FULL TEST BANK For Cornerstones of Financial Accounting 1st Canadian Edition By Rich Jones Mowen Hansen Latest Update Graded A+

FULL TEST BANK
For Cornerstones of Financial Accounting 1st Canadian Edition By Rich
Jones Mowen Hansen Latest Update Graded A+
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,Chapter 1—Accounting And The Financial Statements



True/False
1. The Majority Of Business In Canada Is Conducted By Corporations.



Ans: T Pts: 1 Dif: Easy Obj: 1-2
Nat: Aicpa Fn-Reporting | Aacsb Communication | Acbsp-Apc-01- Purpose



2. The Three Main Business Activities Are Financing, Operating,
And Investing.



Ans: T Pts: 1 Dif: Easy Obj: 1-2
Nat: Aicpa Fn-Reporting | Aacsb Communication | Acbsp-Apc-03- Business
Forms



3. Internal Users Of Accounting Information Include Present Creditors
And Management.



Ans: F Pts: 1 Dif: Easy Obj: 1-1
Nat: Aicpa Fn-Reporting | Aacsb Communication | Acbsp-Apc-01- Purpose



4. The Income Statement Summarizes The Assets, Liabilities
And Shareholders’ Equity For A Period Of Time.



Ans: F Pts: 1 Dif: Easy Obj: 1-3

,Nat: Aicpa Fn-Reporting | Aacsb Communication | Acbsp-Apc-09- Financial
Statement

, 5. The Four Basic Financial Statements Are The Income Statement,
Statement Of Retained Earnings, Balance Sheet, And Statement Of
Cash Flows.



Ans: T Pts: 1 Dif: Easy Obj: 1-3
Nat: Aicpa Fn-Reporting | Aacsb Communication | Acbsp-Apc-09- Financial
Statement



6. The Amount Of Earnings Distributed To Shareholders Can Be Found In
The Income Statement As An Expense.



Ans: F Pts: 1 Dif: Moderate Obj: 1-5 | 1-6
Nat: Aicpa Fn-Reporting | Aacsb Communication | Acbsp-Apc-09- Financial
Statement



7. Shareholders’ Equity Is Composed Of Two Main Sources: Liabilities
And Contributed Capital.



Ans: FPts: 1 Dif: Easy Ref: Cs1-2 Obj:
1-4
Nat: Aicpa Fn-Reporting | Aacsb Communication | Acbsp-Apc-09- Financial
Statement



8. The First Step In Preparing The Classified Balance Sheet Is To
List The Assets In Order Of Liquidity.



Ans: FPts: 1 Dif: Moderate Ref: Cs1-2
Obj: 1-4
Nat: Aicpa Fn-Reporting | Aacsb Communication | Acbsp-Apc-09- Financial