Test Bank for Survey of Accounting, 3rd Edition Kimmel (All Chapters included)
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Course
Managerial Accounting
Institution
Managerial Accounting
Complete Test Bank for Survey of Accounting, 3rd Edition by Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell ; ISBN13: 9781119895688. (Full Chapters included Chapter 1 to 19)....1 Introduction to Financial Statements
2 A Further Look at the Balance Sheet
3 The Accounting Information System
4 ...
Complete Chapters Test Bank
are included (Ch 1 to 19)
** Immediate Download
** Swift Response
** All Chapters included
,Survey of Accounting, 3e (Kimmel)
Chapter 1 Introduction to Financial Statements
1) A business organized as a separate legal entity owned by stockholders is a partnership.
Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: Legal/Regulatory Perspective; FC: Reporting; PC: None
Minutes: 1
2) Corporate stockholders generally pay higher taxes but have no personal liability.
Answer: TRUE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Business Economics
AICPA: BB: Legal/Regulatory Perspective; FC: Reporting; PC: None
Minutes: 1
3) The liability of corporate stockholders is limited to the amount of their investment.
Answer: TRUE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Business Economics
AICPA: BB: Legal/Regulatory Perspective; FC: Reporting; PC: None
Minutes: 1
4) The majority of U.S. business is transacted by proprietorships.
Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Business Economics
AICPA: BB: Legal/Regulatory Perspective; FC: Reporting; PC: None
Minutes: 1
1
, 5) Proprietorships in the United States generate more revenue than the other two forms of
business enterprise.
Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: Legal/Regulatory Perspective; FC: Reporting; PC: None
Minutes: 1
6) Owners of business firms are the only people who need accounting information.
Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Business Economics
AICPA: BB: Legal/Regulatory Perspective; FC: Reporting; PC: None
Minutes: 1
7) Management of a business enterprise is the major external user of information.
Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: Legal/Regulatory Perspective; FC: Reporting; PC: None
Minutes: 1
8) External users of accounting information are managers who plan, organize, and run a
business.
Answer: FALSE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: Legal/Regulatory Perspective; FC: Reporting; PC: None
Minutes: 1
9) The information needs and questions of external users vary considerably.
Answer: TRUE
Diff: 1
LO: 1
Bloom: K
AACSB / IMA: None / Reporting
AICPA: BB: Legal/Regulatory Perspective; FC: Reporting; PC: None
Minutes: 1
2
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