Survey of Accounting, 8th Edition — by Carl Warren — Complete Test Bank (Chapter 1-15)

TEST BANK
Survey of Accounting, 8th Edition
by Carl Warren
LU
XE
LI
BR
AR
Y

, Table of Content
Chapter 1. The Role of Accounting in Business

Chapter 2. Basic Accounting Systems: Cash Basis

Chapter 3. Basic Accounting Systems: Accrual Basis

Chapter 4. Accounting for Retail Operations

Chapter 5. Internal Control and Cash
LU
Chapter 6. Receivables and Inventories

Chapter 7. Fixed Assets, Natural Resources, and Intangible Assets

Chapter 8. Liabilities and Stockholders' Equity

Chapter 9. Metric-Analysis of Financial Statements
XE
Chapter 10. Accounting Systems for Manufacturing Operations

Chapter 11. Cost-Volume-Profit Analysis

Chapter 12. Differential Analysis and Product Pricing
LI
Chapter 13. Budgeting and Standard Costs

Chapter 14. Decentralized Operations
BR
Chapter 15. Capital Investment Analysis
AR
Y

,Chapter 1
1. The objective of most businesses is to maximize profits.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
LU
KEYWORDS: Bloom's: Knowledge

2. A limited liability company combines attributes of a partnership and a corporation.
a. True
b. False
ANSWER: True
XE
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
LI
KEYWORDS: Bloom's: Knowledge

3. A partnership is owned by two or more individuals.
a. True
BR
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
AR
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

4. Manufacturing businesses change basic inputs into products that are sold to individual customers.
a. True
b. False
ANSWER: True
Y
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge


Copyright Cengage Learning. Powered by Cognero. Page 1

, Chapter 1
5. Merchandising businesses produce products rather than provide services to customers.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
LU
KEYWORDS: Bloom's: Knowledge

6. A corporation is a business that is legally separate and distinct from its owners.
a. True
b. False
ANSWER: True
XE
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
LI
KEYWORDS: Bloom's: Knowledge

7. The popularity of the sole proprietorship is due to the ease and low cost of organizing.
a. True
BR
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
AR
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

8. A primary disadvantage of corporations is that the financial resources available to them are limited.
a. True
b. False
ANSWER: False
Y
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge


Copyright Cengage Learning. Powered by Cognero. Page 2