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
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Content preview
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:
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 Prose1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
