TEST BANK__Survey of Accounting 7th Edition by Carl Warren , ISBN: 9781285183480 |All Chapters Included| Guide A+

TEST BANK
Survey of Accounting

Carl Warren

7th Edition
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,Table of Contents
1. The Role of Accounting in Business
2. Basic Accounting Systems: Cash Basis
3. Basic Accounting Systems: Accrual Basis
4. Accounting for Merchandising Businesses
5. Internal Control and Cash
6. Receivables and Inventories
7. Fixed Assets, Natural Resources, and Intangible Assets
8. Liabilities and Stockholders’ Equity
9. Financial Statement Analysis
10. Accounting Systems for Manufacturing Operations
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11. Cost-Volume-Profit Analysis
12. Differential Analysis and Product Pricing
13. Budgeting and Standard Costs
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14. Performance Evaluation for Decentralized Operations
15. Capital Investment Analysis
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,Chapter 1
1. The objective of most businesses is to maximize profits.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

2. A limited liability company combines attributes of a partnership and a corporation.
a. True
b. False
ANSWER: True
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POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
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KEYWORDS: Bloom's: Knowledge

3. A partnership is owned by two or more individuals.
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a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
O
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
C
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

4. Manufacturing businesses change basic inputs into products that are sold to individual customers.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

, 5. Merchandising businesses produce products rather than provide services to customers.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

6. A corporation is a business that is legally separate and distinct from its owners.
a. True
b. False
ANSWER: True
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POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
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KEYWORDS: Bloom's: Knowledge

7. The popularity of the sole proprietorship is due to the ease and low cost of organizing.
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a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
O
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
C
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

8. A primary disadvantage of corporations is that the financial resources available to them are limited.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge