Exam (elaborations)

Test Bank For College Accounting: A Practical Approach 8th Canadian Edition By Jeffrey Slater Debra | All Chapters | Latest Complete Guide A+

0 purchase

Course
College Accounting: A Practical Approach 8th Editi

Institution
College Accounting: A Practical Approach 8th Editi

Book
College Accounting

Test Bank For College Accounting: A Practical Approach 8th Canadian Edition By Jeffrey Slater Debra | All Chapters | Latest Complete Guide A+ College Accounting, 14Ce (Slater/Good) Chapter 1 Accounting Concepts and Procedures: An Introduction 1.1 Defining and listing the functions of accounting....

[Show more]

Preview 4 out of 616 pages

View example

Uploaded on October 23, 2024
Number of pages 616
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

test
bank
for
college
accounting
practical
approach
14th
canadian
edition
jeffrey
slater
debra
good
all
chapters
2024
latest
978 0135222416
verified
complete
guide
a
by

Book Title:College Accounting

Author(s):Jeffrey Slater, Brian Zwicker, Debra Good

Edition:Unknown
ISBN:9780135222416
Edition:Unknown

Exam (elaborations)
TEST BANK FOR College Accounting: A Practical Approach, 14th Canadian Edition by Jeffrey Slater, Brian Zwicker & Debra Good |ISBN: 9780135222416| Complete Guide A+
Exam (elaborations)
Test Bank for College Accounting A Practical Approach 14th Canadian Edition Jeffrey Slater, Debra Good
Exam (elaborations)
TEST BANK for COLLEGE ACCOUNTING A PRACTICAL APPROACH 14TH CANADIAN EDITION BY SLATER AND GOO fully covered

Course
College Accounting: A Practical Approach 8th Editi

TestsBanks

Member since 3 year 511 documents sold

$12.99

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

TEST BANK FOR
COLLEGE ACCOUNTING A PRACTICAL APPROACH 14TH CANADIAN EDITION
JEFFREY SLATER, DEBRA GOO

College Accounting, 14Ce (Slater/Good)
Chapter 1 Accounting Concepts and Procedures: An Introduction

1.1 Defining and listing the functions of accounting.

1) Which of the following professional accounting designations has been replaced by "CPA"?
A) CA
B) CMA
C) CGA
D) All of the above
Answer: D
Diff: 1 Type: MC
Objective: 1-1

2) The type of business organization that can continue indefinitely is known as a
A) sole proprietorship.
B) partnership.
C) corporation.
D) None of the above.
Answer: C
Diff: 1 Type: MC
Objective: 1-1

3) This type of business organization is subject to income tax.
A) sole proprietorship.
B) partnership.
C) corporation.
D) All of the above.
Answer: C
Diff: 1 Type: MC
Objective: 1-1

4) Putting the information into the accounting system would be called
A) analyzing.
B) recording.
C) classifying.
D) summarizing.
Answer: B
Diff: 2 Type: MC
Objective: 1-1

1
Copyright © 2021 Pearson Education, Inc.

,5) The purpose of the accounting process is to provide financial information about
A) sole proprietorships.
B) small businesses.
C) large corporations.
D) All of these answers are correct.
Answer: D
Diff: 2 Type: MC
Objective: 1-1

6) The advantages of a corporation do NOT include
A) limited personal risk.
B) can continue indefinitely.
C) business decisions made by career administrators.
D) easy to set up.
Answer: D
Diff: 1 Type: MC
Objective: 1-1

7) Accounting reports are least helpful in answering which of the following questions?
A) How much cash was available at the end of the last year?
B) How well were the employees treated by management?
C) Did the company make a profit for the previous year?
D) Can the company pay its debts on time?
Answer: B
Diff: 3 Type: MC
Objective: 1-1

8) Accounting provides information to
A) managers.
B) government.
C) investors.
D) All of these answers are correct
Answer: D
Diff: 2 Type: MC
Objective: 1-1

9) 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 shareholder acts as an owner of the company
D) Can continue indefinitely
Answer: B
Diff: 1 Type: MC
Objective: 1-1

2
Copyright © 2021 Pearson Education, Inc.

,10) A partnership is a business which is
A) easy to form.
B) ends with the death of a partner.
C) owned by more than one person.
D) All of these answers are correct.
Answer: D
Diff: 1 Type: MC
Objective: 1-1

11) 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.
D) All of these answers are correct.
Answer: C
Diff: 1 Type: MC
Objective: 1-1

12) Which of the following is NOT a type of business organization?
A) Corporation
B) Partnership
C) Sole proprietorship
D) Operation
Answer: D
Diff: 2 Type: MC
Objective: 1-1

13) A corporation
A) can continue indefinitely.
B) is owned by shareholders.
C) has limited risk to shareholders.
D) all of the above.
Answer: D
Diff: 2 Type: MC
Objective: 1-1

14) The Sarbanes-Oxley Act in the United States and National Policies in Canada were passed to
A) prevent fraud at public companies.
B) replace all of the old accounting procedures with new ones.
C) improve the accuracy of the company's financial reporting.
D) Both A and C are correct.
Answer: D
Diff: 2 Type: MC
Objective: 1-1

3
Copyright © 2021 Pearson Education, Inc.

, 15) A legal firm would be considered a
A) merchandise company.
B) manufacturer.
C) service company.
D) None of the above are correct.
Answer: C
Diff: 1 Type: MC
Objective: 1-1

16) Not-for-profit organizations
A) aim to improve society in some way.
B) seek to maximize profits.
C) usually obtain funding from donations and government grants.
D) Both A and C are correct.
Answer: D
Diff: 1 Type: MC
Objective: 1-1

17) Generally Accepted Accounting Principles are the underlying concepts that make up
acceptable accounting practices.
Answer: TRUE
Diff: 1 Type: TF
Objective: 1-1

18) Not-for-profit businesses are not permitted to earn any revenue.
Answer: FALSE
Diff: 2 Type: TF
Objective: 1-1

19) The primary objective of a not-for-profit business is to maximize revenue.
Answer: FALSE
Diff: 1 Type: TF
Objective: 1-1

20) The new accounting designation for Canada is CGA.
Answer: FALSE
Diff: 1 Type: TF
Objective: 1-1

21) A disadvantage of a corporation is that shareholders are held personally liable for the
corporation's debts.
Answer: FALSE
Diff: 2 Type: TF
Objective: 1-1

4
Copyright © 2021 Pearson Education, Inc.

The benefits of buying summaries with Stuvia:

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

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

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 TestsBanks. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69052 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Exam (elaborations)

Test Bank For College Accounting: A Practical Approach 8th Canadian Edition By Jeffrey Slater Debra | All Chapters | Latest Complete Guide A+

Document information

Subjects

Connected book

More summaries for

Written for

Seller

Reviews received

Content preview