Exam (elaborations)
Corporate Financial Accounting 13e Carl Warren James M Reeve Jonathan Duchac
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Corporate Financial Accounting 13e Carl Warren James M Reeve Jonathan Duchac
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,CHAPTER 01 - INTRODUCTION TO ACCOUNTING AND BUSINESS1. A corporation is a business that is legally separate and distinct from its owners.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic
2. The role of accounting is to provide many different users with financial information to make economic decisions.
a. True
b. False
ANSWER: True
DIFFICULTY: Moderate
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic
3. Accounting information users need reports about the economic activities and condition of businesses.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic
4. Managerial accounting information is used by external and internal users equally.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose
ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic
© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
,Chapter 01 - Introduction to Accounting and Business
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
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose
ACCT.AICPA.BB.03 – Legal
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Ethics
6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
information to the management.
a. True
b. False
ANSWER: True
DIFFICULTY: Moderate
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
7. Proper ethical conduct implies that you only consider what's in your best interest.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP
ACCT.AICPA.BB.03 – Legal
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Ethics
8. Some of the major fraudulent acts by senior executives started as what they considered to be small ethical lapses
which grew out of control.
a. True
b. False
ANSWER: True
DIFFICULTY: Moderate
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP
ACCT.AICPA.BB.03 – Legal
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Ethics
© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
, Chapter 01 - Introduction to Accounting and Business
9. A business is an organization in which basic resources or inputs, like materials and labor, are assembled and
processed to provide outputs in the form of goods or services to customers.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.BB.06 - Resource Management
BUSPROG: Analytic
10. Two factors that typically lead to ethical violations are relevance and timeliness of accounting information.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic
11. An example of a general-purpose financial statement would be a report about projected price increases related to
transportation costs.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions
ACCT.ACBSP.APC.09 - Financial Statements
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic
12. The Sarbanes-Oxley Act established standards for corporate responsibility and disclosure.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.20 - Accounting for Corporations
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Ethics
© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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