TEST BANK FOR FINANCIAL ACCOUNTING 16TH EDITION
BY CARL WARREN, CHRISTINE JONICK & JENNIFER
SCHNEIDER WITH QUESTION AND CORRECT ANSWERS
Complete Chapters With Rationales for Exam Preparations| A+ PASS
GUARANTEED
llPage
, Chapter 1
True / False
1. A merchandising business buys products from other businesses to sell to customers.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01 ACCREDITING
STANDARDS: ACCT.ACBSP.APC.03 - Business Forms ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic
2. The role of accounting is to provide many different users with financial information to make economic decisions.
a. True
b. False
ANSWER: True
DIFFICULTY: Moderate Bloom's:
Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic
3. Accounting information users need reports about the economic activities and condition of businesses.
a. True
b. False
2lPage
,ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic
4. Managerial accounting information is used by external and internal users equally.
a. True
b. False ANSWER:
False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic
5. Senior executives cannot be criminally prosecuted for the wrongdoings they commit on behalf of the companies where
they work.
a. True
b. False ANSWER:
False
DIFFICULTY: Easy
Bloom's: Understanding LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.03 - Legal
3lPage
, ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics
6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
information to the management.
a. True
b. False
ANSWER: True
DIFFICULTY: Moderate
Bloom's: Remembering LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic
7. Proper ethical conduct implies that you only consider what's in your best interest.
a. True
b. False ANSWER:
False
DIFFICULTY: Easy
Bloom's: Remembering LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.BB.03 - Legal
ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics
8. Some of the major fraudulent acts committed by senior executives started as what they considered to be small ethical lapses
that grew out of control.
a. True
b. False
ANSWER: True
4lPage
BY CARL WARREN, CHRISTINE JONICK & JENNIFER
SCHNEIDER WITH QUESTION AND CORRECT ANSWERS
Complete Chapters With Rationales for Exam Preparations| A+ PASS
GUARANTEED
llPage
, Chapter 1
True / False
1. A merchandising business buys products from other businesses to sell to customers.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01 ACCREDITING
STANDARDS: ACCT.ACBSP.APC.03 - Business Forms ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic
2. The role of accounting is to provide many different users with financial information to make economic decisions.
a. True
b. False
ANSWER: True
DIFFICULTY: Moderate Bloom's:
Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic
3. Accounting information users need reports about the economic activities and condition of businesses.
a. True
b. False
2lPage
,ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.01 - Industry
ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic
4. Managerial accounting information is used by external and internal users equally.
a. True
b. False ANSWER:
False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic
5. Senior executives cannot be criminally prosecuted for the wrongdoings they commit on behalf of the companies where
they work.
a. True
b. False ANSWER:
False
DIFFICULTY: Easy
Bloom's: Understanding LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.03 - Legal
3lPage
, ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics
6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide
information to the management.
a. True
b. False
ANSWER: True
DIFFICULTY: Moderate
Bloom's: Remembering LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic
7. Proper ethical conduct implies that you only consider what's in your best interest.
a. True
b. False ANSWER:
False
DIFFICULTY: Easy
Bloom's: Remembering LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.BB.03 - Legal
ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics
8. Some of the major fraudulent acts committed by senior executives started as what they considered to be small ethical lapses
that grew out of control.
a. True
b. False
ANSWER: True
4lPage
