Test bank for Corporate financial accounting 16e
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, TEST BANK FOR
Corporate Financial Accounting, 16th Edition by Carl S. Warren (Author), Jeff Jones
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
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, 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
6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
information to the management.
a. True
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, 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
7. Proper ethical conduct implies that you only consider what's in your best interest.
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.02 - GAAP
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
8. Some of the major fraudulent acts by senior executives started as what they considered to be small ethical lapses which
grew out of control.
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.02 - GAAP
ACCT.AICPA.BB.03 - Legal
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics
DATE CREATED: 7/26/2017 4:27 PM
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primedocs
All chapters covered | Rated A+ | Latest edition
primedocs
, TEST BANK FOR
Corporate Financial Accounting, 16th Edition by Carl S. Warren (Author), Jeff Jones
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
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, 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
6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
information to the management.
a. True
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, 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
7. Proper ethical conduct implies that you only consider what's in your best interest.
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.02 - GAAP
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
8. Some of the major fraudulent acts by senior executives started as what they considered to be small ethical lapses which
grew out of control.
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.02 - GAAP
ACCT.AICPA.BB.03 - Legal
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics
DATE CREATED: 7/26/2017 4:27 PM
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