Warren/Jones' Corporate Financial Accounting, 16th Edition TEST BANK Complete Chapters 1 - 14, Verified Latest Version

Name: Class: Date:

Chapters401:s4Introductions4tos4Accountings4ands4Bus
iness
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1. As4corporations4iss4as4businesss4thats4iss4legallys4separates4ands4distincts4froms4itss4owners.
a. True
b. False
ANSWER:s 4 True

2. Thes4roles4ofs4accountings4iss4tos4provides4manys4differents4userss4withs4financials4informations4tos4makes4economics4d
ecisions.
a. True
b. False
ANSWER:s 4 True

3. Investings4activitiess4ares4thoses4activitiess4bys4whichs4thes4companys4obtainss4fundss4tos4starts4ands4operates4thes4busin
ess.
a. True
b. False
ANSWER:s 4 False

4. Managerials4accountings4informations4iss4useds4bys4externals4ands4internals4userss4equally.
a. True
b. False
ANSWER:s 4 False

5. Seniors4executivess4cannots4bes4criminallys4prosecuteds4fors4thes4wrongs4doingss4theys4commits4ons4behalfs4ofs4thes4co
mpaniess4wheres4theys4work.
a. True
b. False
ANSWER:s 4 False

6. Financials4accountings4providess4informations4tos4alls4users,s4whiles4thes4mains4focuss4fors4managerials4accountings
4iss4tos4provides4informations4tos4thes4management.
a. True
b. False
ANSWER:s 4 True

7. Propers4ethicals4conducts4impliess4thats4yous4onlys4considers4what'ss4ins4yours4bests4interest.
a. True
b. False
ANSWER:s 4 False

8. Somes4ofs4thes4majors4fraudulents4actss4bys4seniors4executivess4starteds4ass4whats4theys4considereds4tos4bes4smalls4e
thicals4lapsess4thats4grews4outs4ofs4control.
a. True
b. False
ANSWER:s 4 True
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,Name: Class: Date:

Chapters401:s4Introductions4tos4Accountings4ands4Bus
iness
9. As4businesss4iss4ans4organizations4ins4whichs4basics4resourcess4ors4inputs,s4likes4materialss4ands4labor,s4ares4assemble
ds4ands4processeds4tos4provides4outputss4ins4thes4forms4ofs4goodss4ors4servicess4tos4customers.




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,Name: Class: Date:

Chapters401:s4Introductions4tos4Accountings4ands4Bus
iness
a. True
b. False
ANSWER:s 4 True

10. Operatings4activitiess4ares4thoses4activitiess4bys4whichs4as4companys4generatess4revenuess4froms4customers.
a. True
b. False
ANSWER:s 4 True

11. Ans4examples4ofs4as4general-
purposes4financials4statements4woulds4bes4as4reports4abouts4projecteds4prices4increasess4relateds4tos4transportations4
costs.
a. True
b. False
ANSWER:s 4 False

12. Thes4Sarbanes-Oxleys4Acts4establisheds4standardss4fors4corporates4responsibilitys4ands4disclosure.
a. True
b. False
ANSWER:s 4 True

13. Thes4mains4objectives4fors4alls4businessess4iss4tos4maximizes4unrealizeds4profits.
a. True
b. False
ANSWER:s 4 False

14. Thes4primarys4roles4ofs4accountings4iss4tos4determines4thes4amounts4ofs4taxess4as4businesss4wills4bes4requireds
4tos4pays4tos4taxings4entities.
a. True
b. False
ANSWER:s 4 False

15. Thes4basics4differences4betweens4manufacturings4ands4retails4companiess4iss4thes4completions4levels4ofs4thes4
productss4theys4purchases4fors4resales4tos4customers.
a. True
b. False
ANSWER:s 4 True

16. Proprietorshipss4ares4owneds4bys4ones4owners4ands4provides4onlys4servicess4tos4theirs4customers.
a. True
b. False
ANSWER:s 4 False

17. Abouts490%s4ofs4thes4businessess4ins4thes4Uniteds4Statess4ares4organizeds4ass4corporations.
a. True

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, Name: Class: Date:

Chapters401:s4Introductions4tos4Accountings4ands4Bus
inessb. False




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