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