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Test Bank for College Accounting A Practical Approach 14th Canadian Edition Jeffrey Slater, Debra Good
Test Bank for College Accounting A Practical Approach 14th Canadian Edition Jeffrey Slater, Debra Good
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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1) Which of the following professional accounting designations has been replaced by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
1
Copyright © 2021 Pearson Education, Inc.
,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) summarizin
g.
Answer: B
Diff: 2 Type:
MC Objective:
1-1
2
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?
3
Copyright © 2021 Pearson Education, Inc.
, 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
4
Copyright © 2021 Pearson Education, Inc.
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