bym
mm JohnmWildmandmKenmShaw,mKermitmLarsonmComplete
TEST BANK FOR
m m
FundamentalmAccountingmPrinciples,m25thmEdition,mJohn
WildChapterm1-26mAnswersmatmthemEndmofmEachmChapter
Chapterm01:
Studentmname:m
1) Whichmofmthemfollowingmismnotmaccomplishedmbymaccounting?
A) Identifiesmbusinessmactivities.
B) Recordsmbusinessmactivities.
C) Communicatesmbusinessmactivities.
D) Eliminatesmthemneedmforminterpretingmfinancialmdata.
E) Helpsmpeoplemmakembettermdecisions.
2) Whichmofmthemfollowingmismanmexternalmusermofmaccountingminformation?
A) Purchasingmmanager.
B) Humanmresourcemmanager.
C) Lender.
D) Chiefmexecutivemofficerm(CEO).
E) Marketingmmanager.
3) Themprimarymobjectivemofmfinancialmaccountingmismto:
A) Servemthemdecision-makingmneedsmofminternalmusers.
B) Providemaccountingminformationmthatmservesmexternalmusers.
C) Monitormconsumermneeds,mtastes,mandmpricemconcerns.
D) Provideminformationmonmbothmthemcostsmandmbenefitsmofmlooking
,m afterm productsmandservices.
E) Knowmwhat,mwhen,mandmhowmmuchmproductmtomproduce.
,4) Themareamofmaccountingmaimedmatmservingmthemdecision-
makingmneedsmofminternalmusersmis:
A) Financialmaccounting.
B) Managerialmaccounting.
C) Externalmauditing.
D) SECmreporting.
E) Bookkeeping.
5) Whichmofmthemfollowingmismmnotmanmexternalmusermofmaccountingminformation?
A) Shareholders.
B) Customers.
C) Purchasingmmanagers.
D) Governmentmregulators.
E) Creditors.
6) WhichmofmthemfollowingmismnotmtruemregardingmamCertifiedmPublicmAccountant?
A) Mustmmeetmeducationmrequirements.
B) Mustmpassmanmexamination.
C) Mustmexhibitmethicalmcharacter.
D) Mustmmeetmexperiencemrequirements.
E) CannotmholdmanymcertificatemothermthanmamCPA.
7) Whichmofmthemfollowingmfactorsmismnotmamcomponentmofmthemfraudmtriangle?
, A) Opportunity
B) Pressure
C) Rationalization
D) Allmofmthemabovemaremcomponentsmofmthemfraudmtriangle.
8) Whichmofmthemfollowingmismnotmtruemregardingmethics:
A) Ethicsmarembeliefsmthatmseparatemrightmfrommwrong.
B) Goodmethicsmaremgoodmbusiness.
C) Ethicsmdomnotmaffectmthemoperationsmormoutcomemofmamcompany.
D) Accountantsmfacemethicalmchoicesmasmtheympreparemfinancialmreports.
E) Ethicsmaremacceptedmstandardsmofmgoodmandmbadmbehavior.
9) Amcorporationmis:
A) Ambusinessmlegallymseparatemfrommitsmowners.
B) ControlledmbymthemFASB.
C) Notmresponsiblemformitsmownmactsmandmownmdebts.
D) Themsamemasmamlimitedmliabilitympartnership.
E) Notmsubjectmtomdoublemtaxation.
10) Themgroupmthatmsetsminternationalmpreferredmaccountingmpracticesmismcalledmth
e:
A) AICPA.
B) IASB.
C) CAP.
D) SEC.
E) FASB.