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Test Bank for Accounting, 29th Edition by Carl Warren $24.99
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Test Bank for Accounting, 29th Edition by Carl Warren
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Test Bank for Accounting 29e 29th Edition by Carl Warren, Jefferson P. Jones, Jennifer Schneider. Full Chapters test bank are included - Chap 1 to 24 (Complete chapters test bank with answers) 1. Introduction to Accounting and Business. 2. Analyzing Transactions. 3. The Adjusting Process. 4. ...

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  • August 8, 2023
  • 1546
  • 2023/2024
  • Exam (elaborations)
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Name: Class: Date:

Chap 01 29e

Indicate whether the statement is true or false.
1. An account receivable is a claim against a customer resulting from a sale on account.
a. True
b. False

2. An example of an external user of accounting information is the federal government.
a. True
b. False

3. A corporation is a business that is legally separate and distinct from its owners.
a. True
b. False

4. The role of accounting is to provide many different users with financial information to make economic decisions.
a. True
b. False

5. The main objective for all businesses is to maximize unrealized profits.
a. True
b. False

6. Financial accounting provides information to all users, while the main focus for managerial accounting is to
provide information to management.
a. True
b. False

7. Assets that are used up during the process of earning revenue are called expenses.
a. True
b. False

8. Withdrawals paid to owners decrease assets and increase equity.
a. True
b. False

9. An example of a general-purpose financial statement would be a report about projected price increases related
to transportation costs.
a. True
b. False

10. No significant differences exist between the accounting standards issued by the FASB and the IASB.
a. True
b. False




. Page 1

, Name: Class: Date:

Chap 01 29e

11. The rights or claims to the assets of a business may be subdivided into rights of creditors and rights of owners.
a. True
b. False

12. The accounting equation can be expressed as Assets – Liabilities = Owner's Equity.
a. True
b. False

13. The primary financial statements of a proprietorship are the income statement, the statement of owners’ equity,
the cash budget, and the balance sheet.
a. True
b. False

14. Investing activities are those activities by which the company obtains funds to start and operate the business.
a. True
b. False

15. Paying an account payable increases liabilities and decreases assets.
a. True
b. False

16. Purchasing supplies on account increases liabilities and decreases equity.
a. True
b. False

17. Senior executives cannot be criminally prosecuted for the wrongdoings they commit on behalf of the companies
where they work.
a. True
b. False

18. An income statement is a summary of the revenues and expenses of a business as of a specific date.
a. True
b. False

19. Managerial accounting information is used by external and internal users equally.
a. True
b. False

20. The Sarbanes-Oxley Act established standards for corporate responsibility and disclosure.
a. True
b. False

21. The financial statements of a proprietorship should include the owner's personal assets and liabilities.
a. True
b. False


. Page 2

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