TEST BANK – Corporate Financial Accounting (16th Edition) | Carl Warren & Jeff Jones | Latest Update 2026 | Verified Questions & Answers | Homework, Quiz & Exam Prep

TEST BANK
Corporate Financial Accounting, 16th Edition
by Carl S. Warren Jeff Jones, All Chapters 1 - 14, Complete




Copyright Cengage Learning. Powered by Cognero. Page 1

, Chapter 1:Introduction to Accounting and Business

Chapter 2:Analyzing Transactions

Chapter 3:The Adjusting Process

Chapter 4:The Accounting Cycle

Chapter 5:Accounting for Retail Businesses

Chapter 6:Inventories

Chapter 7:Internal Control and Cash

Chapter 8:Receivables

Chapter 9:Long-Term Assets: Fixed and Intangible

Chapter 10:Liabilities: Current, Installment Notes, and Contingencies

Chapter 11:Liabilities: Bonds Payable

Chapter 12:Corporations: Organization, Stock Transactions, and Dividends

Chapter 13:Statement of Cash Flows

Chapter 14:Financial Statement Analysis




Copyright Cengage Learning. Powered by Cognero. Page 2

,Chapter 01 - Accounting and Business

1. A corporation is a business that is legally separate and distinct from its owners.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement BUSPROG:
Analytic
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM

2. The role of accounting is to provide many different users with financial information to make economic decisions.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
Bloom's: Remembering
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement BUSPROG:
Analytic
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM

3. Accounting information users need reports about the economic activities and condition of businesses.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering
Copyright Cengage Learning. Powered by Cognero. Page 3

, QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement BUSPROG:
Analytic
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM

4. Managerial accounting information is used by external and internal users equally.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology ACCT.AICPA.FN.03 -
Measurement
BUSPROG: Analytic
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM

5. Senior executives cannot be criminally prosecuted for the wrong doings they commit on behalf of the companies
where they work.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.01 01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.03 - Legal
ACCT.AICPA.FN.03 - Measurement BUSPROG:
Ethics
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM


Copyright Cengage Learning. Powered by Cognero. Page 4