100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Survey of Accounting 7th Edition Carl Warren- Test Bank £18.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Accounting - Test Bank
  4.  
  5. Accounting - Test Bank
  6.  
  7. Accounting - Test Bank

Exam (elaborations)

Survey of Accounting 7th Edition Carl Warren- Test Bank
 7 views  0 purchase

Chapter 1 1. The objective of most businesses is to maximize profits. ANSWER: POINTS: DIFFICULTY: LEARNING OBJECTIVES: NATIONAL STANDARDS: STATE STANDARDS: KEYWORDS: True 1 Easy SACC.W ARR.15.01 United States - BUSPORG: Analytic United States - AK - DISC: AICPA: FN-Measurement Bloom's: K...

[Show more]

Preview 4 out of 418  pages

Document information

  • September 12, 2023
  • 418
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

All documents for this subject (74)

Seller

avatar-seller
ExamsExpert

Reviews received

Content preview

,Chapter 1
1. The objective of most businesses is to maximize profits.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

2. A limited liability company combines attributes of a partnership and a corporation.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

3. A partnership is owned by two or more individuals.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

4. Manufacturing businesses change basic inputs into products that are sold to individual customers.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge


Copyright Cengage Learning. Powered by Cognero. Page 1

,Chapter 1
5. Merchandising businesses produce products rather than provide services to customers.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

6. A corporation is a business that is legally separate and distinct from its owners.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

7. The popularity of the sole proprietorship is due to the ease and low cost of organizing.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

8. A primary disadvantage of corporations is that the financial resources available to them are limited.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge


Copyright Cengage Learning. Powered by Cognero. Page 2

, Chapter 1
9. The ownership of a proprietorship is divided into shares of stock owned by its stockholders.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

10. All merchandising businesses are organized as corporations.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

11. Stockholders of a corporation are its internal stakeholders.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement
KEYWORDS: Bloom's: Knowledge

12. John Deere is a leading manufacturer of agricultural machinery in the world producing products that serve unique
market needs. Therefore, John Deere is an example of a company that uses a premium-price emphasis to attract
customers.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: SACC.WARR.15.01 - LO: 1-1
NATIONAL STANDARDS: United States - BUSPORG: Analytic
STATE STANDARDS: United States - AK - DISC: AICPA: FN-Measurement

Copyright Cengage Learning. Powered by Cognero. Page 3

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

Quick and easy check-out

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

Focus on what matters

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 ExamsExpert. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £18.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

SHRM-CP 2023 QUESTIONS AND ANSWERS, GRADED A+
£18.49
  • (0)
  Add to cart