Solutions Manual for College Accounting A Practical Approach 14th Canadian Edition Jeffrey Slater, Debra Good

TEST BANK FOR
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COLLEGE ACCOUNTING A PRACTICAL APPROACH 14TH
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CANADIAN EDITION JEFFREY SLATER, DEBRA GOO
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COLLEGE l#ACCOUNTING, l#14CE l#(SLATER/GOOD)
CHAPTER l#1 ACCOUNTING l#CONCEPTS l#AND l#PROCEDURES: l#AN
l#INTRODUCTION




1.1 Defining l#and l#listing l#the l#functions l#of l#accounting.

1) Which l#of l#the l#following l#professional l#accounting l#designations l#has l#been l#replaced
l#by l#"CPA"?

A) CA
B) CMA
C) CGA
D) All l#of l#the
l#above l#Answer:


l # D

Diff: l#1 Type:
l#MC l#Objective:


1-1

2) The l#type l#of l#business l#organization l#that l#can l#continue l#indefinitely l#is l#known l#as l#a
A) sole l#proprietorship.
B) partnership.
C) corporation.
D) None l#of l#the
l#above. l#Answer:

l # C


Diff: l#1 Type:
l#MC l#Objective:

1-1

3) This l#type l#of l#business l#organization l#is l#subject l#to l#income l#tax.
A) sole l#proprietorship.
B) partnership.
C) corporation.
D) All l#of l#the
l#above. l#Answer:


l # C

Diff: l#1 Type:
l#MC l#Objective:



1
Copyright l#© l#2021 l#Pearson l#Education,
l#Inc.

, 1-1

4) Putting l#the l#information l#into l#the l#accounting l#system l#would l#be l#called
A) analyzing.
B) recording.
C) classifying.
D) summarizin
g.
Answer: l # l # B
Diff: l#2 Type:
l#MC l#Objective:

1-1




2
Copyright l#© l#2021 l#Pearson l#Education,
l#Inc.

,5) The l#purpose l#of l#the l#accounting l#process l#is l#to l#provide l#financial l#information l#about
A) sole l#proprietorships.
B) small l#businesses.
C) large l#corporations.
D) All l#of l#these l#answers l#are
l#correct. l#Answer: l # D


Diff: l#2 Type:
l#MC l#Objective:

1-1

6) The l#advantages l#of l#a l#corporation l#do l#NOT l#include
A) limited l#personal l#risk.
B) can l#continue l#indefinitely.
C) business l#decisions l#made l#by l#career l#administrators.
D) easy l#to l#set
l#up. l#Answer:


l # D

Diff: l#1 Type:
l#MC l#Objective:

1-1

7) Accounting l#reports l#are l#least l#helpful l#in l#answering l#which l#of l#the l#following
l#questions?

A) How l#much l#cash l#was l#available l#at l#the l#end l#of l#the l#last l#year?
B) How l#well l#were l#the l#employees l#treated l#by l#management?
C) Did l#the l#company l#make l#a l#profit l#for l#the l#previous l#year?
D) Can l#the l#company l#pay l#its l#debts
l#on l#time? l#Answer: l # B

Diff: l#3 Type:
l#MC l#Objective:

1-1

8) Accounting l#provides l#information l#to
A) managers.
B) government.
C) investors.
D) All l#of l#these l#answers l#are
l#correct l#Answer: l # D


Diff: l#2 Type:
l#MC l#Objective:


1-1

9) Which l#of l#the l#following l#is l#a l#characteristic l#of l#a l#sole l#proprietorship?
A) Business l#owned l#by l#more l#than l#one l#person
B) Easy l#to l# form
3
Copyright l#© l#2021 l#Pearson l#Education,
l#Inc.

, C) Each l#shareholder l#acts l#as l#an l#owner l#of l#the l#company
D) Can l#continue
l#indefinitely l#Answer:

l # B


Diff: l#1 Type:
l#MC l#Objective:

1-1




4
Copyright l#© l#2021 l#Pearson l#Education,
l#Inc.