Test Bank For College Accounting, A Practical Approach, 15th Edition by Slater (All Chapters included)

Test Bank For
Solutions for College Accounting, A Practical Approach, 15th Edition
Author: Jeffrey Slater




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,Test Bank For College Accounting: A Practical Approach, 15th Edition By Jeffrey
Slater



College Accounting, 15e (Slater) All Chapters ✅
Chapter 1 Accounting Concepts And Procedures

Learning Objective 1-1

1) The Type Of Business Organization Where The Owners Are NOT Personally Liable For The Business’s Debts
Is A:
A) Corporation
B) Partnership
C) Sole
Proprietorship D) All
Of The Above
Answer: A
Difficulty:2
LO: 1-1
AACSB: Reflective Thinking
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
D) All Of These Answers Are Correct
Answer: D
Difficulty:1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define Accounting Terms, Accounting Concepts And Principles

3) Accounting Provides Information
To: A) Investors
B) Government
C) Managers
D) All Of These Answers Are Correct
Answer: D
Difficulty:2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define Accounting Terms, Accounting Concepts And Principles




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,4) Which Of The Following Is A Characteristic Of A Sole
Proprietorship? A) Business Owned By More Than One Person.
B) Easy To Form.
C) Each Stockholder Acts As An Owner Of The
Company. D) Can Continue Indefinitely.
Answer: B
Difficulty:1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define Accounting Terms, Accounting Concepts And Principles

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
Difficulty:1
LO: 1-1
AACSB: Reflective Thinking
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.
D) The Business Is Owned By
Stockholders. Answer: C
Difficulty:1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define Accounting Terms, Accounting Concepts And Principles

7) Which Of The Following Is NOT A Type Of Business
Organization? A) Corporation
B) Partnership
C) Sole Proprietorship
D) Limited Asset Corporation
Answer: D
Difficulty:1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define Accounting Terms, Accounting Concepts And Principles




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, 8) A Corporation:
A) Is Legally Separate From Its Owners
B) Is Owned By Stockholders
C) Has Limited Risk To Stockholders
D) All Of The Above
Answer: D
Difficulty:2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define Accounting Terms, Accounting Concepts And Principles

9) The Basic Accounting Equation Is:
A) Assets + Liabilities = Owner’s
Equity B) Assets = Liabilities -
Owner's Equity C) Assets = Owner’s
Equity - Liabilities D) Assets =
Liabilities + Owner's Equity Answer:
D
Difficulty:1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define Accounting Terms, Accounting Concepts And Principles

10) A Law Firm Would Be
Considered A: A) Merchandise
Company
B) Manufacturer
C) Service Company
D) Retailer
Answer: C
Difficulty:1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define Accounting Terms, Accounting Concepts And Principles

11) GAAP Stand For
. A) Generally Accepted Accounting
Practices B) General Accounting Accepted
Practices
C) Generally Accepted Accounting
Principles D) General Accounting
Application Practices Answer: C
Difficulty:1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define Accounting Terms, Accounting Concepts And Principles




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