Test Bank-
Fundamental Accounting Principles
Author: John Wild and Ken Shaw
25 Edition
th
,Test Bank For
Fundamental Accounting Principles, 25th Edition, John Wild
Chapter 1-26 Answers At The End Of Each Chapter
Chapter 01:
Student Name:
1) Which Of The Following Is Not Accomplished By Accounting?
A) Identifies Business
Activities. B) Records Business
Activities.
C) Communicates Business Activities.
D) Eliminates The Need For Interpreting Financial
Data. E) Helps People Make Better Decisions.
2) Which Of The Following Is An External User Of Accounting Information?
A) Purchasing Manager.
B) Human Resource
Manager. C) Lender.
D) Chief Executive Officer (Ceo).
E) Marketing Manager.
3) The Primary Objective Of Financial Accounting Is To:
A) Serve The Decision-Making Needs Of Internal Users.
B) Provide Accounting Information That Serves External
Users. C) Monitor Consumer Needs, Tastes, And Price
Concerns.
D) Provide Information On Both The Costs And Benefits Of Looking After
Products And Services.
E) Know What, When, And How Much Product To Produce.
,4) The Area Of Accounting Aimed At Serving The Decision-Making Needs Of Internal
Users Is:
A) Financial Accounting.
B) Managerial
Accounting. C) External
Auditing.
D) Sec Reporting.
E) Bookkeeping.
5) Which Of The Following Is Not An External User Of Accounting Information?
A) Shareholders.
B) Customers.
C) Purchasing Managers.
D) Government
Regulators. E) Creditors.
6) Which Of The Following Is Not True Regarding A Certified Public Accountant?
A) Must Meet Education
Requirements. B) Must Pass An
Examination.
C) Must Exhibit Ethical Character.
D) Must Meet Experience Requirements.
E) Cannot Hold Any Certificate Other Than A Cpa.
7) Which Of The Following Factors Is Not A Component Of The Fraud Triangle?
, A) Opportunity
B) Pressure
C) Rationalization
D) All Of The Above Are Components Of The Fraud Triangle.
8) Which Of The Following Is Not True Regarding
Ethics: A) Ethics Are Beliefs That Separate Right
From Wrong.
B) Good Ethics Are Good Business.
C) Ethics Do Not Affect The Operations Or Outcome Of A Company.
D) Accountants Face Ethical Choices As They Prepare Financial
Reports. E) Ethics Are Accepted Standards Of Good And Bad
Behavior.
9) A Corporation Is:
A) A Business Legally Separate From Its
Owners. B) Controlled By The Fasb.
C) Not Responsible For Its Own Acts And Own Debts.
D) The Same As A Limited Liability
Partnership. E) Not Subject To Double
Taxation.
10) The Group That Sets International Preferred Accounting Practices Is Called
The: A) Aicpa.
B) Iasb.
C) Cap.
D) Sec.
E) Fasb.
Fundamental Accounting Principles
Author: John Wild and Ken Shaw
25 Edition
th
,Test Bank For
Fundamental Accounting Principles, 25th Edition, John Wild
Chapter 1-26 Answers At The End Of Each Chapter
Chapter 01:
Student Name:
1) Which Of The Following Is Not Accomplished By Accounting?
A) Identifies Business
Activities. B) Records Business
Activities.
C) Communicates Business Activities.
D) Eliminates The Need For Interpreting Financial
Data. E) Helps People Make Better Decisions.
2) Which Of The Following Is An External User Of Accounting Information?
A) Purchasing Manager.
B) Human Resource
Manager. C) Lender.
D) Chief Executive Officer (Ceo).
E) Marketing Manager.
3) The Primary Objective Of Financial Accounting Is To:
A) Serve The Decision-Making Needs Of Internal Users.
B) Provide Accounting Information That Serves External
Users. C) Monitor Consumer Needs, Tastes, And Price
Concerns.
D) Provide Information On Both The Costs And Benefits Of Looking After
Products And Services.
E) Know What, When, And How Much Product To Produce.
,4) The Area Of Accounting Aimed At Serving The Decision-Making Needs Of Internal
Users Is:
A) Financial Accounting.
B) Managerial
Accounting. C) External
Auditing.
D) Sec Reporting.
E) Bookkeeping.
5) Which Of The Following Is Not An External User Of Accounting Information?
A) Shareholders.
B) Customers.
C) Purchasing Managers.
D) Government
Regulators. E) Creditors.
6) Which Of The Following Is Not True Regarding A Certified Public Accountant?
A) Must Meet Education
Requirements. B) Must Pass An
Examination.
C) Must Exhibit Ethical Character.
D) Must Meet Experience Requirements.
E) Cannot Hold Any Certificate Other Than A Cpa.
7) Which Of The Following Factors Is Not A Component Of The Fraud Triangle?
, A) Opportunity
B) Pressure
C) Rationalization
D) All Of The Above Are Components Of The Fraud Triangle.
8) Which Of The Following Is Not True Regarding
Ethics: A) Ethics Are Beliefs That Separate Right
From Wrong.
B) Good Ethics Are Good Business.
C) Ethics Do Not Affect The Operations Or Outcome Of A Company.
D) Accountants Face Ethical Choices As They Prepare Financial
Reports. E) Ethics Are Accepted Standards Of Good And Bad
Behavior.
9) A Corporation Is:
A) A Business Legally Separate From Its
Owners. B) Controlled By The Fasb.
C) Not Responsible For Its Own Acts And Own Debts.
D) The Same As A Limited Liability
Partnership. E) Not Subject To Double
Taxation.
10) The Group That Sets International Preferred Accounting Practices Is Called
The: A) Aicpa.
B) Iasb.
C) Cap.
D) Sec.
E) Fasb.
