TEST BANK
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Corporate Financial Accounting, 16th Edition
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by Carl S. Warren Jeff Jones, All Chapters 1 - 14, Complete
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Copyright Cengage Learning. Powered by Cognero.
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, Chapter 1:Introduction to Accounting and Business
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Chapter 2:Analyzing Transactions
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Chapter 3:The Adjusting Process
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Chapter 4:The Accounting Cycle
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Chapter 5:Accounting for Retail Businesses
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Chapter 6:Inventories
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Chapter 7:Internal Control and Cash
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Chapter 8:Receivables
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Chapter 9:Long-Term Assets: Fixed and Intangible
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Chapter 10:Liabilities: Current, Installment Notes, and Contingencies
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Chapter 11:Liabilities: Bonds Payable
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Chapter 12:Corporations: Organization, Stock Transactions, and Dividends
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Chapter 13:Statement of Cash Flows
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Chapter 14:Financial Statement Analysis
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Copyright Cengage Learning. Powered by Cognero.
h h h h h Page 2
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,Chapter 01 - Accounting and Business
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1. A corporation is a business that is legally separate and distinct from its owners.
h h h h h h h h h h h h h
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering h
QUESTION TYPE: h True / Falseh h
HAS VARIABLES:
h False
LEARNING OBJECTIVES: hFNMN.WAJO.19.01 01 - LO: 01-01 h h h h
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
h h h h h
ACCT.AICPA.BB.01 - Industry h h
ACCT.AICPA.FN.03-Measurement BUSPROG: h h h
Analytic h
DATE CREATED:
h 7/26/2017 4:27 PM h h
DATE MODIFIED:
h 10/16/2017 3:33 PM h h
2. The role of accounting is to provide many different users with financial information to make economic decisions.
h h h h h h h h h h h h h h h h
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
Bloom's: Remembering h
QUESTION TYPE: True / False
h h h
HAS VARIABLES:
h False
LEARNING OBJECTIVES: hFNMN.WAJO.19.01 01 - LO: 01-01 h h h h
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
h h h h
ACCT.AICPA.FN.03-Measurement BUSPROG: h h h
Analytic h
DATE CREATED:
h 7/26/2017 4:27 PM h h
DATE MODIFIED:
h 10/16/2017 3:33 PM h h
3. Accounting information users need reports about the economic activities and condition of businesses.
h h h h h h h h h h h h
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering h
Copyright Cengage Learning. Powered by Cognero.
h h h h h Page 3
h
, QUESTION TYPE: h True / False h h
HAS VARIABLES:
h False
LEARNING OBJECTIVES: h FNMN.WAJO.19.01-01 - LO: 01-01 h h h
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
h h h h
ACCT.AICPA.BB.01 - Industry h h
ACCT.AICPA.FN.03-Measurement BUSPROG: h h h
Analytic h
DATE CREATED:
h 7/26/2017 4:27 PM h h
DATE MODIFIED:
h 10/16/2017 3:33 PM h h
4. Managerial accounting information is used by external and internal users equally.
h h h h h h h h h h
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Rememberingh
QUESTION TYPE: h True / Falseh h
HAS VARIABLES:
h False
LEARNING OBJECTIVES: h FNMN.WAJO.19.01 01 - LO: 01-01 h h h h
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
h h h h
ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology ACCT.AICPA.FN.03 - h h h h h
Measurement h
BUSPROG: Analytic h
DATE CREATED:
h 7/26/2017 4:27 PM h h
DATE MODIFIED:
h 10/16/2017 3:33 PM h h
5. Senior executives cannot be criminally prosecuted for the wrong doings they commit on behalf of the companies where
h h h h h h h h h h h h h h h h h
they work.
h h
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Rememberingh
QUESTION TYPE: h True / Falseh h
HAS VARIABLES:
h False
LEARNING OBJECTIVES: h FNMN.WAJO.19.01 01 - LO: 01-01 h h h h
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
h h h h
ACCT.AICPA.BB.03 - Legal h h
ACCT.AICPA.FN.03-Measurement BUSPROG: Ethics h h h h
DATE CREATED:
h 7/26/2017 4:27 PM h h
DATE MODIFIED:
h 10/16/2017 3:33 PM h h
6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
h h h h h h h h h h h h h h h h
Copyright Cengage Learning. Powered by Cognero.
h h h h h Page 4
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h
Corporate Financial Accounting, 16th Edition
h h h h
by Carl S. Warren Jeff Jones, All Chapters 1 - 14, Complete
h h h h h h h h h h h
Copyright Cengage Learning. Powered by Cognero.
h h h h h Page 1
h
, Chapter 1:Introduction to Accounting and Business
h h h h h
Chapter 2:Analyzing Transactions
h h
Chapter 3:The Adjusting Process
h h h
Chapter 4:The Accounting Cycle
h h h
Chapter 5:Accounting for Retail Businesses
h h h h
Chapter 6:Inventories
h
Chapter 7:Internal Control and Cash
h h h h
Chapter 8:Receivables
h
Chapter 9:Long-Term Assets: Fixed and Intangible
h h h h h
Chapter 10:Liabilities: Current, Installment Notes, and Contingencies
h h h h h h
Chapter 11:Liabilities: Bonds Payable
h h h
Chapter 12:Corporations: Organization, Stock Transactions, and Dividends
h h h h h h
Chapter 13:Statement of Cash Flows
h h h h
Chapter 14:Financial Statement Analysis
h h h
Copyright Cengage Learning. Powered by Cognero.
h h h h h Page 2
h
,Chapter 01 - Accounting and Business
h h h h h
1. A corporation is a business that is legally separate and distinct from its owners.
h h h h h h h h h h h h h
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering h
QUESTION TYPE: h True / Falseh h
HAS VARIABLES:
h False
LEARNING OBJECTIVES: hFNMN.WAJO.19.01 01 - LO: 01-01 h h h h
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
h h h h h
ACCT.AICPA.BB.01 - Industry h h
ACCT.AICPA.FN.03-Measurement BUSPROG: h h h
Analytic h
DATE CREATED:
h 7/26/2017 4:27 PM h h
DATE MODIFIED:
h 10/16/2017 3:33 PM h h
2. The role of accounting is to provide many different users with financial information to make economic decisions.
h h h h h h h h h h h h h h h h
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
Bloom's: Remembering h
QUESTION TYPE: True / False
h h h
HAS VARIABLES:
h False
LEARNING OBJECTIVES: hFNMN.WAJO.19.01 01 - LO: 01-01 h h h h
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
h h h h
ACCT.AICPA.FN.03-Measurement BUSPROG: h h h
Analytic h
DATE CREATED:
h 7/26/2017 4:27 PM h h
DATE MODIFIED:
h 10/16/2017 3:33 PM h h
3. Accounting information users need reports about the economic activities and condition of businesses.
h h h h h h h h h h h h
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering h
Copyright Cengage Learning. Powered by Cognero.
h h h h h Page 3
h
, QUESTION TYPE: h True / False h h
HAS VARIABLES:
h False
LEARNING OBJECTIVES: h FNMN.WAJO.19.01-01 - LO: 01-01 h h h
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
h h h h
ACCT.AICPA.BB.01 - Industry h h
ACCT.AICPA.FN.03-Measurement BUSPROG: h h h
Analytic h
DATE CREATED:
h 7/26/2017 4:27 PM h h
DATE MODIFIED:
h 10/16/2017 3:33 PM h h
4. Managerial accounting information is used by external and internal users equally.
h h h h h h h h h h
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Rememberingh
QUESTION TYPE: h True / Falseh h
HAS VARIABLES:
h False
LEARNING OBJECTIVES: h FNMN.WAJO.19.01 01 - LO: 01-01 h h h h
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
h h h h
ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology ACCT.AICPA.FN.03 - h h h h h
Measurement h
BUSPROG: Analytic h
DATE CREATED:
h 7/26/2017 4:27 PM h h
DATE MODIFIED:
h 10/16/2017 3:33 PM h h
5. Senior executives cannot be criminally prosecuted for the wrong doings they commit on behalf of the companies where
h h h h h h h h h h h h h h h h h
they work.
h h
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Rememberingh
QUESTION TYPE: h True / Falseh h
HAS VARIABLES:
h False
LEARNING OBJECTIVES: h FNMN.WAJO.19.01 01 - LO: 01-01 h h h h
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
h h h h
ACCT.AICPA.BB.03 - Legal h h
ACCT.AICPA.FN.03-Measurement BUSPROG: Ethics h h h h
DATE CREATED:
h 7/26/2017 4:27 PM h h
DATE MODIFIED:
h 10/16/2017 3:33 PM h h
6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
h h h h h h h h h h h h h h h h
Copyright Cengage Learning. Powered by Cognero.
h h h h h Page 4
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