TEST BANK
b
Corporate Financial Accounting, 16th Edition
b b b b
by Carl S. Warren Jeff Jones, All Chapters 1 - 14, Complete
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Copyright Cengage Learning. Powered by Cognero.
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, Chapter 1:Introduction to Accounting and Business
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Chapter 2:Analyzing Transactions
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Chapter 3:The Adjusting Process
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Chapter 4:The Accounting Cycle
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Chapter 5:Accounting for Retail Businesses
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Chapter 6:Inventories
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Chapter 7:Internal Control and Cash
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Chapter 8:Receivables
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Chapter 9:Long-Term Assets: Fixed and Intangible
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Chapter 10:Liabilities: Current, Installment Notes, and Contingencies
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Chapter 11:Liabilities: Bonds Payable
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Chapter 12:Corporations: Organization, Stock Transactions, and Dividends
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Chapter 13:Statement of Cash Flows
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Chapter 14:Financial Statement Analysis
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Copyright Cengage Learning. Powered by Cognero.
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,Chapter 01 - Accounting and Business
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1. A corporation is a business that is legally separate and distinct from its owners.
b b b b b b b b b b b b b
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering b
QUESTION TYPE: b True / Falseb b
HAS VARIABLES:
b False
LEARNING OBJECTIVES: bFNMN.WAJO.19.01 01 - LO: 01-01 b b b b
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
b b b b b
ACCT.AICPA.BB.01 - Industry b b
ACCT.AICPA.FN.03-Measurement BUSPROG: b b b
Analytic b
DATE CREATED:
b 7/26/2017 4:27 PM b b
DATE MODIFIED:
b 10/16/2017 3:33 PM b b
2. The role of accounting is to provide many different users with financial information to make economic decisions.
b b b b b b b b b b b b b b b b
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
Bloom's: Remembering b
QUESTION TYPE: True / False
b b b
HAS VARIABLES:
b False
LEARNING OBJECTIVES: bFNMN.WAJO.19.01 01 - LO: 01-01 b b b b
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
b b b b
ACCT.AICPA.FN.03-Measurement BUSPROG: b b b
Analytic b
DATE CREATED:
b 7/26/2017 4:27 PM b b
DATE MODIFIED:
b 10/16/2017 3:33 PM b b
3. Accounting information users need reports about the economic activities and condition of businesses.
b b b b b b b b b b b b
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering b
Copyright Cengage Learning. Powered by Cognero.
b b b b b Page 3
b
, QUESTION TYPE: b True / False b b
HAS VARIABLES:
b False
LEARNING OBJECTIVES: b FNMN.WAJO.19.01-01 - LO: 01-01 b b b
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
b b b b
ACCT.AICPA.BB.01 - Industry b b
ACCT.AICPA.FN.03-Measurement BUSPROG: b b b
Analytic b
DATE CREATED:
b 7/26/2017 4:27 PM b b
DATE MODIFIED:
b 10/16/2017 3:33 PM b b
4. Managerial accounting information is used by external and internal users equally.
b b b b b b b b b b
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Rememberingb
QUESTION TYPE: b True / Falseb b
HAS VARIABLES:
b False
LEARNING OBJECTIVES: b FNMN.WAJO.19.01 01 - LO: 01-01 b b b b
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
b b b b
ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology ACCT.AICPA.FN.03 - b b b b b
Measurement b
BUSPROG: Analytic b
DATE CREATED:
b 7/26/2017 4:27 PM b b
DATE MODIFIED:
b 10/16/2017 3:33 PM b b
5. Senior executives cannot be criminally prosecuted for the wrong doings they commit on behalf of the companies where
b b b b b b b b b b b b b b b b b
they work.
b b
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Rememberingb
QUESTION TYPE: b True / Falseb b
HAS VARIABLES:
b False
LEARNING OBJECTIVES: b FNMN.WAJO.19.01 01 - LO: 01-01 b b b b
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
b b b b
ACCT.AICPA.BB.03 - Legal b b
ACCT.AICPA.FN.03-Measurement BUSPROG: Ethics b b b b
DATE CREATED:
b 7/26/2017 4:27 PM b b
DATE MODIFIED:
b 10/16/2017 3:33 PM b b
6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
b b b b b b b b b b b b b b b b
Copyright Cengage Learning. Powered by Cognero.
b b b b b Page 4
b
b
Corporate Financial Accounting, 16th Edition
b b b b
by Carl S. Warren Jeff Jones, All Chapters 1 - 14, Complete
b b b b b b b b b b b
Copyright Cengage Learning. Powered by Cognero.
b b b b b Page 1
b
, Chapter 1:Introduction to Accounting and Business
b b b b b
Chapter 2:Analyzing Transactions
b b
Chapter 3:The Adjusting Process
b b b
Chapter 4:The Accounting Cycle
b b b
Chapter 5:Accounting for Retail Businesses
b b b b
Chapter 6:Inventories
b
Chapter 7:Internal Control and Cash
b b b b
Chapter 8:Receivables
b
Chapter 9:Long-Term Assets: Fixed and Intangible
b b b b b
Chapter 10:Liabilities: Current, Installment Notes, and Contingencies
b b b b b b
Chapter 11:Liabilities: Bonds Payable
b b b
Chapter 12:Corporations: Organization, Stock Transactions, and Dividends
b b b b b b
Chapter 13:Statement of Cash Flows
b b b b
Chapter 14:Financial Statement Analysis
b b b
Copyright Cengage Learning. Powered by Cognero.
b b b b b Page 2
b
,Chapter 01 - Accounting and Business
b b b b b
1. A corporation is a business that is legally separate and distinct from its owners.
b b b b b b b b b b b b b
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering b
QUESTION TYPE: b True / Falseb b
HAS VARIABLES:
b False
LEARNING OBJECTIVES: bFNMN.WAJO.19.01 01 - LO: 01-01 b b b b
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
b b b b b
ACCT.AICPA.BB.01 - Industry b b
ACCT.AICPA.FN.03-Measurement BUSPROG: b b b
Analytic b
DATE CREATED:
b 7/26/2017 4:27 PM b b
DATE MODIFIED:
b 10/16/2017 3:33 PM b b
2. The role of accounting is to provide many different users with financial information to make economic decisions.
b b b b b b b b b b b b b b b b
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
Bloom's: Remembering b
QUESTION TYPE: True / False
b b b
HAS VARIABLES:
b False
LEARNING OBJECTIVES: bFNMN.WAJO.19.01 01 - LO: 01-01 b b b b
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
b b b b
ACCT.AICPA.FN.03-Measurement BUSPROG: b b b
Analytic b
DATE CREATED:
b 7/26/2017 4:27 PM b b
DATE MODIFIED:
b 10/16/2017 3:33 PM b b
3. Accounting information users need reports about the economic activities and condition of businesses.
b b b b b b b b b b b b
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering b
Copyright Cengage Learning. Powered by Cognero.
b b b b b Page 3
b
, QUESTION TYPE: b True / False b b
HAS VARIABLES:
b False
LEARNING OBJECTIVES: b FNMN.WAJO.19.01-01 - LO: 01-01 b b b
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
b b b b
ACCT.AICPA.BB.01 - Industry b b
ACCT.AICPA.FN.03-Measurement BUSPROG: b b b
Analytic b
DATE CREATED:
b 7/26/2017 4:27 PM b b
DATE MODIFIED:
b 10/16/2017 3:33 PM b b
4. Managerial accounting information is used by external and internal users equally.
b b b b b b b b b b
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Rememberingb
QUESTION TYPE: b True / Falseb b
HAS VARIABLES:
b False
LEARNING OBJECTIVES: b FNMN.WAJO.19.01 01 - LO: 01-01 b b b b
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
b b b b
ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology ACCT.AICPA.FN.03 - b b b b b
Measurement b
BUSPROG: Analytic b
DATE CREATED:
b 7/26/2017 4:27 PM b b
DATE MODIFIED:
b 10/16/2017 3:33 PM b b
5. Senior executives cannot be criminally prosecuted for the wrong doings they commit on behalf of the companies where
b b b b b b b b b b b b b b b b b
they work.
b b
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Rememberingb
QUESTION TYPE: b True / Falseb b
HAS VARIABLES:
b False
LEARNING OBJECTIVES: b FNMN.WAJO.19.01 01 - LO: 01-01 b b b b
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
b b b b
ACCT.AICPA.BB.03 - Legal b b
ACCT.AICPA.FN.03-Measurement BUSPROG: Ethics b b b b
DATE CREATED:
b 7/26/2017 4:27 PM b b
DATE MODIFIED:
b 10/16/2017 3:33 PM b b
6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
b b b b b b b b b b b b b b b b
Copyright Cengage Learning. Powered by Cognero.
b b b b b Page 4
b
