Fundamental Accounting Principles, 25th Edition (John Wild) – Complete Test Bank with Questions and Answers All Updated!!!!

TESTBANK

FOR Fundamental Accounting Principles, 25th Edition
(John Wild) – Complete Test Bank with Questions and
Answers!!

,TEST BANK FOR
x x




Fundamental Accounting Principles, 25th Edition, John Wild Chapter
x x x x x x x




1-26 Answers at the End of Each Chapter
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Chapter 01:
x




Student name:
x




1) Which of the following is not accomplished by accounting?
x x x x x x x x




A) Identifies business activities. x x



B) Records business activities.
x x


C) Communicates business activities. x x



D) Eliminates the need for interpreting financial data.
x x x x x x


E) Helps people make better decisions.
x x x x




2) Which of the following is an external user of accounting information?
x x x x x x x x x x




A) Purchasing manager. x



B) Human resource manager.
x x



C) Lender.
D) Chief executive officer (CEO).
x x x



E) Marketing manager. x




3) The primary objective of financial accounting is to:
x x x x x x x




A) Serve the decision-making needs of internal users.
x x x x x x



B) Provide accounting information that serves external users.
x x x x x x



C) Monitor consumer needs, tastes, and price concerns.
x x x x x x


D) Provide information on both the costs and benefits of looking after products and
x x x x x x x x x x x x



services.
x


E) Know what, when, and how much product to produce.
x x x x x x x x

,4) The area of accounting aimed at serving the decision-making needs of internal users is:
x x x x x x x x x x x x x




A) Financial accounting. x



B) Managerial accounting. x



C) External auditing. x



D) SEC reporting.
x



E) Bookkeeping.




5) Which of the following is
x x x x x x not an external user of accounting information?
x x x x x x




A) Shareholders.
B) Customers.
C) Purchasing managers. x


D) Government regulators. x


E) Creditors.




6) Which of the following is not true regarding a Certified Public Accountant?
x x x x x x x x x x x




A) Must meet education requirements.
x x x



B) Must pass an examination.
x x x


C) Must exhibit ethical character.
x x x



D) Must meet experience requirements.
x x x



E) Cannot hold any certificate other than a CPA.
x x x x x x x




7) Which of the following factors is not a component of the fraud triangle?
x x x x x x x x x x x x

, A) Opportunity
B) Pressure
C) Rationalization
D) All of the above are components of the fraud triangle.
x x x x x x x x x




8) Which of the following is not true regarding ethics:
x x x x x x x x




A) Ethics are beliefs that separate right from wrong.
x x x x x x x



B) Good ethics are good business.
x x x x



C) Ethics do not affect the operations or outcome of a company.
x x x x x x x x x x



D) Accountants face ethical choices as they prepare financial reports.
x x x x x x x x


E) Ethics are accepted standards of good and bad behavior.
x x x x x x x x




9) A corporation is:
x x




A) A business legally separate from its owners.
x x x x x x



B) Controlled by the FASB. x x x



C) Not responsible for its own acts and own debts.
x x x x x x x x


D) The same as a limited liability partnership.
x x x x x x



E) Not subject to double taxation.
x x x x




10) The group that sets international preferred accounting practices is called the:
x x x x x x x x x x




A) AICPA.
B) IASB.
C) CAP.
D) SEC.
E) FASB.