Test Bank Accounting 26th Edition Warren Reeve Duchac.
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Course
Accounting 26th Edition Warren Reeve Duchac
Institution
Accounting 26th Edition Warren Reeve Duchac
Book
Accounting
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
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Busine...
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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
DIFFICULTY: Easy
Bloom’s: Remembering
LEARNING OBJECTIVES: ACCT.WARD.16.01-01 - 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
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
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
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: ACCT.WARD.16.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.BB.06 - Resource Management
BUSPROG: Analytic
, Chapter 1: Introduction to Accounting and Business
10. Two factors that typically lead to ethical violations are relevance and timeliness of accounting information.
a. True
b. False
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
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