TEST BANK College Accounting Chapters 1-30, 17th Edition David Haddock, John Price, Michael Fa

TEST BANK For
College Accounting Chapters 1-30 16th Edition David Haddock, John
Price, Michael Farina

Answers are at the end of each Chapter

Chapter 1

Student name:__________
1) What is the “language of business?” List three groups who use this financial information.


Question Details
Difficulty : 1 Easy
Learning Objective : 01-01 Define accounting.
Topic : What is Accounting?
Bloom's : Remember
AACSB : Analytical Thinking
AICPA : BB Industry
AICPA : FN Decision Making
Accessibility : Keyboard Navigation
Type : Static
Learning Objective : 01-03 Identify the users of financial information.
Gradable : manual
Accessibility : Screen Reader Compatible




2) Cullen Company of country X and Shaw Industries of country Y have issued financial
statements in compliance with the accounting principles of their respective countries. They
would like to work together on a project and need to compare their current financial statements
prior to starting the project. However, the accounting principles of the two countries differ. What
organization might they turn to regarding this issue? (Give both the full name of the organization
and its acronym.) What is the function of this organization?




Version 1 1

,Question Details
AACSB : Analytical Thinking
AICPA : BB Industry
AICPA : FN Decision Making
Accessibility : Keyboard Navigation
Type : Static
Learning Objective : 01-05 Describe the process used to develop generally accepted accounting princip
Topic : Generally Accepted Accounting Principles
Difficulty : 2 Medium
Bloom's : Understand
AICPA : BB Global
Gradable : manual
Accessibility : Screen Reader Compatible




3) You have just entered college and decide to pursue a career as a certified bookkeeper.
What three requirements must you satisfy to receive this designation?


Question Details
Difficulty : 1 Easy
Topic : What is Accounting?
Bloom's : Remember
AACSB : Analytical Thinking
AICPA : BB Industry
AICPA : FN Decision Making
Accessibility : Keyboard Navigation
Type : Static
Learning Objective : 01-02 Identify and discuss career opportunities in accounting.
Gradable : manual
Accessibility : Screen Reader Compatible




4) There are three general services public accountants offer. List and briefly describe each.




Version 1 2

,Question Details
Topic : What is Accounting?
AACSB : Analytical Thinking
AICPA : BB Industry
AICPA : FN Decision Making
Accessibility : Keyboard Navigation
Type : Static
Learning Objective : 01-02 Identify and discuss career opportunities in accounting.
Difficulty : 2 Medium
Bloom's : Understand
Gradable : manual
Accessibility : Screen Reader Compatible




5) List at least five activities performed by managerial accountants.




Question Details
Difficulty : 1 Easy
Topic : What is Accounting?
Bloom's : Remember
AACSB : Analytical Thinking
AICPA : BB Industry
AICPA : FN Decision Making
Accessibility : Keyboard Navigation
Type : Static
Learning Objective : 01-02 Identify and discuss career opportunities in accounting.
Gradable : manual
Accessibility : Screen Reader Compatible




6) Having enjoyed multiple accounting courses in college, you have decided to pursue a
CPA license. What requirements must you fulfill to achieve this certification?




Version 1 3

, Question Details
Difficulty : 1 Easy
Topic : What is Accounting?
Bloom's : Remember
AACSB : Analytical Thinking
AICPA : BB Industry
AICPA : FN Decision Making
Accessibility : Keyboard Navigation
Type : Static
Learning Objective : 01-02 Identify and discuss career opportunities in accounting.
Gradable : manual
Accessibility : Screen Reader Compatible




7) How do sole proprietorships, partnerships, and corporations differ?




Question Details
AACSB : Analytical Thinking
AICPA : BB Industry
AICPA : FN Decision Making
Accessibility : Keyboard Navigation
Type : Static
Learning Objective : 01-04 Compare and contrast the three types of business entities.
Topic : Types of Business Entities
AICPA : BB Legal
Difficulty : 2 Medium
Bloom's : Understand
Gradable : manual
Accessibility : Screen Reader Compatible




8) List three individuals or groups who use financial information to make decisions about a
firm. For each listed, give an example of why they would need the information.




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