Test Bank For College Accounting A Practical Approach, Canadian Edition, 14th edition By Jeffrey Slater, Debra Good

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Test Bank

For College Accounting A Practical Approach, Canadian Edition, 14th

edition By Jeffrey Slater, Debra Good

,TEST BANK FOR p1 p1




COLLEGE ACCOUNTING A PRACTICAL APPROACH 14TH CANADIAN EDITION JEFFREY
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SLATER, DEBRA GOO
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College Accounting, 14Ce (Slater/Good)
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Chapter 1 Accounting Concepts and Procedures: An Introduction
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1.1 Defining and listing the functions of accounting. p1 p1 p1 p1 p1 p1




1) Which of the following professional accounting designations has been replaced by "CPA"?
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A) CA
B) CMA
C) CGA
D) All of the above
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Answer: D
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Diff: 1
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Objective: 1-1
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2) The type of business organization that can continue indefinitely is known as a
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A) sole proprietorship.
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B) partnership.
C) corporation.
D) None of the above. p1 p1 p1




Answer: C
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Diff: 1
p1 Type: MC p1




Objective: 1-1
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3) This type of business organization is subject to income tax.
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A) sole proprietorship.
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B) partnership.
C) corporation.
D) All of the above.
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Answer: C
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Diff: 1
p1 Type: MC p1




Objective: 1-1
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4) Putting the information into the accounting system would be called
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A) analyzing.
B) recording.
C) classifying.
D) summarizing.
Answer: B p 1 p 1




Diff: 2
p1 Type: MC p1




Objective: 1-1
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,5) The purpose of the accounting process is to provide financial information about
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A) sole proprietorships.
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B) small businesses. p1




C) large corporations. p1




D) All of these answers are correct.
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Answer: D
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Diff: 2
p1 Type: MC p1




Objective: 1-1
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6) The advantages of a corporation do NOT include
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A) limited personal risk. p1 p1




B) can continue indefinitely.
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C) business decisions made by career administrators. p1 p1 p1 p1 p1




D) easy to set up. p1 p1 p1




Answer: D
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Diff: 1
p1 Type: MC p1




Objective: 1-1
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7) Accounting reports are least helpful in answering which of the following questions?
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A) How much cash was available at the end of the last year?
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B) How well were the employees treated by management?
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C) Did the company make a profit for the previous year?
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D) Can the company pay its debts on time?
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Answer: B
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Diff: 3
p1 Type: MC p1




Objective: 1-1
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8) Accounting provides information to p1 p1 p1




A) managers.
B) government.
C) investors.
D) All of these answers are correct
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Answer: D
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Diff: 2
p1 Type: MC p1




Objective: 1-1
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9) Which of the following is a characteristic of a sole proprietorship?
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A) Business owned by more than one person p1 p1 p1 p1 p1 p1




B) Easy to form p1 p1




C) Each shareholder acts as an owner of the company
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D) Can continue indefinitely
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Answer: B
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Diff: 1
p1 Type: MC p1




Objective: 1-1
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2
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, 10) A partnership is a business which is
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A) easy to form. p1 p1




B) ends with the death of a partner.
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C) owned by more than one person. p1 p1 p1 p1 p1




D) All of these answers are correct.
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Answer: D
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Diff: 1 p1 Type: MC p1




Objective: 1-1
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11) Which is an advantage of a sole proprietorship form of business?
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A) There is limited personal risk. p1 p1 p1 p1




B) The business can continue indefinitely.
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C) The owner makes all the decisions.
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D) All of these answers are correct.
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Answer: C
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Diff: 1 p1 Type: MC p1




Objective: 1-1
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12) Which of the following is NOT a type of business organization?
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A) Corporation
B) Partnership
C) Sole proprietorship p1




D) Operation
Answer:
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Diff: 2 p1Type: MC p1




Objective: 1-1
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13) A corporation
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A) can continue indefinitely.
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B) is owned by shareholders.
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C) has limited risk to shareholders.
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D) all of the above.
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Answer: D
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Diff: 2 p1 Type: MC p1




Objective: 1-1
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14) The Sarbanes-Oxley Act in the United States and National Policies in Canada were passed to
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A) prevent fraud at public companies. p1 p1 p1 p1




B) replace all of the old accounting procedures with new ones.
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C) improve the accuracy of the company's financial reporting. p1 p1 p1 p1 p1 p1 p1




D) Both A and C are correct. p1 p1 p1 p1 p1




Answer: D
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Diff: 2 p1Type: MC p1




Objective: 1-1
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