Test Bank For Survey of Accounting 10th Edition by Carl Warren, Amanda Farmer, Jefferson P. Jones All 1-14 Chapters Covered ,Latest Edition

TestcvBankcvforcvSurveycvofcvAccountingcv10ecv10thcvEditioncvbycvCarlcvWarren,cvAmandacvF
armer


Chapcv 01cv 10ecv Warren
AllcvChapters
Indicatec v whetherc v thec v statementc v isc v truec v or
c v false.

c v 1.cvThecvpopularitycvofcvthecvsolecvproprietorshipcviscvduecvtocvthecveasecvandcvlowcvcostcvofcvorganizing.

a. True
b. False

ANSWER:c v True

c v 2.cvAcvcorporationcviscvacvbusinesscvthatcviscvlegallycvseparatecvandcvdistinctcvfromcvitscvowners.

a. True
Pagecv1

, b. False

ANSWER:c v True

c v 3.cvMerchandisingcvbusinessescvproducecvproductscvrathercvthancvprovidecvservicescvtocvcustomers.

a. True
b. False

ANSWER:c v False

c v 4.cvAcvpartnershipcviscvownedcvbycvtwocvorcvmorecvindividuals.

a. True
b. False

ANSWER:c v True

c v 5.cvAcvlimitedcvliabilitycvcompanycvcombinescvattributescvofcvacvpartnershipcvandcvacvcorporation.

a. True
b. False

ANSWER:c v True

c v 6.cvThecvownershipcvofcvacvproprietorshipcviscvdividedcvintocvsharescvofcvstockcvownedcvbycvitscvstockholders.

a. True
b. False

ANSWER:c v False

c v 7.cvAccountingcviscvoftencvcalledcvthecv"languagecvofcvbusiness"cvbecausecvbusinesscvinformationcviscvcomm
unicatedcvtocvstakeholders.
a. True
b. False

ANSWER:c v True




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,Name: Class: Date:

Chapcv 01cv 10ecv Warr
en
c v 8.cvJohncvDeerecviscvacvleadingcvmanufacturercvofcvagriculturalcvmachinerycvincvthecvworld,cvproducingcvproducts
cvthatcvservecvuniquecvmarketcvneeds.cvTherefore,cvJohncvDeerecviscvancvexamplecvofcvacvcompanycvthatcvusescva
cvpremium-pricecvapproachcvtocvattractcvcustomers.

a. True
b. False

ANSWER:c v True

c v 9.cvCreditorscvhavecvpreferencecvtocvassetscvbehindcvstockholderscvifcvacvbusinesscvfails.

a. True
b. False

ANSWER:c v False

c v 10.cvAcvliabilitycviscvacvlegalcvobligationcvtocvrepaycvthecvamountcvborrowedcvaccordingcvtocvthecvtermscvofcvthecvborrowingcva
greement.
a. True
b. False

ANSWER:c v True

c v 11.cvThecvbalancecvsheetcvrepresentscvthecvaccountingcvequation.

a. True
b. False

ANSWER:c v True

c v 12.cvAcvprimarycvdisadvantagecvofcvcorporationscviscvthatcvthecvfinancialcvresourcescvavailablecvtocvthemcvarecvlimited.

a. True
b. False

ANSWER:c v False

c v 13.cvAssetscvarecvacquiredcvthroughcvinvestingcvactivitiescvwhencvresourcescvarecvpurchased.

a. True
b. False

ANSWER:c v True

c v 14.cvThecvobjectivecvofcvmostcvbusinessescviscvtocvmaximizecvprofits.

a. True
b. False

ANSWER:c v True




Pagecv3

, Name: Class: Date:

Chapcv 01cv 10ecv Warr
en
c v 15.cvThecvstockholders'cvequitycvofcvacvcompanycvshouldcvequalcvthecvsumcvofcvitscvtotalcvassetscvandcvtotalcvliabilities.

a. True
b. False

ANSWER:c v False

c v 16.cvThecvbranchcvofcvaccountingcvrelatedcvtocvthecvmanagement'scvfinancialcvdecisionscviscvknowncvascvfinancialcvaccounti
ng.
a. True
b. False

ANSWER:c v False

c v 17.cvAllcvmerchandisingcvbusinessescvarecvorganizedcvascvcorporations.

a. True
b. False

ANSWER:c v False

c v 18.cvStockholderscvofcvacvcorporationcvarecvitscvinternalcvstakeholders.

a. True
b. False

ANSWER:c v False

c v 19.cvThecvbasiccvtypecvofcvstockcvissuedcvtocvownerscviscvcalledcvcommoncvstock.

a. True
b. False

ANSWER:c v True

c v 20.cvAcvbusinesscvstakeholdercvhascvancvinterestcvincvthecveconomiccvperformancecvofcvacvcompany.

a. True
b. False

ANSWER:c v True

c v 21.cvManufacturingcvbusinessescvchangecvbasiccvinputscvintocvproductscvthatcvarecvsoldcvtocvindividualcvcustomers.

a. True
b. False

ANSWER:c v True

c v 22.cvCompaniescvusingcvacvlow-
costcvemphasiscvprovidecvproductscvandcvservicescvthatcvcompetecvoncvfeaturescvothercvthancvprice.
a. True
b. False

ANSWER:c v False
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