpartnership's cassets careccommingledcwith ceach cpartner's cpersonalcassets.
C) onlycindividuals ccan cbecpartners.
D) each cpartnercmaycconductcbusiness cin cthecnamecofcthecentitycandcmakecagreements cthatclegallycbindc
allcpartners.
Answer:c c D
Diff:c2
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
13) Which cofcthecfollowingcstatements cis cTRUEcforca climitedcliabilityccompany?
A) Members chavecunlimitedcliabilitycforcthecdebts cofcthecbusiness.
B) Members chaveclimitedcliabilitycforcdebts conlycupctocthecextentcofctheircinvestmentcin cthecLLC.
C) Thecowners chavecunlimitedcliabilitycforcthecdebts cofcthecbusiness.
D) Members carecnotctaxedclikecmembers cofca cpartnership.c
Answer:c B
Diff:c2
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
14) Which cofcthecfollowingcstatements cis cTRUEcforca climitedcliabilitycpartnership?
A) Allcpartners chaveclimitedcliabilitycforcthecdebts cofcthecpartnership.
B) Allcthecpartners carecconsideredctocbeclimitedcpartners.
C) Thecgeneralcpartnerchas cunlimitedcliabilitycforcthecdebts cofcthecpartnership.
D) Theclimitedcpartners chavecunlimitedcliabilitycforcthecdebts cofcthecpartnership.c
Answer:c C
Diff:c2
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
3
Copyright c©c2022 cPearson cEducation,cInc.
mynursytest.store
c c c c c c c c c
FinancialcAccounting,c13ec(Thomas/Tietz)
Chapterc1 ThecFinancialcStatements
LearningcObjectivec1-1
1) Accountingcis can cinformation csystem cthatcmeasures cbusiness cactivities.c
Answer:c TRUE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
2) Bookkeepingcis ca cmechanicalcpartcofcaccounting.c
Answer:c TRUE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
3) Accountingcis coften ccalledctheclanguagecofcbusiness.c
Answer:c TRUE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
4) Accountingcproduces cfinancialcstatements,cwhich creportcinformation caboutca cbusiness.c
Answer:c TRUE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory
AICPAcFunctional:c Measurement,cReporting
5) Thecaccountingcprocess cbegins candcends cwith cpeoplecmakingcdecisions.c
Answer:c TRUE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
1
Copyright c©c2022 cPearson cEducation,cInc.
mynursytest.store
,DOWNLOAD THE Test Bank for Financial Accounting 13th Edition Thomas
c c c c c c c c c
6) Accountingcinformation cis cusedcbycinvestors candccreditors,cbutcnotcbycregulatorycbodies.c
Answer:c FALSE
Explanation:c c Itcis cusedcbycindividuals,cinvestors,ccreditors,cnonprofits,candcregulatorycbodies.
Diff:c1
LO:c c 1-1
AACSB:c c Reflective cThinking
AICPAcBuscPersp:c Industry cSector,cLegal/Regulatory cAICP
AcFunctional:c Measurement,cReporting
7) SincecHabitatcforcHumanitycis cnotcconcernedcaboutcmakingca cprofit,cthecentitycdoes cnotcneedctocusec
accountingcinformation.
Answer:c c FALSE
Diff:c1
LO:c c 1-1
AACSB:c c Reflective cThinking
AICPAcBuscPersp:c Industry cSector,cLegal/Regulatory cAICP
AcFunctional:c Measurement,cReporting
8) Thecbusiness crecords cofca csolecproprietorshipcshouldcincludecthecproprietor's cpersonalcfinances.c
Answer:c FALSE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
9) Acpartnershipcis ca ctaxpayingcentity.c
Answer:c FALSE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
10) Stockholders chavecnocpersonalcobligation cforctheccorporation's cdebts.c
Answer:c TRUE
Diff:c1
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
2
Copyright c©c2022 cPearson cEducation,cInc.
mynursytest.store
, DOWNLOAD THE Test Bank for Financial Accounting 13th Edition Thomas
c c c c c c c c c
11) Accounting:
A) measures cbusiness cactivities.
B) processes cdata cintocreports candccommunicates cthecdata ctocdecision cmakers.
C) is coften ccalledctheclanguagecofcbusiness.
D) is callcofcthecabove.c
Answer:c D
Diff:c2
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory
AICPAcFunctional:c Measurement,cReporting
12) Acdisadvantagecofcgeneralcpartnerships cis:
A) doublectaxation cofcdistributedcprofits.
B) thecpartnership's cassets careccommingledcwith ceach cpartner's cpersonalcassets.
C) onlycindividuals ccan cbecpartners.
D) each cpartnercmaycconductcbusiness cin cthecnamecofcthecentitycandcmakecagreements cthatclegallycbindc
allcpartners.
Answer:c c D
Diff:c2
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
13) Which cofcthecfollowingcstatements cis cTRUEcforca climitedcliabilityccompany?
A) Members chavecunlimitedcliabilitycforcthecdebts cofcthecbusiness.
B) Members chaveclimitedcliabilitycforcdebts conlycupctocthecextentcofctheircinvestmentcin cthecLLC.
C) Thecowners chavecunlimitedcliabilitycforcthecdebts cofcthecbusiness.
D) Members carecnotctaxedclikecmembers cofca cpartnership.c
Answer:c B
Diff:c2
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
14) Which cofcthecfollowingcstatements cis cTRUEcforca climitedcliabilitycpartnership?
A) Allcpartners chaveclimitedcliabilitycforcthecdebts cofcthecpartnership.
B) Allcthecpartners carecconsideredctocbeclimitedcpartners.
C) Thecgeneralcpartnerchas cunlimitedcliabilitycforcthecdebts cofcthecpartnership.
D) Theclimitedcpartners chavecunlimitedcliabilitycforcthecdebts cofcthecpartnership.c
Answer:c C
Diff:c2
LO:c c 1-1
AACSB:c Reflective cThinking c AICP
AcBuscPersp:c Legal/Regulatory cAICP
AcFunctional:c Measurement
3
Copyright c©c2022 cPearson cEducation,cInc.
mynursytest.store
