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TEST BANK
For
College Accounting: A Practical Approach 14th Edition
N
U
by Jeffrey Slater, Mike Deschamps
R
All Chapters (1-25)
SE
D
INSTANT DOWNLOAD
O
COMPLETE CHAPTERS
C
COMPLETE ANSWERS
S
iuytrew
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All Chapters Included
College Accounting, 14e (Slater)
Chapter 1 A c co u nt i ng Concepts and Procedures
All Answers Included
1.1 Learning Objective 1-1
1) The type of business organization that can continue indefinitely is known as a:
A) corporation.
B) partnership.
C) sole proprietorship.
D) All of the above
N
Answer: C
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
U
Learning Outcome: Define accounting terms, accounting concepts and principles
2) The purpose of the accounting process is to provide financial information about:
R
A) sole proprietorships.
B) small businesses.
C) large corporations.
D) All of these answers are correct.
SE
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
D
3) Accounting provides information to:
A) investors.
B) government.
C) managers.
O
D) All of these answers are correct.
Answer: D
Diff: 2
LO: 1-1
C
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
S
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
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
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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
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
N
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.
U
D) The business is legally separate from the owner.
Answer: C
Diff: 1
R
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
SE
7) Which of the following is NOT a type of business organization?
A) Corporation
B) Partnership
C) Sole proprietorship
D) An Accounting organization
Answer: D
D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
O
8) A corporation:
A) is legally separate from its owners.
B) is owned by stockholders.
C
C) has limited risk to stockholders.
D) All of the above
Answer: D
S
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
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9) The Sarbanes-Oxley Act was passed to:
A) prevent financial statement fraud at public companies.
B) replace inventory accounting procedures.
C) improve the accuracy of the company's financial reporting.
D) Both A and C are correct.
Answer: D
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
N
10) A law firm would be considered a:
A) merchandise company.
B) manufacturer.
C) service company.
U
D) retailer.
Answer: C
Diff: 1
R
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
SE
11) Generally Accepted Accounting Principles are the procedures and guidelines that must be followed
every other year.
Answer: FALSE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
D
12) The function of accounting includes analyzing, recording, classifying, summarizing, reporting,
strategic management and environmental assessment.
O
Answer: FALSE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
C
Learning Outcome: Define accounting terms, accounting concepts and principles
13) A sole proprietorship ends with the death of the owner.
Answer: TRUE
S
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
iuytrew
TEST BANK
For
College Accounting: A Practical Approach 14th Edition
N
U
by Jeffrey Slater, Mike Deschamps
R
All Chapters (1-25)
SE
D
INSTANT DOWNLOAD
O
COMPLETE CHAPTERS
C
COMPLETE ANSWERS
S
iuytrew
, uytrew
All Chapters Included
College Accounting, 14e (Slater)
Chapter 1 A c co u nt i ng Concepts and Procedures
All Answers Included
1.1 Learning Objective 1-1
1) The type of business organization that can continue indefinitely is known as a:
A) corporation.
B) partnership.
C) sole proprietorship.
D) All of the above
N
Answer: C
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
U
Learning Outcome: Define accounting terms, accounting concepts and principles
2) The purpose of the accounting process is to provide financial information about:
R
A) sole proprietorships.
B) small businesses.
C) large corporations.
D) All of these answers are correct.
SE
Answer: D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
D
3) Accounting provides information to:
A) investors.
B) government.
C) managers.
O
D) All of these answers are correct.
Answer: D
Diff: 2
LO: 1-1
C
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
S
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
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
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, uytrew
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
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
N
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.
U
D) The business is legally separate from the owner.
Answer: C
Diff: 1
R
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
SE
7) Which of the following is NOT a type of business organization?
A) Corporation
B) Partnership
C) Sole proprietorship
D) An Accounting organization
Answer: D
D
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
O
8) A corporation:
A) is legally separate from its owners.
B) is owned by stockholders.
C
C) has limited risk to stockholders.
D) All of the above
Answer: D
S
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
iuytrew
, uytrew
9) The Sarbanes-Oxley Act was passed to:
A) prevent financial statement fraud at public companies.
B) replace inventory accounting procedures.
C) improve the accuracy of the company's financial reporting.
D) Both A and C are correct.
Answer: D
Diff: 2
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
N
10) A law firm would be considered a:
A) merchandise company.
B) manufacturer.
C) service company.
U
D) retailer.
Answer: C
Diff: 1
R
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
SE
11) Generally Accepted Accounting Principles are the procedures and guidelines that must be followed
every other year.
Answer: FALSE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
D
12) The function of accounting includes analyzing, recording, classifying, summarizing, reporting,
strategic management and environmental assessment.
O
Answer: FALSE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
C
Learning Outcome: Define accounting terms, accounting concepts and principles
13) A sole proprietorship ends with the death of the owner.
Answer: TRUE
S
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
Learning Outcome: Define accounting terms, accounting concepts and principles
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