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
Test Bank for College Accounting A Practical Approach 14th Canadian Edition Jeffrey Slater, Debra Good $19.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. College Accounting
  4.  
  5. College Accounting

Exam (elaborations)

Test Bank for College Accounting A Practical Approach 14th Canadian Edition Jeffrey Slater, Debra Good
 19 views  0 purchase
  • Course
  • College Accounting
  • Institution
  • College Accounting

Test Bank for College Accounting A Practical Approach 14th Canadian Edition Jeffrey Slater, Debra Good. Table of Contents: Accounting Concepts and Procedures An Introduction Debits and Credits Analyzing and Recording Business Transactions Beginning the Accounting Cycle Journalizing, Posting, and th...

[Show more]

Preview 4 out of 616  pages

Document information

  • April 15, 2024
  • 616
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

All for this textbook (52)

Written for

  • College Accounting
  • College Accounting

Seller

avatar-seller
MedConnoisseur

Reviews received

Content preview

1 Copyright © 202 1 Pearson Education, Inc. TEST BANK FOR COLLEGE ACCOUNTING A PRACTICAL APPROACH 14TH CANADIAN ED ITION JEFFREY SLATER, DEBRA GOO College Accounting, 14Ce (Slater/Good) Chapter 1 Accounting Concepts and Procedures: An Introduction 1.1 Defining and listing the functions of accounting. 1) Which of the following professional accounting designations has been replaced by "CPA"? A) CA B) CMA C) CGA D) All of the above Answer: D Diff: 1 Type: MC Objective: 1 -1 2) The type of business organization that can continue indefinitely is known as a A) sole pro prietorship. B) partnership. C) corporation. D) None of the above. Answer: C Diff: 1 Type: MC Objective: 1 -1 3) This type of business organization is subject to income tax. A) sole proprietorship. B) partnership. C) corporation. D) All of the above. Answer: C Diff: 1 Type: MC Objective: 1 -1 4) Putting the information into the accounting system would be called A) analyzing. B) recording. C) classifying. D) summarizing. Answer: B Diff: 2 Type: MC Objective: 1 -1 MEDCONNOISSEUR 2 Copyright © 202 1 Pearson Education, Inc. 5) The purpose of the accounting process is to provide financial information about A) sole proprietorships. B) small businesses. C) large corporations. D) All of these answers are correct. Answer: D Diff: 2 Type: MC Objective: 1 -1 6) The advantages of a corporation do NOT include A) limited personal risk. B) can continue indefinitely. C) business decisions made by career administrators. D) easy to set up. Answer: D Diff: 1 Type: MC Objective: 1 -1 7) Accounting reports are least helpful in answering which of the follo wing questions? A) How much cash was available at the end of the last year? B) How well were the employees treated by management? C) Did the company make a profit for the previous year? D) Can the company pay its debts on time? Answer: B Diff: 3 Type: MC Objective: 1 -1 8) Accounting provides information to A) managers. B) government. C) investors. D) All of these answers are correct Answer: D Diff: 2 Type: MC Objective: 1 -1 9) Which of the following is a characteristic of a sole proprietorship? A) Business owned by more than one person B) Easy to form C) Each shareholder acts as an owner of the company D) Can continue indefinitely Answer: B Diff: 1 Type: MC Objective: 1 -1 MEDCONNOISSEUR 3 Copyright © 202 1 Pearson Education, Inc. 10) A partnership is a business which is A) easy to form. B) ends wi th the death of a partner. C) owned by more than one person. D) All of these answers are correct. Answer: D Diff: 1 Type: MC Objective: 1 -1 11) Which is an advantage of a sole proprietorship form of business? A) There is limited personal risk. B) The business can continue indefinitely. C) The owner makes all the decisions. D) All of these answers are correct. Answer: C Diff: 1 Type: MC Objective: 1 -1 12) Which of the following is NOT a type of business organization? A) Corporation B) Partnership C) Sole proprietorship D) Operation Answer: D Diff: 2 Type: MC Objective: 1 -1 13) A corporation A) can continue indefinitely. B) is owned by shareholders. C) has limited risk to shareholders. D) all of the above. Answer: D Diff: 2 Type: MC Objec tive: 1 -1 14) The Sarbanes -Oxley Act in the United States and National Policies in Canada were passed to A) prevent fraud at public companies. B) replace all of the old accounting procedures with new ones. C) improve the accuracy of the company's financi al reporting. D) Both A and C are correct. Answer: D Diff: 2 Type: MC Objective: 1 -1 MEDCONNOISSEUR 4 Copyright © 202 1 Pearson Education, Inc. 15) A legal firm would be considered a A) merchandise company. B) manufacturer. C) service company. D) None of the above are correct. Answer: C Diff: 1 Type: MC Objective: 1 -1 16) Not -for-profit organizations A) aim to improve society in some way. B) seek to maximize profits. C) usually obtain funding from donations and government grants. D) Both A and C are correct. Answer: D Diff: 1 Type: MC Objective: 1-1 17) Generally Accepted Accounting Principles are the underlying concepts that make up acceptable accounting practices. Answer: TRUE Diff: 1 Type: TF Objective: 1 -1 18) Not -for-profit businesses are not permitted to earn any revenue. Answer: FAL SE Diff: 2 Type: TF Objective: 1 -1 19) The primary objective of a not -for-profit business is to maximize revenue. Answer: FALSE Diff: 1 Type: TF Objective: 1 -1 20) The new accounting designation for Canada is CGA. Answer: FALSE Diff: 1 Type: TF Objective: 1 -1 21) A disadvantage of a corporation is that shareholders are held personally liable for the corporation's debts. Answer: FALSE Diff: 2 Type: TF Objective: 1 -1 MEDCONNOISSEUR

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 or Stuvia-credit 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 MedConnoisseur. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $19.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

82871 documents were sold in the last 30 days

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

Start selling
$19.99
  • (0)
  Add to cart