ACCOUNTING Test-Bank

Chapter 01 - An Introduction to Accounting Chapter 01 An Introduction to Accounting Answer Key Short Answer Questions Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts. 1. Walker Co. issued common stock for $150,000 cash. Answer: (I) (N) (I) (N) (N) (N) (I) Learning Objective: 01-02 Level of Learning: 2 Medium Topic Area: Recording Business Events Unde...

Chapter 1—Accounting and the Financial Statements TRUE/FALSE 1. There are more corporations than sole proprietorships and partnerships in the United States. ANS: F PTS: 1 DIF: Easy OBJ: 1-1 NAT: AICPAFN-Reporting|AACSBCommunication|ACBSP-APC-01-Purpose 2. The three main business activities are financing, operating, and investing. ANS: T PTS: 1 DIF: Easy OBJ: 1-2 NAT: AICPAFN-Reporting|AACSBCommunication|ACBSP-APC-03-BusinessForms 3. Internal users of accounting information include pres...

Chapter 1: Accounting as a Form of Communication True / False 1. An auto repair company is not an example of a manufacturer. a. True b. False ANSWER: DIFFICULTY: REFERENCES: LEARNING OBJECTIVES: KEYWORDS: True Easy pp. 4-5 FACC.PONO.13.01-01 - LO: 01-01 Bloom's: Applying 2. A department store is an example of a manufacturer. a. True b. False ANSWER: DIFFICULTY: REFERENCES: LEARNING OBJECTIVES: KEYWORDS: False Easy pp. 4-5 FACC.PONO.13.01-01 - LO: 01-01 Bloom's: Applying 3. Th...

65. For the most recent year, a company's current ratio was significantly lower than its industry average. What is the best possible explanation for this situation? a. The company’s competitors were profitable. b. The company’s liquidity has improved. © 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible w...

Financial Accounting, 10e (Libby) Chapter 1 Financial Statements and Business Decisions 1) A business entity's accounting system creates financial accounting reports which are provided to external decision makers. Answer: TRUE Explanation: The accounting system collects financial data and produces reports used by both internal decision makers and external decision makers. Difficulty: 1 Easy Topic: Accounting system-Information users Learning Objective: 01-01 Recognize the information con...

Financial Accounting Fundamentals, 7e (Wild) Chapter 1 Accounting in Business 1) Accounting is an information and measurement system that identifies, records, and communicates an organization's business activities. Answer: TRUE Difficulty: 1 Easy Topic: Importance of Accounting Learning Objective: 01-C1 Explain the purpose and importance of accounting. Bloom's: Remember AACSB/Accessibility: Communication/Keyboard Navigation AICPA: BB Industry; FN Decision Making 2) Recordkeeping, or bo...

Chapter 1: Introduction to Business Activities and Overview of Financial Statements and the Reporting Process TRUE/FALSE 1. The activities of a business include establishing goals and strategies, obtaining financing, making investments and conducting operations. ANS: T PTS: 1 DIF: 1 REF: pp. 3-6 OBJ: LO: 1-01 NAT: BUSPROG: Analytic STA: AICPA: FN-Reporting | ACBSP: APC-09-Financial Statements KEY: Bloom's: Knowledge 2. Goals are the end results toward which the firm directs its energies, ...

Chapter 1 - Introduction to Accounting and Business True / False 1. A merchandising business buys products from other businesses to sell to customers. a. True b. False ANSWER: DIFFICULTY: LEARNING OBJECTIVES: ACCREDITING STANDARDS: True Easy Bloom's: Remembering ACCT.WARD.18. 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 econ...

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Chapter 1 - Introduction to Managerial Accounting 1. The managerial activity of monitoring a plan's implementation and taking corrective action as needed is referred to as decision making. ANSWER: False POINTS: 1 DIFFICULTY: Easy QUESTION TYPETrue / False : a. True b. False HAS VARIABLES:False LEARNING OBJEACCT.MOWE.16.1-1 - LO: 1-1 CTIVES: NATIONAL STAN United States - BUSPROG: Analytic DARDS: STATE STANDAR United States - AK - ACBSP: APC-26-Management Functio - ACBSP: APC-26-Manag...