Test Bank – Financial Accounting, 15th Edition – Carl S. Warren, James M. Reeve, & Jonathan Duchac – ISBN 9781337272124 (Full Chapters 1–17 Covered)

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Financial Accounting
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15th Edition
IAIA

TEST BANK
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Carl S. Warren, James M. Reeve, Jonathan
AAP

Duchac
PPPR

Comprehensive Test Bank for Instructors
and Students
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9781337272124
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© Carl S. Warren, James M. Reeve & Jonathan Duchac. All rights
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reserved. Reproduction or distribution without permission is
prohibited.
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© MEDGEEK

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TABLE OF CONTENTS

Test Bank – Financial Accounting (15th Edition)
Authors: Carl S. Warren, James M. Reeve, and Jonathan Duchac
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ISBN: 9781337272124

PART I: THE ACCOUNTING CYCLE

Chapter 1: Introduction to Accounting and Business
Chapter 2: Analyzing Transactions
Chapter 3: The Adjusting Process
IAIA
Chapter 4: Completing the Accounting Cycle
Chapter 5: Accounting Systems

PART II: ASSETS AND INTERNAL CONTROLS
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Chapter 6: Accounting for Merchandising Businesses
Chapter 7: Inventories
Chapter 8: Internal Controls and Cash
Chapter 9: Receivables
Chapter 10: Long-Term Assets: Fixed and Intangible
AAP
PART III: LIABILITIES AND EQUITY

Chapter 11: Current Liabilities and Payroll
Chapter 12: Accounting for Partnerships and Limited Liability Companies
PPPR
Chapter 13: Corporations: Organization, Stock Transactions, and Dividends
Chapter 14: Long-Term Liabilities: Bonds and Notes

PART IV: FINANCIAL REPORTING AND ANALYSIS
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Chapter 15: Investments and Fair Value Accounting
Chapter 16: Statement of Cash Flows
Chapter 17: Financial Statement Analysis
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, Chapter 1 - Introduction to Accounting and Business
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True / False

1. A merchandising business buys products from other businesses to sell to customers.
a. True
b. False
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ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 - Industry
IAIA
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

2. The role of accounting is to provide many different users with financial information to make economic decisions.
a. True
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b. False
ANSWER: True
DIFFICULTY: Moderate
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
AAP
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

3. Accounting information users need reports about the economic activities and condition of businesses.
PPPR
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
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LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
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4. Managerial accounting information is used by external and internal users equally.
a. True
b. False
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ANSWER: False
DIFFICULTY: Easy
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Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
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© 2018 Cengage. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Page 1

, Chapter 1 - Introduction to Accounting and Business
ST TU ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
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5. Senior executives cannot be criminally prosecuted for the wrongdoings they commit on behalf of the companies where
they work.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom's: Understanding
IAIA
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.03 - Legal
ACCT.AICPA.FN.03 - Measurement
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BUSPROG: Ethics

6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
information to the management.
a. True
AAP
b. False
ANSWER: True
DIFFICULTY: Moderate
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
PPPR
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

7. Proper ethical conduct implies that you only consider what's in your best interest.
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a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
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LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.BB.03 - Legal
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ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics
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© 2018 Cengage. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Page 2