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Financial Accounting
ST
15th Edition
UV
TEST BANK
IA
?_
Carl S. Warren, James M. Reeve, Jonathan
Duchac
AP
Comprehensive Test Bank for Instructors
PR
and Students
||| ||| || ||| || | || ||| | || ||| |
OV
9781337272124
© Carl S. Warren, James M. Reeve & Jonathan Duchac. All rights
ED
reserved. Reproduction or distribution without permission is
prohibited.
?
© MEDGEEK
, TABLE OF CONTENTS
Test Bank – Financial Accounting (15th Edition)
Authors: Carl S. Warren, James M. Reeve, and Jonathan Duchac
ST
ISBN: 9781337272124
PART I: THE ACCOUNTING CYCLE
Chapter 1: Introduction to Accounting and Business
UV
Chapter 2: Analyzing Transactions
Chapter 3: The Adjusting Process
Chapter 4: Completing the Accounting Cycle
Chapter 5: Accounting Systems
PART II: ASSETS AND INTERNAL CONTROLS
IA
Chapter 6: Accounting for Merchandising Businesses
Chapter 7: Inventories
Chapter 8: Internal Controls and Cash
?_
Chapter 9: Receivables
Chapter 10: Long-Term Assets: Fixed and Intangible
PART III: LIABILITIES AND EQUITY
AP
Chapter 11: Current Liabilities and Payroll
Chapter 12: Accounting for Partnerships and Limited Liability Companies
Chapter 13: Corporations: Organization, Stock Transactions, and Dividends
Chapter 14: Long-Term Liabilities: Bonds and Notes
PR
PART IV: FINANCIAL REPORTING AND ANALYSIS
Chapter 15: Investments and Fair Value Accounting
Chapter 16: Statement of Cash Flows
Chapter 17: Financial Statement Analysis
OV
ED
?
, Chapter 1 - Introduction to Accounting and Business
True / False
1. A merchandising business buys products from other businesses to sell to customers.
a. True
b. False
ST
ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
UV
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
2. The role of accounting is to provide many different users with financial information to make economic decisions.
IA
a. True
b. False
ANSWER: True
DIFFICULTY: Moderate
?_
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
AP
BUSPROG: Analytic
3. Accounting information users need reports about the economic activities and condition of businesses.
a. True
b. False
PR
ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
OV
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
4. Managerial accounting information is used by external and internal users equally.
a. True
b. False
ED
ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
?
© 2018 Cengage. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Page 1
, Chapter 1 - Introduction to Accounting and Business
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
ST
5. Senior executives cannot be criminally prosecuted for the wrongdoings they commit on behalf of the companies where
they work.
a. True
b. False
ANSWER: False
UV
DIFFICULTY: Easy
Bloom's: Understanding
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.03 - Legal
IA
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics
6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
?_
information to the management.
a. True
b. False
ANSWER: True
AP
DIFFICULTY: Moderate
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
PR
7. Proper ethical conduct implies that you only consider what's in your best interest.
a. True
b. False
OV
ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.BB.03 - Legal
ED
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics
?
© 2018 Cengage. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Page 2
Financial Accounting
ST
15th Edition
UV
TEST BANK
IA
?_
Carl S. Warren, James M. Reeve, Jonathan
Duchac
AP
Comprehensive Test Bank for Instructors
PR
and Students
||| ||| || ||| || | || ||| | || ||| |
OV
9781337272124
© Carl S. Warren, James M. Reeve & Jonathan Duchac. All rights
ED
reserved. Reproduction or distribution without permission is
prohibited.
?
© MEDGEEK
, TABLE OF CONTENTS
Test Bank – Financial Accounting (15th Edition)
Authors: Carl S. Warren, James M. Reeve, and Jonathan Duchac
ST
ISBN: 9781337272124
PART I: THE ACCOUNTING CYCLE
Chapter 1: Introduction to Accounting and Business
UV
Chapter 2: Analyzing Transactions
Chapter 3: The Adjusting Process
Chapter 4: Completing the Accounting Cycle
Chapter 5: Accounting Systems
PART II: ASSETS AND INTERNAL CONTROLS
IA
Chapter 6: Accounting for Merchandising Businesses
Chapter 7: Inventories
Chapter 8: Internal Controls and Cash
?_
Chapter 9: Receivables
Chapter 10: Long-Term Assets: Fixed and Intangible
PART III: LIABILITIES AND EQUITY
AP
Chapter 11: Current Liabilities and Payroll
Chapter 12: Accounting for Partnerships and Limited Liability Companies
Chapter 13: Corporations: Organization, Stock Transactions, and Dividends
Chapter 14: Long-Term Liabilities: Bonds and Notes
PR
PART IV: FINANCIAL REPORTING AND ANALYSIS
Chapter 15: Investments and Fair Value Accounting
Chapter 16: Statement of Cash Flows
Chapter 17: Financial Statement Analysis
OV
ED
?
, Chapter 1 - Introduction to Accounting and Business
True / False
1. A merchandising business buys products from other businesses to sell to customers.
a. True
b. False
ST
ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
UV
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
2. The role of accounting is to provide many different users with financial information to make economic decisions.
IA
a. True
b. False
ANSWER: True
DIFFICULTY: Moderate
?_
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
AP
BUSPROG: Analytic
3. Accounting information users need reports about the economic activities and condition of businesses.
a. True
b. False
PR
ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
OV
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
4. Managerial accounting information is used by external and internal users equally.
a. True
b. False
ED
ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
?
© 2018 Cengage. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Page 1
, Chapter 1 - Introduction to Accounting and Business
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.25 - Managerial
Characteristics/Terminology
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
ST
5. Senior executives cannot be criminally prosecuted for the wrongdoings they commit on behalf of the companies where
they work.
a. True
b. False
ANSWER: False
UV
DIFFICULTY: Easy
Bloom's: Understanding
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.03 - Legal
IA
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics
6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
?_
information to the management.
a. True
b. False
ANSWER: True
AP
DIFFICULTY: Moderate
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
PR
7. Proper ethical conduct implies that you only consider what's in your best interest.
a. True
b. False
OV
ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.BB.03 - Legal
ED
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics
?
© 2018 Cengage. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Page 2
