Fundamental Accounting Principles, Volume 1, 15th Canadian Edition Test Bank

Fundamental Accounting Principles, Volume 1, 15th Canadian Edition Test Bank is packed with helpful insights, covering everything from basic concepts to advanced problem-solving techniques.

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ExamName___________________________________TRUE/FALSE.Write 'T' if the statement is true and 'F' if the statement is false.1)Accounting is an information system that identifies, measures, records andcommunicates relevant information that faithfully represents an organization's economicactivities.1)_______2)Accounting information is only relevant for people in business.2)_______3)The primary objective of accounting is to help people make better decisions.3)_______4)"Bookkeeping" is another term for "accounting".4)_______5)A sole proprietorship is a business owned by one or more persons.5)_______6)A partnership is a business owned by two or more people.6)_______7)Ownership of a corporation is divided into units called shares.7)_______8)In the partnership form of business, the owners of a business are called shareholders.8)_______9)Unlimited liability is an advantage for both a proprietorship and a partnership.9)_______10)Although a proprietorship is not a separate legal entity, a partnership is.10)______11)Limited liability is a key consideration as to why corporations can raise resources fromshareholders.11)______12)Non-business organizations often operate educational and religious services for profit.12)______13)Sole proprietorships and partnerships are not subject to income tax in Canada.13)______14)External users include creditors, shareholders, suppliers, and lawyers.14)______15)Internal users include creditors, shareholders, internal auditors and managers.15)______16)Managerial accounting is an area of accounting that provides internal reports to assist thedecision-making needs of internal users.16)______17)Internal operating functions include research and development, distribution, and humanresources.17)______18)Internal controls include procedures to protect assets and prevent fraud.18)______19)Career opportunities in accounting include auditing, forensic accounting, and taxplanning.19)______20)Budgeting is the process of developing formal plans for an organization's futureactivities.20)______21)At the request of the Board of Directors, internal auditors perform the audit function toprotect

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Fundamental Accounting Principles, Volume 1, 15th Canadian Edition Test Bank

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