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

TEST BANK FOR
x x


COLLEGExACCOUNTINGxAxPRACTICALxAPPROACHx14THxCANADIANxEDITIONxJEFFRE
YxSLATER,xDEBRAxGOO


CollegexAccounting,x14Cex(Slater/Good)
Chapterx1 AccountingxConceptsxandxProcedures:xAnxIntroduction

1.1 xDefiningxandxlistingxthexfunctionsxofxaccounting.

1) Whichxofxthexfollowingxprofessionalxaccountingxdesignationsxhasxbeenxreplacedxbyx"CPA"?
A) CA
B) CMA
C) CGA
D) Allxofxthexabovex
Answer:x D
Diff:x1
Type:xMC
xObjective: 1-1

2) Thextypexofxbusinessxorganizationxthatxcanxcontinuexindefinitelyxisxknownxasxa
A) solexproprietorship.
B) partnership.
C) corporation.
D) Nonexofxthexabove.x
Answer:x C
Diff:x1
Type:xMC
xObjective: 1-1

3) Thisxtypexofxbusinessxorganizationxisxsubjectxtoxincomextax.
A) solexproprietorship.
B) partnership.
C) corporation.
D) Allxofxthexabove.x
Answer:x C
Diff:x1
Type:xMC
xObjective: 1-1

4) Puttingxthexinformationxintoxthexaccountingxsystemxwouldxbexcalled
A) analyzing.
B) recording.
C) classifying.
D) summarizing.
Answer:x x B
Diff:x2
1
Copyrightx©x2021xPearsonxEducation,xInc.

, Type:xMC
x Objective: 1-1




2
Copyrightx©x2021xPearsonxEducation,xInc.

,5) Thexpurposexofxthexaccountingxprocessxisxtoxprovidexfinancialxinformationxabout
A) solexproprietorships.
B) smallxbusinesses.
C) largexcorporations.
D) Allxofxthesexanswersxarexcorrect.x
Answer:x D
Diff:x2
Type:xMC
xObjective: 1-1

6) ThexadvantagesxofxaxcorporationxdoxNOTxinclude
A) limitedxpersonalxrisk.
B) canxcontinuexindefinitely.
C) businessxdecisionsxmadexbyxcareerxadministrators.
D) easyxtoxsetxup.x
Answer:x D
Diff:x1
Type:xMC
xObjective: 1-1

7) Accountingxreportsxarexleastxhelpfulxinxansweringxwhichxofxthexfollowingxquestions?
A) Howxmuchxcashxwasxavailablexatxthexendxofxthexlastxyear?
B) Howxwellxwerexthexemployeesxtreatedxbyxmanagement?
C) Didxthexcompanyxmakexaxprofitxforxthexpreviousxyear?
D) Canxthexcompanyxpayxitsxdebtsxonxtime?x
Answer:x B
Diff:x3
Type:xMC
xObjective: 1-1

8) Accountingxprovidesxinformationxto
A) managers.
B) government.
C) investors.
D) Allxofxthesexanswersxarexcorrectx
Answer:x D
Diff:x2
Type:xMC
xObjective: 1-1

9) Whichxofxthexfollowingxisxaxcharacteristicxofxaxsolexproprietorship?
A) Businessxownedxbyxmorexthanxonexperson
B) Easyxtox form
C) Eachxshareholderxactsxasxanxownerxofxthexcompany
D) Canxcontinuexindefinitely
xAnswer:x B

Diff:x1
3
Copyrightx©x2021xPearsonxEducation,xInc.

, Type:xMC
xObjective: 1-1




4
Copyrightx©x2021xPearsonxEducation,xInc.