Exam (elaborations)
Test Bank For Fundamental Accounting Principles, 25th Edition by John Wild and Ken Shaw, Kermit Larson
Test Bank For Fundamental Accounting Principles, 25th Edition by John Wild and Ken Shaw, Kermit Larson
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TEST ilBANK ilFORFundamental ilAccounting ilPrinciples, il25th ilEdition, ilJohn
WildlC
il i hapter il1-26 il Answers at the End of Each Chapter
Chapter il01:
Student ilname: il
1) Which ilof ilthe ilfollowing ilis ilnot ilaccomplished ilby ilaccounting?
A) Identifies ilbusiness ilactivities.
B) Records ilbusiness ilactivities.
C) Communicates ilbusiness ilactivities.
D) Eliminates ilthe ilneed ilfor ilinterpreting ilfinancial ildata.
E) Helps ilpeople ilmake ilbetter ildecisions.
2) Which ilof ilthe ilfollowing ilis ilan ilexternal iluser ilof ilaccounting ilinformation?
A) Purchasing ilmanager.
B) Human ilresource ilmanager.
C) Lender.
D) Chief ilexecutive ilofficer il(CEO).
E) Marketing ilmanager.
3) The ilprimary ilobjective ilof ilfinancial ilaccounting ilis ilto:
A) Serve ilthe ildecision-making ilneeds ilof ilinternal ilusers.
B) Provide ilaccounting ilinformation ilthat ilserves ilexternal ilusers.
C) Monitor ilconsumer ilneeds, iltastes, iland ilprice ilconcerns.
D) Provide ilinformation ilon ilboth ilthe ilcosts iland ilbenefits ilof illooking ilafter
ilproducts ilandls
i ervices.
E) Know ilwhat, ilwhen, iland ilhow ilmuch ilproduct ilto ilproduce.
,4) The ilarea ilof ilaccounting ilaimed ilat ilserving ilthe ildecision-making ilneeds ilof ilinternal ilusers
ilis:
A) Financial ilaccounting.
B) Managerial ilaccounting.
C) External ilauditing.
D) SEC ilreporting.
E) Bookkeeping.
5) Which ilof ilthe ilfollowing ilis il not ilan ilexternal iluser ilof ilaccounting ilinformation?
A) Shareholders.
B) Customers.
C) Purchasing ilmanagers.
D) Government ilregulators.
E) Creditors.
6) Which ilof ilthe ilfollowing ilis ilnot iltrue ilregarding ila ilCertified ilPublic ilAccountant?
A) Must ilmeet ileducation ilrequirements.
B) Must ilpass ilan ilexamination.
C) Must ilexhibit ilethical ilcharacter.
D) Must ilmeet ilexperience ilrequirements.
E) Cannot ilhold ilany ilcertificate ilother ilthan ila ilCPA.
7) Which ilof ilthe ilfollowing ilfactors ilis ilnot ila ilcomponent ilof ilthe ilfraud iltriangle?
, A) Opportunity
B) Pressure
C) Rationalization
D) All ilof ilthe ilabove ilare ilcomponents ilof ilthe ilfraud iltriangle.
8) Which ilof ilthe ilfollowing ilis ilnot iltrue ilregarding ilethics:
A) Ethics ilare ilbeliefs ilthat ilseparate ilright ilfrom ilwrong.
B) Good ilethics ilare ilgood ilbusiness.
C) Ethics ildo ilnot ilaffect ilthe iloperations ilor iloutcome ilof ila ilcompany.
D) Accountants ilface ilethical ilchoices ilas ilthey ilprepare ilfinancial ilreports.
E) Ethics ilare ilaccepted ilstandards ilof ilgood iland ilbad ilbehavior.
9) A ilcorporation ilis:
A) A ilbusiness illegally ilseparate ilfrom ilits ilowners.
B) Controlled ilby ilthe ilFASB.
C) Not ilresponsible ilfor ilits ilown ilacts iland ilown ildebts.
D) The ilsame ilas ila illimited illiability ilpartnership.
E) Not ilsubject ilto ildouble iltaxation.
10) The ilgroup ilthat ilsets ilinternational ilpreferred ilaccounting ilpractices ilis ilcalled ilthe:
A) AICPA.
B) IASB.
C) CAP.
D) SEC.
E) FASB.
, 11) The ilSecurities iland ilExchange ilCommission il(SEC) ilhas ilgiven ilthe iltask ilof ilsetting
ilGAAP iltolti he:
A) APB.
B) FASB.
C) AAA.
D) AICPA.
E) IASB.
12) The ilaccounting ilconcept ilthat ilrequires ilevery ilbusiness ilto ilbe ilaccounted ilfor
ilseparately ilfromlo
i ther ilbusiness ilentities, ilincluding ilits ilowner ilor ilowners ilis ilknown ilas ilthe:
A) Time-period ilassumption.
B) Business ilentity ilassumption.
C) Going-concern ilassumption.
D) Revenue ilrecognition ilprinciple.
E) Measurement il(Cost) ilprinciple.
13) The ilrule ilthat ilrequires ilfinancial ilstatements ilto ilassume ilthat ilthe ilbusiness ilwill
ilcontinuelioperating ilinstead ilof ilbeing ilclosed ilor ilsold ilis ilthe:
A) Going-concern ilassumption.
B) Business ilentity ilassumption.
C) Objectivity ilprinciple.
D) Measurement il(Cost) ilprinciple.
E) Monetary ilunit ilassumption.
14) If ila ilcompany ilis ilconsidering ilthe ilpurchase ilof ila ilparcel ilof illand ilthat ilwas iloriginally
ilacquired ilby ilthe ilseller ilfor il$100,000, ilis ilcurrently iloffered ilfor ilsale ilat il$180,000, ilis
ilconsidered ilby ilthe ilpurchaser ilas ileasily ilbeing ilworth il$170,000, iland ilis ilfinally ilpurchased
ilfor il$167,000, ilthe illand ilshouldlibe ilrecorded ilin ilthe ilpurchaser’s ilbooks ilat:
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