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TEST BANK for Accounting: Building Business Skills, 4th Edition Carlon, Mladenovic-McAlpine, Palm, Kimmel, Kieso, Weygandt. | All 18 Chapters$32.83
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TEST BANK for Accounting: Building Business Skills, 4th Edition Carlon, Mladenovic-McAlpine, Palm, Kimmel, Kieso, Weygandt. ISBN: 1103. TABLE OF CONTENTS CH 1: Introduction to accounting CH 2: The accounting information system CH 3: Accrual accounting concepts CH 4: Inventories 7 Inventory 40 Cash ...
Accounting:
Building Business Skills 4e
By
Shirley Carlon, Rosina Mladenovic
and Chrisann Palm
,Testbank to accompany Accounting: building business skills 4e
Chapter 1: Introduction to Accounting
Multiple-Choice Questions
1. The provision of accounting information within the business entity is referred
to as
Feedback: Learning objective 1.1 – Define accounting, describe the accounting process
and define the diverse roles of accountants. The provision of information within the
business entity is referred to as management accounting. (Pg 4)
a. financial accounting.
*b. management accounting.
c. commercial accounting.
d. public accounting.
2. The accounting process includes which steps
Feedback: Learning objective 1.1 – Define accounting, describe the accounting process
and define the diverse role of accountants. The four steps of the accounting process
are identifying, measuring, recording and communicating relevant transactions and
events. (Pg 5)
*a. identifying, measuring, recording and communicating.
b. identifying, recording, communicating and justifying.
c. measuring, adjusting, recording and communicating.
d. measuring, evaluating, recording and communicating.
3. The sole trader form of business organisation
Feedback: Learning objective 1.2 – Explain the characteristics of the main forms of
business organisation. Under the sole trader business structure the owner of the
business has no separate legal existence from the business. The owner of the business
is therefore personally liable for the debts of the business. (Pg 8)
a. must have at least two owners
b. combines business records with the personal records of the owner
*c. results in the owner having personal liability for the debts of the
business
d. is a separate legal entity
4. The majority of business in Australia is transacted by
Feedback: Learning objective 1.2 - Explain the characteristics of the main forms of
business organisation. The majority of business in Australia is transacted by
companies. (Pg 8)
a. sole traders.
b. partnerships.
c. government units.
*d. companies.
5. One advantage of the company form of business structure is that:
Feedback: Learning objective 1.2 - Explain the characteristics of the main forms of
business organisation. A company is a separate legal entity and has an indefinite life
that is independent of the shareholders. Shareholders of most companies have limited
liability for the debts of the company and if there is more than one director, the
decision making is usually a shared responsibility.
a. it has limited life.
b. the liability of the owners is unlimited.
*c. it provides the owners with shared control.
d. it makes higher profits.
6. A company has the following set of characteristics
Feedback: Learning objective 1.2 - Explain the characteristics of the main forms of
business organisation. There are initial costs associated with incorporation for a
company and then ongoing fees and regulations to comply with. If there is more than
one director, then the decision making is usually a shared responsibility. Shareholders
of most companies have limited liability for the debts of the company. (Pg 8)
a. provides owners with shared control, simple to establish.
b. simple to set up, owner retains control.
*c. complex to set up, provides owners with shared control.
d. provides owners with shared control, unlimited liability.
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