TEST BANK for Survey of Accounting 10th Edition by Carl Warren and Farmer all chapters 1-14

TEST BANK
Survey of Accounting
10th Edition by Carl Warren and Farmer
all chapters 1-14




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,TABLE OF CONTENT
T T



1.TTheTRoleTofTAccountingTinTBusiness

2.TBasicTAccountingTSystems:TCashTBasis.

3.TBasicTAccountingTSystems:TAccrualTBasis.

4.TAccountingTforTRetailTBusinesses.

5.TInternalTControlTandTCash.

6.TReceivablesTandTInventories.

7.TLong-termTOperatingTAssets.

8.TLiabilitiesTandTStockholders’TEquity.

9.TManufacturingTOperations.

10.TCost-Volume-ProfitTAnalysis.

11.TPlanningTOperations.

12.TOperatingTDecisions.

13.TEvaluatingTOperationalTSegments.

14.TAnalyzingTLong-termT(Capital)TInvestments




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,ChapT 01T 10eT Warren
AllTChapters
IndicateT whetherT theT statementT isT trueT orT false
.
T 1.TTheTpopularityTofTtheTsoleTproprietorshipTisTdueTtoTtheTeaseTandTlowTcostTofTorganizing.
a. True
b. False

ANSWER:T True

T 2.TATcorporationTisTaTbusinessTthatTisTlegallyTseparateTandTdistinctTfromTitsTowners.
a. True
b. False

ANSWER:T True

T 3.TMerchandisingTbusinessesTproduceTproductsTratherTthanTprovideTservicesTtoTcustomers.
a. True
b. False

ANSWER:T False

T 4.TATpartnershipTisTownedTbyTtwoTorTmoreTindividuals.
a. True
b. False

ANSWER:T True

T 5.TATlimitedTliabilityTcompanyTcombinesTattributesTofTaTpartnershipTandTaTcorporation.
a. True
b. False

ANSWER:T True

T 6.TTheTownershipTofTaTproprietorshipTisTdividedTintoTsharesTofTstockTownedTbyTitsTstockholders.
a. True
b. False

ANSWER:T False

T 7.TAccountingTisToftenTcalledTtheT"languageTofTbusiness"TbecauseTbusinessTinformationTisTcommunicated
TtoTstakeholders.

a. True
b. False

ANSWER:T True




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, Name: Class: Date:

ChapT01T10eTWarre
n
T 8.TJohnTDeereTisTaTleadingTmanufacturerTofTagriculturalTmachineryTinTtheTworld,TproducingTproductsTthatTserveTu
niqueTmarketTneeds.TTherefore,TJohnTDeereTisTanTexampleTofTaTcompanyTthatTusesTaTpremium-
priceTapproachTtoTattractTcustomers.
a. True
b. False

ANSWER:T True

T 9.TCreditorsThaveTpreferenceTtoTassetsTbehindTstockholdersTifTaTbusinessTfails.
a. True
b. False

ANSWER:T False

T 10.TATliabilityTisTaTlegalTobligationTtoTrepayTtheTamountTborrowedTaccordingTtoTtheTtermsTofTtheTborrowingTagreement.
a. True
b. False

ANSWER:T True

T 11.TTheTbalanceTsheetTrepresentsTtheTaccountingTequation.
a. True
b. False

ANSWER:T True

T 12.TATprimaryTdisadvantageTofTcorporationsTisTthatTtheTfinancialTresourcesTavailableTtoTthemTareTlimited.
a. True
b. False

ANSWER:T False

T 13.TAssetsTareTacquiredTthroughTinvestingTactivitiesTwhenTresourcesTareTpurchased.
a. True
b. False

ANSWER:T True

T 14.TTheTobjectiveTofTmostTbusinessesTisTtoTmaximizeTprofits.
a. True
b. False

ANSWER:T True




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