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Test Bank for Corporate Financial Accounting, 16th Edition by Carl S. Warren, Jeff Jones
Test Bank for Corporate Financial Accounting, 16th Edition by Carl S. Warren, Jeff Jones
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TEST BANK FORCorporate Financial Accounting, 16th Edition by Carl S. Warren (Author), Jeff Jones
Chapter 01 - Accounting and Business
1. A corporation is a business that is legally separate and distinct from its owners.
a. True
b. False
ANSWER: True
POINTS: 1
N
DIFFICULTY: Easy
Bloom's: Remembering
QUESTION TYPE: True / False
U
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
R
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED: 7/26/2017 4:27 PM
SE
DATE MODIFIED: 10/16/2017 3:33 PM
2. The role of accounting is to provide many different users with financial information to make economic decisions.
a. True
b. False
ANSWER: True
D
POINTS: 1
DIFFICULTY: Moderate
Bloom's: Remembering
O
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.01-01 - LO: 01-01
C
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
S
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM
3. Accounting information users need reports about the economic activities and condition of businesses.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering
Copyright Cengage Learning. Powered by Cognero. Page 1
,QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM
4. Managerial accounting information is used by external and internal users equally.
a. True
b. False
N
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
U
Bloom's: Remembering
QUESTION TYPE: True / False
HAS VARIABLES: False
R
LEARNING OBJECTIVES: FNMN.WAJO.19.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology
SE
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM
5. Senior executives cannot be criminally prosecuted for the wrong doings they commit on behalf of the companies where
D
they work.
a. True
b. False
O
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering
C
QUESTION TYPE: True / False
HAS VARIABLES: False
S
LEARNING OBJECTIVES: FNMN.WAJO.19.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.03 - Legal
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM
6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
information to the management.
a. True
Copyright Cengage Learning. Powered by Cognero. Page 2
, b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
Bloom's: Remembering
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED: 7/26/2017 4:27 PM
N
DATE MODIFIED: 10/16/2017 3:33 PM
7. Proper ethical conduct implies that you only consider what's in your best interest.
a. True
U
b. False
ANSWER: False
POINTS: 1
R
DIFFICULTY: Easy
Bloom's: Remembering
QUESTION TYPE: True / False
SE
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.BB.03 - Legal
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics
D
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM
O
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
C
b. False
ANSWER: True
POINTS: 1
S
DIFFICULTY: Moderate
Bloom's: Remembering
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.BB.03 - Legal
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Ethics
DATE CREATED: 7/26/2017 4:27 PM
Copyright Cengage Learning. Powered by Cognero. Page 3
, DATE MODIFIED: 10/16/2017 3:33 PM
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
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering
QUESTION TYPE: True / False
HAS VARIABLES: False
N
LEARNING OBJECTIVES: FNMN.WAJO.19.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.BB.06 - Resource Management
U
BUSPROG: Analytic
DATE CREATED: 7/26/2017 4:27 PM
DATE MODIFIED: 10/16/2017 3:33 PM
R
10. Two factors that typically lead to ethical violations are relevance and timeliness of accounting information.
a. True
SE
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering
QUESTION TYPE: True / False
D
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.01-01 - LO: 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP
O
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic
DATE CREATED: 7/26/2017 4:27 PM
C
DATE MODIFIED: 10/16/2017 3:33 PM
11. An example of a general-purpose financial statement would be a report about projected price increases related to
S
transportation costs.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
Bloom's: Remembering
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: FNMN.WAJO.19.01-01 - LO: 01-01
Copyright Cengage Learning. Powered by Cognero. Page 4
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