Test Bank For College Accounting A Practical Approach 17th Canadian Edition Jeffrey Slater, Debra Good.pdf

ACCESS Test Bank for College Accounting A Practical Approach 15th Editi
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CollegegAccounting,g15eg(Slater)
Chapterg1 AccountinggConceptsgandgProcedures

LearninggObjectiveg1-1

1) ThegtypegofgbusinessgorganizationgwheregthegownersgaregNOTgpersonallygliablegforgthegbusiness’sgdebts
isga:
A) corporation
B) partnership
C) solegproprietorship
D) Allgofgthegabove
gAnswer: g A

Diff:g2
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Definegaccountinggterms,gaccountinggconceptsgandgprinciples

2) Thegpurposegofgthegaccountinggprocessgisgtogprovidegfinancialg informationgabout:
A) solegproprietorships
B) smallgbusinesses
C) largegcorporations
D) Allgofgtheseganswersgaregcorrect
gAnswer: g D

Diff:g1
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Definegaccountinggterms,gaccountinggconceptsgandgprinciples

3) Accountinggprovidesginformationgto:
A) investors
B) government
C) managers
D) Allgofgtheseganswersgaregcorrect
gAnswer: g D

Diff:g2
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Definegaccountinggterms,gaccountinggconceptsgandgprinciples




1
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4) Whichgofgthegfollowinggisgagcharacteristicgofgagsolegproprietorship?
A) Businessgownedgbygmoregthangonegperson.
B) Easygtogform.
C) Eachgstockholdergactsgasgangownergofgthegcompany.
D) Cangcontinuegindefinitely.
gAnswer: g B

Diff:g1
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Definegaccountinggterms,gaccountinggconceptsgandgprinciples

5) Agpartnershipgisgagbusinessgwhich:
A) isgeasygtogform
B) endsgwithgthegdeathgofgagpartner
C) isgownedgbygmoregthangonegperson
D) Allgofgtheseganswersgaregcorrect
gAnswer: g D

Diff:g1
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Definegaccountinggterms,gaccountinggconceptsgandgprinciples

6) Whichgisgangadvantagegofgagsolegproprietorshipgformgofgbusiness?
A) Theregisglimitedgpersonalgrisk.
B) Thegbusinessgcangcontinuegindefinitely.
C) Thegownergmakesgallgthegdecisions.
D) Thegbusinessgisgownedgbygstockholders.
gAnswer: g C

Diff:g1
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Definegaccountinggterms,gaccountinggconceptsgandgprinciples

7) WhichgofgthegfollowinggisgNOTgagtypegofgbusinessgorganization?
A) Corporation
B) Partnership
C) Solegproprietorship
D) LimitedgAssetgCorporation
gAnswer: g D

Diff:g1
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Definegaccountinggterms,gaccountinggconceptsgandgprinciples




2
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8) Agcorporation:
A) isglegallygseparategfromgitsgowners
B) isgownedgbygstockholders
C) hasglimitedgriskgtogstockholders
D) Allgofgthegabove
gAnswer: g D

Diff:g2
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Definegaccountinggterms,gaccountinggconceptsgandgprinciples

9) Thegbasicgaccountinggequationgis:
A) Assetsg+gLiabilitiesg=gOwner’sgEquity
B) Assetsg=gLiabilitiesg-gOwner'sgEquity
C) Assetsg=gOwner’sgEquityg-gLiabilities
D) Assetsg=gLiabilitiesg+gOwner'sgEquity
gAnswer: g D

Diff:g1
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Definegaccountinggterms,gaccountinggconceptsgandgprinciples

10) Aglawgfirmgwouldgbegconsideredga:
A) merchandisegcompany
B) manufacturer
C) servicegcompany
D) retailerg
Answer:g Cg
Diff:g1
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Definegaccountinggterms,gaccountinggconceptsgandgprinciples

11) GAAPgstandgforg .
A) GenerallygAcceptedgAccountinggPractices
B) GeneralgAccountinggAcceptedgPractices
C) GenerallygAcceptedgAccountinggPrinciples
D) GeneralgAccountinggApplicationgPractices
gAnswer: g C

Diff:g1
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Definegaccountinggterms,gaccountinggconceptsgandgprinciples




3
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, ACCESS Test Bank for College Accounting A Practical Approach 15th Editi
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12) Thegpurchasegofgsuppliesgforgcashgwouldgaffectgwhichgaccountgcategory?
A) Assets
B) Liabilities
C) Capital
D) Expenseg
Answer:g Ag
Diff:g1
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Analyzegandgrecordgtransactionsgandgtheirgeffectsgongthegfinancialgstatements

13) Itemsgownedgbygthegbusinessgsuchgasgland,gsuppliesgandgequipmentgare:
A) Assets
B) Liabilities
C) Owner'sgEquity
D) Expenses
gAnswer:gAg

Diff:g1
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Definegaccountinggterms,gaccountinggconceptsgandgprinciples

14) WhichgofgthegfollowinggisgNOTgangAsset?
A) Cash
B) AccountsgReceivable
C) Buildings
D) AllgofgthegabovegaregAssets
gAnswer: g D

Diff:g1
LO:g g 1-1
AACSB:g g ReflectivegThinking
LearninggOutcome:g g Definegaccountinggterms,gaccountinggconceptsgandgprinciples

15) Ifgtotalgliabilitiesgincreasedgbyg$10,000gandgthegassetsgincreasedgbyg$10,000gduringgthegaccountin
ggperiod,gwhatgisgthegchangegingthegowner'sgequitygamount?
A) Nogeffectgongowner'sgequity
B) Decreasegofg$10,000
C) Increasegofg$20,000
D) Decreasegofg$40,000
gAnswer: g A

Diff:g2
LO:g g 1-1
AACSB:g g AnalyticalgThinking
LearninggOutcome:g g Analyzegandgrecordgtransactionsgandgtheirgeffectsgongthegfinancialgstatements




4
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mynursytest.store