Test Bank for Advanced Financial Accounting 13th Edition By Theodore Christensen ISB NO1260772136 Complete Guide.pdf

,DOWNLOAD THE Test Bank for Financial Accounting 13th Edition Thomas
m m m m m m m m m




Financialm Accounting,m 13em (Thomas/Tietz)
Chapterm1 ThemFinancialmStatements

LearningmObjectivem1-1

1) Accountingmis man minformation msystem mthatmmeasures mbusiness mactivit
ies.mAnswer:m TRUE
Diff:m1
LO:m m 1-1
AACSB:m Reflective mThinking m AIC
PAmBusmPersp:m Legal/Regulatory mA
ICPAmFunctional:m Measurement

2) Bookkeepingmis ma mmechanical mpartmofmaccounti
ng.mAnswer:m TRUE
Diff:m1
LO:m m 1-1
AACSB:m Reflective mThinking m AIC
PAmBusmPersp:m Legal/Regulatory mA
ICPAmFunctional:m Measurement

3) Accountingmis moften mcalledmthemlanguagemofmbusin
ess.mAnswer:m TRUE
Diff:m1
LO:m m 1-1
AACSB:m Reflective mThinking m AIC
PAmBusmPersp:m Legal/Regulatory mA
ICPAmFunctional:m Measurement

4) Accountingmproduces mfinancialmstatements,mwhich mreportminformation maboutma mbusin
ess.mAnswer:m TRUE
Diff:m1
LO:m m 1-1
AACSB:m Reflective mThinking m AIC
PAmBusmPersp:m Legal/Regulatory
AICPAmFunctional:m Measurement,mReporting

5) Themaccountingmprocess mbegins mandmends mwith mpeoplemmakingmdecisi
ons.mAnswer:m TRUE
Diff:m1
LO:m m 1-1
AACSB:m Reflective mThinking m AIC
PAmBusmPersp:m Legal/Regulatory mA
ICPAmFunctional:m Measurement




1
Copyright m©m2022 mPearson mEducation,mIn
c.
mynursytest.store

,DOWNLOAD THE Test Bank for Financial Accounting 13th Edition Thomas
m m m m m m m m m




6) Accountingminformation mis musedmbyminvestors mandmcreditors,mbutmnotmbymregulatorymb
odies.mAnswer:m FALSE
Explanation:m m Itmis musedmbymindividuals,minvestors,mcreditors,mnonprofits,mandmregulatorymbodies.
Diff:m1
LO:m m 1-1
AACSB:m m Reflective mThinking
AICPAmBusmPersp:m Industry mSector,mLegal/Regulatory mAI
CPAmFunctional:m Measurement,mReporting

7) SincemHabitatmformHumanitymis mnotmconcernedmaboutmmakingma mprofit,mthementitymdoes mnotmneed
mtomusemaccountingminformation.

Answer:m m FALSE
Diff:m1
LO:m m 1-1
AACSB:m m Reflective mThinking
AICPAmBusmPersp:m Industry mSector,mLegal/Regulatory mAI
CPAmFunctional:m Measurement,mReporting

8) Thembusiness mrecords mofma msolemproprietorshipmshouldmincludemthemproprietor's mpersonalmfina
nces.mAnswer:m FALSE
Diff:m1
LO:m m 1-1
AACSB:m Reflective mThinking m AIC
PAmBusmPersp:m Legal/Regulatory mA
ICPAmFunctional:m Measurement

9) Ampartnershipmis ma mtaxpayingmentit
y.mAnswer:m FALSE
Diff:m1
LO:m m 1-1
AACSB:m Reflective mThinking m AIC
PAmBusmPersp:m Legal/Regulatory mA
ICPAmFunctional:m Measurement

10) Stockholders mhavemnompersonalmobligation mformthemcorporation's mde
bts.mAnswer:m TRUE
Diff:m1
LO:m m 1-1
AACSB:m Reflective mThinking m AIC
PAmBusmPersp:m Legal/Regulatory mA
ICPAmFunctional:m Measurement




2
Copyright m©m2022 mPearson mEducation,mIn
c.
mynursytest.store

, DOWNLOAD THE Test Bank for Financial Accounting 13th Edition Thomas
m m m m m m m m m




11) Accounting:
A) measures mbusiness mactivities.
B) processes mdata mintomreports mandmcommunicates mthemdata mtomdecision mmakers.
C) is moften mcalledmthemlanguagemofmbusiness.
D) is mallmofmthemabov
e.mAnswer:m D
Diff:m2
LO:m m 1-1
AACSB:m Reflective mThinking m AIC
PAmBusmPersp:m Legal/Regulatory
AICPAmFunctional:m Measurement,mReporting

12) Amdisadvantagemofmgeneralmpartnerships mis:
A) doublemtaxation mofmdistributedmprofits.
B) thempartnership's massets maremcommingledmwith meach mpartner's mpersonalmassets.
C) onlymindividuals mcan mbempartners.
D) each mpartnermmaymconductmbusiness min mthemnamemofmthementitymandmmakemagreements mthatmlegall
ymbindmallmpartners.
Answer:m m D
Diff:m2
LO:m m 1-1
AACSB:m Reflective mThinking m AIC
PAmBusmPersp:m Legal/Regulatory mA
ICPAmFunctional:m Measurement

13) Which mofmthemfollowingmstatements mis mTRUEmforma mlimitedmliabilitymcompany?
A) Members mhavemunlimitedmliabilitymformthemdebts mofmthembusiness.
B) Members mhavemlimitedmliabilitymformdebts monlymupmtomthemextentmofmtheirminvestmentmin mthemLLC.
C) Themowners mhavemunlimitedmliabilitymformthemdebts mofmthembusiness.
D) Members maremnotmtaxedmlikemmembers mofma mpartners
hip.mAnswer:m B
Diff:m2
LO:m m 1-1
AACSB:m Reflective mThinking m AIC
PAmBusmPersp:m Legal/Regulatory mA
ICPAmFunctional:m Measurement

14) Which mofmthemfollowingmstatements mis mTRUEmforma mlimitedmliabilitympartnership?
A) Allmpartners mhavemlimitedmliabilitymformthemdebts mofmthempartnership.
B) Allmthempartners maremconsideredmtombemlimitedmpartners.
C) Themgeneralmpartnermhas munlimitedmliabilitymformthemdebts mofmthempartnership.
D) Themlimitedmpartners mhavemunlimitedmliabilitymformthemdebts mofmthempartner
ship.mAnswer:m C
Diff:m2
LO:m m 1-1
AACSB:m Reflective mThinking m AIC
PAmBusmPersp:m Legal/Regulatory mA
ICPAmFunctional:m Measurement




3
Copyright m©m2022 mPearson mEducation,mIn
c.
mynursytest.store