Exam (elaborations)

Corporate Financial Accounting (MindTap Course List) 16th Edition

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Course
FINANCIAL ACCOUNTING

Institution
Liberty University

Book
Using Financial Accounting

Discover the importance of financial accounting in creating a successful business and prosperous society with Warren/Jones’ CORPORATE FINANCIAL ACCOUNTING, 16E. This best-selling book clearly presents core financial accounting concepts within a meaningful business context, using engaging learning...

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Uploaded on October 30, 2024
Number of pages 3435
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

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TEST BANK
Corporate Financial Accounting, 16th Edition
by Carl S’ Warren Jeff Jones, All Chapters 1 - 14,
Complete

Copyright Cengage Learning’ Powered by Cognero’ Page 1

, Chapter 1:Introduction to Accounting and Business

Chapter 2:Analyzing Transactions

Chapter 3:The Adjusting Process

Chapter 4:The Accounting Cycle

Chapter 5:Accounting for Retail Businesses

Chapter 6:Inventories

Chapter 7:Internal Control and Cash

Chapter 8:Receivables

Chapter 9:Long-Term Assets: Fixed and Intangible

Chapter 10:Liabilities: Current, Installment Notes, and Contingencies

Chapter 11:Liabilities: Bonds Payable

Chapter 12:Corporations: Organization, Stock Transactions, and Dividends

Chapter 13:Statement of Cash Flows

Chapter 14:Financial Statement Analysis

Copyright Cengage Learning. Powered by Cognero. Page 2

,Chapter 01 - Accounting and Business
1. A corporation is a business that is legally separate and distinct from its owners’
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN’WAJO’19’01 01 - LO: 01-01
ACCREDITING STANDARDS: ACCT’ACBSP’APC’03 - Business Forms
ACCT’AICPA’BB’01 - Industry
ACCT’AICPA’FN’03 - Measurement
BUSPROG:
Analytic
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM

2. The role of accounting is to provide many different users with financial information to make economic
decisions’
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
Bloom's: Remembering
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN’WAJO’19’01 01 - LO: 01-01
ACCREDITING STANDARDS: ACCT’ACBSP’APC’01 - Purpose
ACCT’AICPA’FN’03 - Measurement BUSPROG:
Analytic
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM

3. Accounting information users need reports about the economic activities and condition of businesses’
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering

Copyright Cengage Learning. Powered by Cognero. Page 3

, QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN’WAJO’19’01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT’ACBSP’APC’01 - Purpose
ACCT’AICPA’BB’01 - Industry
ACCT’AICPA’FN’03 - Measurement
BUSPROG:
Analytic
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM

4. Managerial accounting information is used by external and internal users equally’
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN’WAJO’19’01 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
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM

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
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN’WAJO’19’01 01 - LO: 01-01
ACCREDITING STANDARDS: ACCT’ACBSP’APC’01 - Purpose
ACCT’AICPA’BB’03 - Legal
ACCT’AICPA’FN’03 - Measurement BUSPROG:
Ethics
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM

Copyright Cengage Learning. Powered by Cognero. Page 4

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Exam (elaborations)

Corporate Financial Accounting (MindTap Course List) 16th Edition

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