Survey of Accounting 7th Edition by Carl Warren__Comprehensive Test Bank |ISBN: 9781285183480| Guide A+

TEST BANK
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Survey of Accounting

Carl Warren

7th Edition
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, Table of Contents
1. The Role of Accounting in Business
2. Basic Accounting Systems: Cash Basis
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3. Basic Accounting Systems: Accrual Basis
4. Accounting for Merchandising Businesses
5. Internal Control and Cash
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6. Receivables and Inventories
7. Fixed Assets, Natural Resources, and Intangible Assets
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8. Liabilities and Stockholders’ Equity
9. Financial Statement Analysis
10. Accounting Systems for Manufacturing Operations
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11. Cost-Volume-Profit Analysis
12. Differential Analysis and Product Pricing
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13. Budgeting and Standard Costs
14. Performance Evaluation for Decentralized Operations
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15. Capital Investment Analysis
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, Chapter 1
1. The objective of most businesses is to maximize profits.
a. True
b. False
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ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
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STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge
TB
2. A limited liability company combines attributes of a partnership and a corporation.
a. True
b. False
ANSWER: True
A
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
N
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KS
KEYWORDS: Bloom's: Knowledge

3. A partnership is owned by two or more individuals.
a. True
b. False
ANSWER: True
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POINTS: 1
DIFFICULTY: Easy
LU
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge
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4. Manufacturing businesses change basic inputs into products that are sold to individual customers.
a. True
b. False
ANSWER: True
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POINTS: 1
DIFFICULTY: Easy
N
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
S
KEYWORDS: Bloom's: Knowledge

, 5. Merchandising businesses produce products rather than provide services to customers.
a. True
b. False
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ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
S
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge
TB
6. A corporation is a business that is legally separate and distinct from its owners.
a. True
b. False
ANSWER: True
A
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
N
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KS
KEYWORDS: Bloom's: Knowledge

7. The popularity of the sole proprietorship is due to the ease and low cost of organizing.
a. True
b. False
ANSWER: True
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POINTS: 1
DIFFICULTY: Easy
LU
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge
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8. A primary disadvantage of corporations is that the financial resources available to them are limited.
a. True
b. False
ANSWER: False
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POINTS: 1
DIFFICULTY: Easy
N
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
S
KEYWORDS: Bloom's: Knowledge