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

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COLLEGE ACCOUNTING A PRACTICAL APPROACH 14TH CANADIAN EDITION
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JEFFREY 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.
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1) Which of the following professional accounting designations has been replaced by "CPA"?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 Type: MC
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Objective:
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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.gh gh gh


Answer: C
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Diff: 1 Type: MC
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Objective:
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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 Type: MC
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Objective:
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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 g h g h


Diff: 2 Type: MC
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1
Copyright © 2021 Pearson Education,
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, Objective:
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2
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Inc.
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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. gh


C) large corporations.
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D) All of these answers are
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correct. Answer: D
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Diff: 2 Type: MC
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Objective:
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6) The advantages of a corporation do NOT include
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A) limited personal risk. gh gh


B) can continue indefinitely.
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C) business decisions made by career administrators.
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D) easy to set up.
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Answer: D
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Diff: 1 Type: MC
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Objective:
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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
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time? Answer: B
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Diff: 3 Type: MC
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Objective:
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8) Accounting provides information to gh gh gh


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


B) Easy to form gh gh


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 Type: MC
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3
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Inc. gh

, Objective:
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4
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Inc.
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