Test Bank for College Accounting, Chapters 1-27, 22nd Edition

Test Bank for College Accounting, Chapters 1-27, 22nd Edition 1. The purpose of accounting is to provide financial information about the current operations and financial conditions of a business to individuals and organizations. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: COLL.HEIN.17.01 - LO 1-1 ACCREDITING STANDARDS: AICPA FN-Measurement BUSPROG: Analytic TOPICS: ACBSP: APC-01-Purpose KEYWORDS: Bloom's: Remembering NOTES: 1 min. 2. Since financial information is communicated in accounting terms, accounting is said to be the "language of business." a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: COLL.HEIN.17.01 - LO 1-1 ACCREDITING STANDARDS: AICPA FN-Measurement BUSPROG: Analytic TOPICS: ACBSP: APC-01-Purpose KEYWORDS: Bloom's: Remembering NOTES: 1 min. 3. Interpreting refers to reviewing events that have taken place and determining how they affect a business. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: COLL.HEIN.17.02 - LO 1-2 ACCREDITING STANDARDS: AICPA FN-Measurement BUSPROG: Analytic TOPICS: ACBSP: APC-01-Purpose KEYWORDS: Bloom's: Remembering NOTES: 1 min. 4. A partnership is owned by stockholders or shareholders and is managed by them. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: COLL.HEIN.17.04 - LO 1-4 ACCREDITING STANDARDS: AICPA FN-Measurement BUSPROG: Analytic TOPICS: ACBSP: APC-03-Business Forms KEYWORDS: Bloom's: Understanding NOTES: 1 min.