100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Corporate Financial Accounting 13e Carl Warren James M Reeve Jonathan Duchac $26.80   Add to cart
Quickly navigate to
Preview
  2.  
  3. Corporate Financial
  4.  
  5. Corporate Financial
  6.  
  7. Corporate Financial

Exam (elaborations)

Corporate Financial Accounting 13e Carl Warren James M Reeve Jonathan Duchac
 4 views  0 purchase
  • Course
  • Corporate Financial
  • Institution
  • Corporate Financial

Corporate Financial Accounting 13e Carl Warren James M Reeve Jonathan Duchac

Preview 4 out of 1225  pages

Document information

  • December 27, 2023
  • 1225
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • complete test bank
  • 13th edition
  • corporate financial accounting 13e carl warren jam
  • test bank

Written for

  • Corporate Financial
  • Corporate Financial
  • Corporate Financial
All documents for this subject (2)

Seller

avatar-seller
evileye251

Reviews received

Content preview

,CHAPTER 01 - INTRODUCTION TO ACCOUNTING AND BUSINESS
1. A corporation is a business that is legally separate and distinct from its owners.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic

2. The role of accounting is to provide many different users with financial information to make economic decisions.
a. True
b. False

ANSWER: True
DIFFICULTY: Moderate
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic

3. Accounting information users need reports about the economic activities and condition of businesses.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic

4. Managerial accounting information is used by external and internal users equally.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose
ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic




© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

,Chapter 01 - Introduction to Accounting and Business
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
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose
ACCT.AICPA.BB.03 – Legal
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Ethics

6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
information to the management.
a. True
b. False

ANSWER: True
DIFFICULTY: Moderate
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

7. Proper ethical conduct implies that you only consider what's in your best interest.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP
ACCT.AICPA.BB.03 – Legal
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Ethics

8. Some of the major fraudulent acts by senior executives started as what they considered to be small ethical lapses
which grew out of control.
a. True
b. False

ANSWER: True
DIFFICULTY: Moderate
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP
ACCT.AICPA.BB.03 – Legal
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Ethics

© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

, Chapter 01 - Introduction to Accounting and Business
9. A business is an organization in which basic resources or inputs, like materials and labor, are assembled and
processed to provide outputs in the form of goods or services to customers.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.BB.06 - Resource Management
BUSPROG: Analytic

10. Two factors that typically lead to ethical violations are relevance and timeliness of accounting information.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic

11. An example of a general-purpose financial statement would be a report about projected price increases related to
transportation costs.
a. True
b. False

ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.ACBSP.APC.09 - Financial Statements
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic

12. The Sarbanes-Oxley Act established standards for corporate responsibility and disclosure.
a. True
b. False

ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.20 - Accounting for Corporations
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Ethics

© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller evileye251. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $26.80. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

62890 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$26.80
  • (0)
  Add to cart