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Test Bank for Financial Accounting, 1st Canadian Edition Kemp (All Chapters included)
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Complete Test Bank for Financial Accounting, 1st Canadian Edition by Robert Kemp, Jeffrey Waybright, Liang-Hsuan Chen, Sandra Daga ; ISBN13: 9780137366880. (Full Chapters included Chapter 1 to 12)... 1. Business, Accounting and You. 2. Analyzing and Recording Business Transactions. 3. Preparing ...

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  • December 7, 2023
  • 425
  • 2023/2024
  • Exam (elaborations)
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Financial Accounting
1st Canadian Edition
by Robert Kemp


Complete Chapters Test Bank are
included (Ch 1 to 12)


** Immediate Download
** Swift Response
** All Chapters included

,Financial Accounting, 1Ce (Kemp/Waybright/Chen/Daga)
Chapter 1 Business, Accounting, and You

1.1 Understand the nature of business and the role of accounting in business

1) By taking accounting classes, the student is learning the "language of business."
Answer: TRUE
Diff: 1 Type: TF
Question Type: Concept

2) To manage a business effectively, an owner or manager would benefit greatly from having some
knowledge of accounting.
Answer: TRUE
Diff: 1 Type: TF
Question Type: Application

3) Businesses primarily exist to generate sales.
Answer: FALSE
Diff: 1 Type: TF
Question Type: Concept

4) The value of an item is determined by taking the revenue from a sale and deducting the cost of the sale.
Answer: FALSE
Diff: 1 Type: TF
Question Type: Concept

5) Society is considered to be a stakeholder in a business.
Answer: TRUE
Diff: 2 Type: TF
Question Type: Concept

6) The grocery checker at the corner store is considered a stakeholder of the company.
Answer: TRUE
Diff: 2 Type: TF
Question Type: Concept

7) Accounting information is used to help managers and decision makers understand risk.
Answer: TRUE
Diff: 1 Type: TF
Question Type: Concept

8) Risk increases value for a business.
Answer: FALSE
Diff: 1 Type: TF
Question Type: Concept




1

, 9) What do we call the result obtained when revenue is less than cost?
A) Loss
B) Profit
C) Value
D) Risk
Answer: A
Diff: 1 Type: MC
Question Type: Concept

10) Which of the following is NOT part of the accounting process as it relates to information?
A) Measuring
B) Recognizing
C) Understanding
D) Reporting
Answer: C
Diff: 1 Type: MC
Question Type: Concept

11) According to the textbook, in order for an organization to be called a business it must:
A) exchange a product with a customer.
B) make money.
C) be a corporation.
D) provide a service.
Answer: A
Diff: 1 Type: MC
Question Type: Concept

12) Which of the following describes the price someone is willing to pay for an item?
A) Cost
B) Salvage Value
C) Revenue
D) Value
Answer: D
Diff: 1 Type: MC
Question Type: Concept

13) When revenue exceeds cost, it is referred to as:
A) loss.
B) profit.
C) value.
D) risk.
Answer: B
Diff: 1 Type: MC
Question Type: Concept




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