(College Accounting Chapters 1-30, 17e John Price, David Haddock, Michael Farina)
(Solution Manual, For Complete File, Download link at the end of this File)
Chapter 1: Price, College Accounting, 17e
Questions and Answers to Section Reviews
Chapter 1: Section 1 Review
QUESTIONS
1. The names of three accounting jobs include all but:
a. logistics manager.
b. accountant.
c. bookkeeper.
d. accounts payable clerk.
Answer: A
Difficulty: 1 Easy
Learning Objective: 01-02
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
2. Accounting is called:
a. the language of economics.
b. the language of finance.
c. the language of business.
d. the language of commerce.
Answer: C
Difficulty: 1 Easy
Learning Objective: 01-01
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
3. Financial statements are:
a. accumulated financial data summarized in periodic reports.
b. accumulated transactions of the firm’s sales activities.
c. a summary of records and procedures that make up the accounting system.
d. a summarized description of a firm's accounting system.
,Answer: A
Difficulty: 1 Easy
Learning Objective: 01-01
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Reporting
4. The organization that has the final say on financial accounting issues faced by publicly
owned corporations is the:
a. Federal Trade Commission.
b. Securities and Exchange Commission.
c. Internal Revenue Service.
d. U.S. Treasury.
Answer: B
Difficulty: 1 Easy
Learning Objective: 01-03
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
5. As the owner of a small business, you have decided to apply for a loan to expand your locations.
Information that you most likely will need to provide to the lender include all but:
a. current sales and expense figures.
b. projected sales and expense figures.
c. the cost of the expansion.
d. the average value of homes in your neighborhood.
Answer: D
Difficulty: 2 Medium
Learning Objective: 01-03
Topic: What is Accounting?
Blooms: Understand
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Reporting
6. One requirement for becoming a CPA is to pass the:
a. Final CPA Examination.
, b. SEC Accounting Examination.
c. Uniform CPA Exam.
d. State Board Examination.
Answer: C
Difficulty: 1 Easy
Learning Objective: 01-02
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
7. The CPA designation stands for:
a. Certified Public Analyst.
b. Certified Public Appraiser.
c. Certified Public Accountant.
d. Certified Public Associate.
Answer: C
Difficulty: 1 Easy
Learning Objective: 01-02
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
8. The Certified Bookkeeper exam includes all the parts below except:
a. Business Law.
b. Adjustments and Error Corrections.
c. Inventory.
d. Payroll and Depreciation.
Answer: A
Difficulty: 1 Easy
Learning Objective: 01-02
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
, 9. To become a Certified Bookkeeper, one must meet all requirements below except:
a. Pass the national certified bookkeeper exam.
b. Sign a code of ethics.
c. Pass a criminal background check.
d. Submit evidence that you satisfy the experience requirements for the designation.
Answer: C
Difficulty: 1 Easy
Learning Objective: 01-02
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
10. All of the following are users of accounting information except:
a. owners and managers.
b. banks and suppliers.
c. search engines on a website.
d. tax authorities and regulatory agencies.
Answer: C
Difficulty: 1 Easy
Learning Objective: 01-03
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
11. All of the following are goals of internal control except:
a. policies and procedures to safeguard assets.
b. ensure reliability of accounting data.
c. fraud prevention.
d. encourage noncompliance with management policies and applicable laws.
Answer: D
Difficulty: 1 Easy
Learning Objective: 01-03
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
(Solution Manual, For Complete File, Download link at the end of this File)
Chapter 1: Price, College Accounting, 17e
Questions and Answers to Section Reviews
Chapter 1: Section 1 Review
QUESTIONS
1. The names of three accounting jobs include all but:
a. logistics manager.
b. accountant.
c. bookkeeper.
d. accounts payable clerk.
Answer: A
Difficulty: 1 Easy
Learning Objective: 01-02
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
2. Accounting is called:
a. the language of economics.
b. the language of finance.
c. the language of business.
d. the language of commerce.
Answer: C
Difficulty: 1 Easy
Learning Objective: 01-01
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
3. Financial statements are:
a. accumulated financial data summarized in periodic reports.
b. accumulated transactions of the firm’s sales activities.
c. a summary of records and procedures that make up the accounting system.
d. a summarized description of a firm's accounting system.
,Answer: A
Difficulty: 1 Easy
Learning Objective: 01-01
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Reporting
4. The organization that has the final say on financial accounting issues faced by publicly
owned corporations is the:
a. Federal Trade Commission.
b. Securities and Exchange Commission.
c. Internal Revenue Service.
d. U.S. Treasury.
Answer: B
Difficulty: 1 Easy
Learning Objective: 01-03
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
5. As the owner of a small business, you have decided to apply for a loan to expand your locations.
Information that you most likely will need to provide to the lender include all but:
a. current sales and expense figures.
b. projected sales and expense figures.
c. the cost of the expansion.
d. the average value of homes in your neighborhood.
Answer: D
Difficulty: 2 Medium
Learning Objective: 01-03
Topic: What is Accounting?
Blooms: Understand
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Reporting
6. One requirement for becoming a CPA is to pass the:
a. Final CPA Examination.
, b. SEC Accounting Examination.
c. Uniform CPA Exam.
d. State Board Examination.
Answer: C
Difficulty: 1 Easy
Learning Objective: 01-02
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
7. The CPA designation stands for:
a. Certified Public Analyst.
b. Certified Public Appraiser.
c. Certified Public Accountant.
d. Certified Public Associate.
Answer: C
Difficulty: 1 Easy
Learning Objective: 01-02
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
8. The Certified Bookkeeper exam includes all the parts below except:
a. Business Law.
b. Adjustments and Error Corrections.
c. Inventory.
d. Payroll and Depreciation.
Answer: A
Difficulty: 1 Easy
Learning Objective: 01-02
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
, 9. To become a Certified Bookkeeper, one must meet all requirements below except:
a. Pass the national certified bookkeeper exam.
b. Sign a code of ethics.
c. Pass a criminal background check.
d. Submit evidence that you satisfy the experience requirements for the designation.
Answer: C
Difficulty: 1 Easy
Learning Objective: 01-02
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
10. All of the following are users of accounting information except:
a. owners and managers.
b. banks and suppliers.
c. search engines on a website.
d. tax authorities and regulatory agencies.
Answer: C
Difficulty: 1 Easy
Learning Objective: 01-03
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
AICPA: BB Industry
AICPA: FN Measurement
11. All of the following are goals of internal control except:
a. policies and procedures to safeguard assets.
b. ensure reliability of accounting data.
c. fraud prevention.
d. encourage noncompliance with management policies and applicable laws.
Answer: D
Difficulty: 1 Easy
Learning Objective: 01-03
Topic: What is Accounting?
Blooms: Remember
AACSB: Analytical Thinking
