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Test Bank for Accounting 29th Edition Warren All Chapters Included 100% Verified
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  • Accounting 29th Edition Warren

Chapter 1 - Introduction to Accounting and Business Copyright Cengage Learning. Powered by Cognero. Page 1 1. A corporation is a business that is legally separate and distinct from its owners. a. True b. False ANSWER: True 2. The role of accounting is to provide many different users with fina...

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  • August 11, 2024
  • 147
  • 2024/2025
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  • chapter 1 introduction to accounting and busines

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  • Accounting 29th Edition Warren
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, ACCESS Test Bank for Accounting 29th Edition Warren
Name: Class: Date:

Chapter 1 - 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

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

3. Investing activities are those activities by which the company obtains funds to start and operate the business.
a. True
b. False
ANSWER: False

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

5. Senior executives cannot be criminally prosecuted for the wrongdoings they commit on behalf of the companies where
they work.
a. True
b. False
ANSWER: False

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

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

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

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.

Copyright Cengage Learning. Powered by Cognero. Page 1


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, ACCESS Test Bank for Accounting 29th Edition Warren
Name: Class: Date:

Chapter 1 - Introduction to Accounting and Business

a. True
b. False
ANSWER: True

10. Operating activities are those activities by which a company generates revenues from customers.
a. True
b. False
ANSWER: True

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

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

13. The main objective for all businesses is to maximize unrealized profits.
a. True
b. False
ANSWER: False

14. The primary role of accounting is to determine the amount of taxes a business will be required to pay to taxing
entities.
a. True
b. False
ANSWER: False

15. The basic difference between manufacturing and retail companies is the completion level of the products they
purchase for resale to customers.
a. True
b. False
ANSWER: True

16. Proprietorships have one owner and provide only services to their customers.
a. True
b. False
ANSWER: False

17. About 90% of the businesses in the United States are organized as corporations.
a. True
b. False
Copyright Cengage Learning. Powered by Cognero. Page 2


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, ACCESS Test Bank for Accounting 29th Edition Warren
Name: Class: Date:

Chapter 1 - Introduction to Accounting and Business

ANSWER: False

18. An example of an external user of accounting information is the federal government.
a. True
b. False
ANSWER: True

19. The Financial Accounting Standards Board (FASB) is the authoritative body that has primary responsibility for
developing accounting principles.
a. True
b. False
ANSWER: True

20. The cost principle is the basis for entering the purchase price into the accounting records.
a. True
b. False
ANSWER: True

21. The monetary unit assumption requires that economic data be recorded in dollars for companies in the United States.
a. True
b. False
ANSWER: True

22. If a building is appraised for $85,000, offered for sale at $90,000, and the buyer pays $80,000 cash for it, the buyer
would record the building at $85,000.
a. True
b. False
ANSWER: False

23. The financial statements of a proprietorship should include the owner's personal assets and liabilities.
a. True
b. False
ANSWER: False

24. No significant differences exist between the accounting standards issued by the FASB and the IASB.
a. True
b. False
ANSWER: False

25. Generally accepted accounting principles regulate how and what financial information is reported by businesses.
a. True
b. False
ANSWER: True

26. The accounting equation can be expressed as Assets – Liabilities = Owner's Equity.
Copyright Cengage Learning. Powered by Cognero. Page 3


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