TEST BANK
College Accounting: A Practical Approach, 14th edition
by Jeffrey Slater, Mike Deschamps
TE
ST
SO
LU
TI
O
N
, Table of Content
1. Accounting Concepts and Procedures
2. Debits and Credits: Analyzing and Recording Business Transactions
3. Beginning the Accounting Cycle
4. The Accounting Cycle Continued
5. 4A. Appendix: Depreciation
6. The Accounting Cycle Completed
7. Banking Procedures and Control of Cash
8. Calculating Pay and Recording Payroll Taxes: The Beginning of the Payroll
TE
Process
9. Paying the Payroll, Depositing Payroll Taxes, and Filing the Required
Quarterly and Annual Tax Forms: The Conclusion of the Payroll Process
10. Sales and Cash Receipts in a Perpetual Inventory System
11. Purchases and Cash Payments in a Perpetual Inventory System
ST
12. Preparing a Worksheet for a Merchandise Company Using the Perpetual
Method
13. Completion of the Accounting Cycle for a Merchandise Company Using the
Perpetual Inventory Method
14. 12A. Appendix: Accounting for Merchandise Inventory Using the Periodic
SO
Method of Inventory Valuation
15. Accounting for Bad Debts
16. Notes Receivable and Notes Payable
17. Accounting for Merchandise Inventory
18. Accounting for Property, Plant, Equipment, and Intangible Assets
LU
19. Partnership
20. Corporations: Organizations and Stock
21. Corporations: Stock Values, Dividends, Treasury Stocks, and Retained
Earnings
22. Corporations and Bonds Payable
TI
23. Statement of Cash Flows
24. Analyzing Financial Statements
25. The Voucher System
26. Departmental Accounting
O
27. Manufacturing Accounting
N
, uytrew
All Chapters Included
College Accounting, 14e (Slater)
Chapter 1 A c co u nt i ng Concepts and Procedures
All Answers Included
1.1 Learning Objective 1-1
1) The type of business organization that can continue indefinitely is known as a:
A) corporation.
B) partnership.
TE
C) sole proprietorship.
D) All of the above
Answer: C
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
ST
Learning Outcome: Define accounting terms, accounting concepts and principles
2) The purpose of the accounting process is to provide financial information about:
A) sole proprietorships.
B) small businesses.
C) large corporations.
SO
D) All of these answers are correct.
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
LU
3) Accounting provides information to:
A) investors.
B) government.
C) managers.
D) All of these answers are correct.
TI
Answer: D
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
O
4) Which of the following is a characteristic of a sole proprietorship?
A) Business owned by more than one person
N
B) Easy to form
C) Each stockholder acts as an owner of the company
D) Can continue indefinitely
Answer: B
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
iuytrew
, uytrew
5) A partnership is a business which:
A) is easy to form.
B) ends with the death of a partner.
C) is owned by more than one person.
D) All of these answers are correct.
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
TE
Learning Outcome: Define accounting terms, accounting concepts and principles
6) Which is an advantage of a sole proprietorship form of business?
A) There is limited personal risk.
B) The business can continue indefinitely.
C) The owner makes all the decisions.
ST
D) The business is legally separate from the owner.
Answer: C
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
SO
7) Which of the following is NOT a type of business organization?
A) Corporation
B) Partnership
C) Sole proprietorship
D) An Accounting organization
Answer: D
LU
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
8) A corporation:
TI
A) is legally separate from its owners.
B) is owned by stockholders.
C) has limited risk to stockholders.
D) All of the above
O
Answer: D
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
N
Learning Outcome: Define accounting terms, accounting concepts and principles
iuytrew
College Accounting: A Practical Approach, 14th edition
by Jeffrey Slater, Mike Deschamps
TE
ST
SO
LU
TI
O
N
, Table of Content
1. Accounting Concepts and Procedures
2. Debits and Credits: Analyzing and Recording Business Transactions
3. Beginning the Accounting Cycle
4. The Accounting Cycle Continued
5. 4A. Appendix: Depreciation
6. The Accounting Cycle Completed
7. Banking Procedures and Control of Cash
8. Calculating Pay and Recording Payroll Taxes: The Beginning of the Payroll
TE
Process
9. Paying the Payroll, Depositing Payroll Taxes, and Filing the Required
Quarterly and Annual Tax Forms: The Conclusion of the Payroll Process
10. Sales and Cash Receipts in a Perpetual Inventory System
11. Purchases and Cash Payments in a Perpetual Inventory System
ST
12. Preparing a Worksheet for a Merchandise Company Using the Perpetual
Method
13. Completion of the Accounting Cycle for a Merchandise Company Using the
Perpetual Inventory Method
14. 12A. Appendix: Accounting for Merchandise Inventory Using the Periodic
SO
Method of Inventory Valuation
15. Accounting for Bad Debts
16. Notes Receivable and Notes Payable
17. Accounting for Merchandise Inventory
18. Accounting for Property, Plant, Equipment, and Intangible Assets
LU
19. Partnership
20. Corporations: Organizations and Stock
21. Corporations: Stock Values, Dividends, Treasury Stocks, and Retained
Earnings
22. Corporations and Bonds Payable
TI
23. Statement of Cash Flows
24. Analyzing Financial Statements
25. The Voucher System
26. Departmental Accounting
O
27. Manufacturing Accounting
N
, uytrew
All Chapters Included
College Accounting, 14e (Slater)
Chapter 1 A c co u nt i ng Concepts and Procedures
All Answers Included
1.1 Learning Objective 1-1
1) The type of business organization that can continue indefinitely is known as a:
A) corporation.
B) partnership.
TE
C) sole proprietorship.
D) All of the above
Answer: C
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
ST
Learning Outcome: Define accounting terms, accounting concepts and principles
2) The purpose of the accounting process is to provide financial information about:
A) sole proprietorships.
B) small businesses.
C) large corporations.
SO
D) All of these answers are correct.
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
LU
3) Accounting provides information to:
A) investors.
B) government.
C) managers.
D) All of these answers are correct.
TI
Answer: D
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
O
4) Which of the following is a characteristic of a sole proprietorship?
A) Business owned by more than one person
N
B) Easy to form
C) Each stockholder acts as an owner of the company
D) Can continue indefinitely
Answer: B
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
iuytrew
, uytrew
5) A partnership is a business which:
A) is easy to form.
B) ends with the death of a partner.
C) is owned by more than one person.
D) All of these answers are correct.
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
TE
Learning Outcome: Define accounting terms, accounting concepts and principles
6) Which is an advantage of a sole proprietorship form of business?
A) There is limited personal risk.
B) The business can continue indefinitely.
C) The owner makes all the decisions.
ST
D) The business is legally separate from the owner.
Answer: C
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
SO
7) Which of the following is NOT a type of business organization?
A) Corporation
B) Partnership
C) Sole proprietorship
D) An Accounting organization
Answer: D
LU
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
8) A corporation:
TI
A) is legally separate from its owners.
B) is owned by stockholders.
C) has limited risk to stockholders.
D) All of the above
O
Answer: D
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
N
Learning Outcome: Define accounting terms, accounting concepts and principles
iuytrew
