Test Bank for College Accounting: A Practical Approach 14th Edition by Jeffrey Slater, Mike Deschamps, Chapter 1-25 | All Chapters

TEST BANK
College Accounting: A Practical Approach | 14th Edition
by Jeffrey Slater, Mike Deschamps
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,Table of Content

Accounting Concepts and Procedures
Debits and Credits: Analyzing and Recording Business Transactions
Beginning the Accounting Cycle
The Accounting Cycle Continued
4A. Appendix: Depreciation
The Accounting Cycle Completed
Banking Procedures and Control of Cash
Calculating Pay and Recording Payroll Taxes: The Beginning of the Payroll
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Process
Paying the Payroll, Depositing Payroll Taxes, and Filing the Required Quarterly
and Annual Tax Forms: The Conclusion of the Payroll Process

Sales and Cash Receipts in a Perpetual Inventory System
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Purchases and Cash Payments in a Perpetual Inventory System
Preparing a Worksheet for a Merchandise Company Using the Perpetual Method
Completion of the Accounting Cycle for a Merchandise Company Using the
Perpetual Inventory Method
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12A. Appendix: Accounting for Merchandise Inventory Using the Periodic
Method of Inventory Valuation
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All Chapters Included
College Accounting, 14e (Slater)
Chapter 1 A c co u nt i ng Concepts and Procedures
All Answers Included
1.1 Learning Objective 1-1

1) The type of business organization that can continue indefinitely is known as a:
A) corporation.
B) partnership.
C) sole proprietorship.
D) All of the above
Answer: C
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Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles

2) The purpose of the accounting process is to provide financial information about:
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A) sole proprietorships.
B) small businesses.
C) large corporations.
D) All of these answers are correct.
Answer: D
Diff: 1
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LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
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3) Accounting provides information to:
A) investors.
B) government.
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C) managers.
D) All of these answers are correct.
Answer: D
Diff: 2
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LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
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4) Which of the following is a characteristic of a sole proprietorship?
A) Business owned by more than one person
B) Easy to form
C) Each stockholder acts as an owner of the company
D) Can continue indefinitely
Answer: B
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles




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5) A partnership is a business which:
A) is easy to form.
B) ends with the death of a partner.
C) is owned by more than one person.
D) All of these answers are correct.
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles

6) Which is an advantage of a sole proprietorship form of business?
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A) There is limited personal risk.
B) The business can continue indefinitely.
C) The owner makes all the decisions.
D) The business is legally separate from the owner.
Answer: C
Diff: 1
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LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles

7) Which of the following is NOT a type of business organization?
A) Corporation
B) Partnership
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C) Sole proprietorship
D) An Accounting organization
Answer: D
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Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
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8) A corporation:
A) is legally separate from its owners.
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B) is owned by stockholders.
C) has limited risk to stockholders.
D) All of the above
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Answer: D
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles




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