Financial and Managerial Accounting 14th Edition Test Bank

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.1.Acorporationisabusinessthatislegallyseparateanddistinctfromitsowners.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.03-BusinessFormsACCT.AICPA.BB.01-IndustryACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic2.Theroleofaccountingistoprovidemanydifferentuserswithfinancialinformationtomakeeconomicdecisions.a.Trueb.FalseANSWER:TrueDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.01-PurposeACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic3.Accountinginformationusersneedreportsabouttheeconomicactivitiesandconditionofbusinesses.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.01-PurposeACCT.AICPA.BB.01-IndustryACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic4.Managerialaccountinginformationisusedbyexternalandinternalusersequally.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.01-PurposeACCT.ACBSP.APC.25-ManagerialCharacteristics/TerminologyACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.5.Seniorexecutivescannotbecriminallyprosecutedforthewrongdoingstheycommitonbehalfofthecompanieswheretheywork.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.01-PurposeACCT.AICPA.BB.03-LegalACCT.AICPA.FN.03-MeasurementBUSPROG:Ethics6.Financialaccountingprovidesinformationtoallusers,whilethemainfocusformanagerialaccountingistoprovideinformationtothemanagement.a.Trueb.FalseANSWER:TrueDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.01-PurposeACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic7.Properethicalconductimpliesthatyouonlyconsiderwhat'sinyourbestinterest.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.02-GAAPACCT.AICPA.BB.03-LegalACCT.AICPA.FN.03-MeasurementBUSPROG:Ethics8.Someofthemajorfraudulentactsbyseniorexecutivesstartedaswhattheyconsideredtobesmallethicallapseswhichgrewoutofcontrol.a.Trueb.FalseANSWER:True

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.DIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.02-GAAPACCT.AICPA.BB.03-LegalACCT.AICPA.FN.03-MeasurementBUSPROG:Ethics9.Abusinessisanorganizationinwhichbasicresourcesorinputs,likematerialsandlabor,areassembledandprocessedtoprovideoutputsintheformofgoodsorservicestocustomers.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.03-BusinessFormsACCT.AICPA.BB.01-IndustryACCT.AICPA.BB.06-ResourceManagementBUSPROG:Analytic10.Twofactorsthattypicallyleadtoethicalviolationsarerelevanceandtimelinessofaccountinginformation.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.02-GAAPACCT.AICPA.BB.01-IndustryACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic11.Anexampleofageneral-purposefinancialstatementwouldbeareportaboutprojectedpriceincreasesrelatedtotransportationcosts.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.06-RecordingTransactionsACCT.ACBSP.APC.09-FinancialStatementsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.12.TheSarbanes-OxleyActestablishedstandardsforcorporateresponsibilityanddisclosure.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.20-AccountingforCorporationsACCT.AICPA.BB.01-IndustryACCT.AICPA.FN.03-MeasurementBUSPROG:Ethics13.Themainobjectiveforallbusinessistomaximizeunrealizedprofits.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.01-PurposeACCT.AICPA.BB.01-IndustryACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic14.Theprimaryroleofaccountingistodeterminetheamountoftaxesabusinesswillberequiredtopaytotaxingentities.a.Trueb.FalseANSWER:FalseDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.01-PurposeACCT.AICPA.BB.01-IndustryACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic15.Thebasicdifferencebetweenmanufacturingandmerchandisingcompaniesisthecompletionleveloftheproductstheypurchaseforresaletocustomers.a.Trueb.FalseANSWER:True

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.DIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.03-BusinessFormsACCT.AICPA.BB.01-IndustryACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic16.Proprietorshipsareownedbyoneownerandprovideonlyservicestotheircustomers.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-02-LO:01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.03-BusinessFormsACCT.AICPA.BB.01-IndustryACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic17.About90%ofthebusinessesintheUnitedStatesareorganizedascorporations.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-02-LO:01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.03-BusinessFormsACCT.AICPA.BB.01-IndustryACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic18.Anexampleofanexternaluserofaccountinginformationisthefederalgovernment.a.Trueb.FalseANSWER:TrueDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-02-LO:01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.01-PurposeACCT.AICPA.BB.01-IndustryACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.19.TheFinancialAccountingStandardsBoard(FASB)istheauthoritativebodythathasprimaryresponsibilityfordevelopingaccountingprinciples.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-02-LO:01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.02-GAAPACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic20.Thecostprincipleisthebasisforenteringthepurchasepriceintotheaccountingrecords.a.Trueb.FalseANSWER:TrueDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-02-LO:01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.02-GAAPACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic21.ThemonetaryunitassumptionrequiresthateconomicdataberecordedindollarsforcompaniesintheUnitedStates.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-02-LO:01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.02-GAAPACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic22.Ifabuildingisappraisedfor$85,000,offeredforsaleat$90,000,andthebuyerpays$80,000cashforit,thebuyerwouldrecordthebuildingat$85,000.a.Trueb.FalseANSWER:FalseDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-02-LO:01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.02-GAAPACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.23.Thefinancialstatementsofaproprietorshipshouldincludetheowner'spersonalassetsandliabilities.a.Trueb.FalseANSWER:FalseDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-02-LO:01-02FNMN.WARD.17.01-05-LO:01-05ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.09-FinancialStatementsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic24.NosignificantdifferencesexistbetweentheaccountingstandardsissuedbytheFASBandtheIASB.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-02-LO:01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.02-GAAPACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic25.Generallyacceptedaccountingprinciplesregulatehowandwhatfinancialinformationisreportedbybusinesses.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-02-LO:01-02ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.02-GAAPACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic26.TheaccountingequationcanbeexpressedasAssets–Liabilities=Shareholder'sEquity.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-03-LO:01-03ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.06-RecordingTransactionsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.27.Therightsorclaimstotheassetsofabusinessmaybesubdividedintorightsofcreditorsandrightsofstockholders.a.Trueb.FalseANSWER:TrueDIFFICULTY:ChallengingBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-03-LO:01-03ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.01-PurposeACCT.ACBSP.APC.06-RecordingTransactionsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic28.Thestockholders'rightstotheassetsrankaheadofthecreditors'rightstotheassets.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-03-LO:01-03ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.01-PurposeACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic29.Iftheliabilitiesowedbyabusinesstotal$300,000andstockholders'equityisequalto$300,000,thentheassetsalsototal$300,000.a.Trueb.FalseANSWER:FalseRATIONALE:Assets=Liabilities+Stockholders’Equity=$300,000+$300,000=$600,000DIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-03-LO:01-03ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.06-RecordingTransactionsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic30.Iftotalassetsdecreasedby$30,000duringaspecificperiodandstockholders'equitydecreasedby$35,000duringthesameperiod,theperiod'schangeintotalliabilitieswasa$65,000increase.a.Trueb.FalseANSWER:FalseRATIONALE:Assets=Liabilities+Stockholders’Equity–$30,000=Liabilities+(–$35,000)Liabilities=+$5,000

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.DIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-03-LO:01-03ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.06-RecordingTransactionsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic31.Iftotalassetsincreasedby$190,000duringaspecificperiodandliabilitiesdecreasedby$10,000duringthesameperiod,theperiod'schangeintotalstockholders'equitywasa$200,000increase.a.Trueb.FalseANSWER:TrueRATIONALE:Assets=Liabilities+Stockholders’Equity+$190,000=–10,000+Stockholders’EquityStockholders’Equity=+$200,000DIFFICULTY:ModerateBloom's:ApplyingLEARNINGOBJECTIVES:FNMN.WARD.17.01-03-LO:01-03ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.06-RecordingTransactionsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic32.Ifnetincomeforacompanywas$50,000,$20,000incashdividendswerepaidandtheshareholdersinvested$10,000incash,thestockholders'equityincreasedby$40,000.a.Trueb.FalseANSWER:TrueRATIONALE:Increaseinthestockholders'equity=Netincomefortheyear–Cashdividends+Shareholders'investment=$50,000–$20,000+$10,000=$40,000DIFFICULTY:cBloom's:ApplyingLEARNINGOBJECTIVES:FNMN.WARD.17.01-04-LO:01-04ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.06-RecordingTransactionsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic33.Anaccountreceivableistypicallyclassifiedasarevenue.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-04-LO:01-04ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.15-CurrentAssetsReportingACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.34.Anaccountreceivableisaclaimagainstacustomerresultingfromasaleonaccount.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-04-LO:01-04ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.12-ReceivablesReportingACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic35.Payinganaccountpayableincreasesliabilitiesanddecreasesassets.a.Trueb.FalseANSWER:FalseDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-04-LO:01-04ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.06-RecordingTransactionsACCT.ACBSP.APC.16-CurrentLiabilitiesReportingACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic36.Receivingpaymentsonanaccountreceivableincreasesbothequityandassets.a.Trueb.FalseANSWER:FalseDIFFICULTY:ChallengingBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-04-LO:01-04ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.06-RecordingTransactionsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic37.Dividendspaidtostockholdersdecreaseassetsandincreaseequity.a.Trueb.FalseANSWER:FalseDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-04-LO:01-04ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.06-RecordingTransactionsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.38.Purchasingsuppliesonaccountincreasesliabilitiesanddecreasesequity.a.Trueb.FalseANSWER:FalseDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-04-LO:01-04ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.06-RecordingTransactionsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic39.Receivingabillorotherwisebeingnotifiedthatanamountisowedisnotrecordeduntiltheamountispaid.a.Trueb.FalseANSWER:FalseDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-04-LO:01-04ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.02-GAAPACCT.ACBSP.APC.04-Cashvs.AccrualACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic40.Revenueisearnedonlywhenmoneyisreceived.a.Trueb.FalseANSWER:FalseDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-04-LO:01-04ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.02-GAAPACCT.ACBSP.APC.04-Cashvs.AccrualACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic41.Assetsthatareusedupduringtheprocessofearningrevenuearecalledexpenses.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-04-LO:01-04ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.06-RecordingTransactionsACCT.ACBSP.APC.15-CurrentAssetsReportingACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.42.Theexcessofrevenueovertheexpensesincurredinearningtherevenueiscalledcapital.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-05-LO:01-05ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.06-RecordingTransactionsACCT.ACBSP.APC.09-FinancialStatementsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic43.Theprimaryfinancialstatementsofacorporationaretheincomestatement,retainedearningsstatement,andthebalancesheet.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-05-LO:01-05ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.06-RecordingTransactionsACCT.ACBSP.APC.09-FinancialStatementsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic44.Anincomestatementisasummaryoftherevenuesandexpensesofabusinessasofaspecificdate.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-05-LO:01-05ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.09-FinancialStatementsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic45.Aretainedearningsstatementreportsthechangesintheretainedearningsforaperiodoftime.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-05-LO:01-05ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.09-FinancialStatementsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.46.Thestatementofcashflowsconsistsofthreesections:cashflowsfromoperatingactivities,cashflowsfromincomeactivities,andcashflowsfromequityactivities.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-05-LO:01-05ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.09-FinancialStatementsACCT.ACBSP.APC.24-StatementofCashFlowsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic47.Thebalancesheetrepresentstheaccountingequation.a.Trueb.FalseANSWER:TrueDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-05-LO:01-05ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.09-FinancialStatementsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic48.Netincomeandnetprofitdonotmeanthesamething.a.Trueb.FalseANSWER:FalseDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-05-LO:01-05ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.09-FinancialStatementsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic49.Profitisthedifferencebetweena.assetsandliabilitiesb.theincomingcashandoutgoingcashc.theassetspurchasedwithcashcontributedbytheownerandthecashspenttooperatethebusinessd.theamountsreceivedfromcustomersforgoodsorservicesandtheamountspaidfortheinputsusedtoprovidethegoodsorservicesANSWER:d

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Chapter1-IntroductiontoAccountingandBusiness©2017CengageLearning®.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.DIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.01-PurposeACCT.ACBSP.APC.09-FinancialStatementsACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic50.Twocommonareasofaccountingthatrespectivelyprovideinformationtointernalandexternalusersarea.forensicaccountingandfinancialaccountingb.managerialaccountingandfinancialaccountingc.managerialaccountingandenvironmentalaccountingd.financialaccountingandtaxaccountingsystemsANSWER:bDIFFICULTY:EasyBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.01-PurposeACCT.AICPA.BB.01-IndustryACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic51.Whichofthefollowingbestdescribesaccounting?a.recordseconomicdatabutdoesnotcommunicatethedatatousersaccordingtoanyspecificrulesb.isaninformationsystemthatprovidesreportstousersregardingeconomicactivitiesandconditionofabusinessc.isofnousebyindividualsoutsideofthebusinessd.isusedonlyforfillingouttaxreturnsandforfinancialstatementsforvarioustypeofgovernmentalreportingrequirementsANSWER:bDIFFICULTY:ModerateBloom's:RememberingLEARNINGOBJECTIVES:FNMN.WARD.17.01-01-LO:01-01ACCREDITINGSTANDARDS:ACCT.ACBSP.APC.01-PurposeACCT.AICPA.BB.01-IndustryACCT.AICPA.FN.03-MeasurementBUSPROG:Analytic52.Whichtypeofaccountanttypicallypracticesasanindividualorasamemberofapublicaccountingfirm?a.CertifiedPublicAccountantb.CertifiedPayrollProfessionalc.CertifiedInternalAuditord.CertifiedManagementAccountantANSWER:a

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