Test Bank for Financial Accounting, 13th Edition by C. William Thomas

,DOWNLOAD THE Test Bank for Financial Accounting 13th Edition Thomas
n n n n n n n n n




FinancialnAccounting,n13en(Thomas/Tietz)
Chaptern1 ThenFinancialnStatements

LearningnObjectiven1-1

1) Accountingnisnanninformationnsystemnthatnmeasuresnbusinessnactivitie
s.nAnswer:n TRUE
Diff:n1
LO:n 1-1
AACSB:nnnnReflectiven ThinkingnAICP
AnBusnPersp:n Legal/RegulatorynAICP
AnFunctional:n Measurement

2) Bookkeepingnisnanmechanicalnpartnofnaccounting
.nAnswer:n TRUE
Diff:n1
LO:n 1-1
AACSB:nnnnReflectiven ThinkingnAICP
AnBusnPersp:n Legal/RegulatorynAICP
AnFunctional:n Measurement

3) Accountingnisnoftenncallednthenlanguagenofnbusines
s.nAnswer:n TRUE
Diff:n1
LO:n 1-1
AACSB:nnnnReflectiven ThinkingnAICP
AnBusnPersp:n Legal/RegulatorynAICP
AnFunctional:n Measurement

4) Accountingnproducesnfinancialnstatements,nwhichnreportninformationnaboutnanbusines
s.nAnswer:n TRUE
Diff:n1
LO:n 1-1
AACSB:nnnnReflectiven ThinkingnAICP
AnBusnPersp:n Legal/Regulatory
AICPAnFunctional:n Measurement,nReporting

5) Thenaccountingnprocessnbeginsnandnendsnwithnpeoplenmakingndecision
s.nAnswer:n TRUE
Diff:n1
LO:n 1-1
AACSB:nnnnReflectiven ThinkingnAICP
AnBusnPersp:n Legal/RegulatorynAICP
AnFunctional:n Measurement




1
Copyrightn©n2022nPearsonnEducation,nInc.
mynursytest.store

,DOWNLOAD THE Test Bank for Financial Accounting 13th Edition Thomas
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6) Accountingninformationnisnusednbyninvestorsnandncreditors,nbutnnotnbynregulatorynbodie
s.nAnswer:n FALSE
Explanation:n Itnisnusednbynindividuals,ninvestors,ncreditors,nnonprofits,nandnregulatorynbodies.
Diff:n1
LO:n 1-1
AACSB:n ReflectivenThinking
AICPAnBusnPersp:n IndustrynSector,nLegal/RegulatorynAICP
AnFunctional:n Measurement,nReporting

7) SincenHabitatnfornHumanitynisnnotnconcernednaboutnmakingnanprofit,nthenentityndoesnnotnneedntonu
senaccountingninformation.
Answer:n FALSE
Diff:n1
LO:n 1-1
AACSB:n ReflectivenThinking
AICPAnBusnPersp:n IndustrynSector,nLegal/RegulatorynAICP
AnFunctional:n Measurement,nReporting

8) Thenbusinessnrecordsnofnansolenproprietorshipnshouldnincludenthenproprietor'snpersonalnfinance
s.nAnswer:n FALSE
Diff:n1
LO:n 1-1
AACSB:nnnnReflectiven ThinkingnAICP
AnBusnPersp:n Legal/RegulatorynAICP
AnFunctional:n Measurement

9) Anpartnershipnisnantaxpayingnentity
.nAnswer:n FALSE
Diff:n1
LO:n 1-1
AACSB:nnnnReflectiven ThinkingnAICP
AnBusnPersp:n Legal/RegulatorynAICP
AnFunctional:n Measurement

10) Stockholdersnhavennonpersonalnobligationnfornthencorporation'sndebt
s.nAnswer:n TRUE
Diff:n1
LO:n 1-1
AACSB:nnnnReflectiven ThinkingnAICP
AnBusnPersp:n Legal/RegulatorynAICP
AnFunctional:n Measurement




2
Copyrightn©n2022nPearsonnEducation,nInc.
mynursytest.store

, DOWNLOAD THE Test Bank for Financial Accounting 13th Edition Thomas
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11) Accounting:
A) measuresnbusinessnactivities.
B) processesndatanintonreportsnandncommunicatesnthendatantondecisionnmakers.
C) isnoftenncallednthenlanguagenofnbusiness.
D) isnallnofnthenabove
.nAnswer:n D
Diff:n2
LO:n 1-1
AACSB:nnnnReflectiven ThinkingnAICP
AnBusnPersp:n Legal/Regulatory
AICPAnFunctional:n Measurement,nReporting

12) Andisadvantagenofngeneralnpartnershipsnis:
A) doublentaxationnofndistributednprofits.
B) thenpartnership'snassetsnarencomminglednwithneachnpartner'snpersonalnassets.
C) onlynindividualsncannbenpartners.
D) eachnpartnernmaynconductnbusinessninnthennamenofnthenentitynandnmakenagreementsnthatnlegallynbi
ndnallnpartners.
Answer:nnn D
Diff:n2
LO:n 1-1
AACSB:nnnnReflectiven ThinkingnAICP
AnBusnPersp:n Legal/RegulatorynAICP
AnFunctional:n Measurement

13) WhichnofnthenfollowingnstatementsnisnTRUEnfornanlimitednliabilityncompany?
A) Membersnhavenunlimitednliabilitynfornthendebtsnofnthenbusiness.
B) MembersnhavenlimitednliabilitynforndebtsnonlynupntonthenextentnofntheirninvestmentninnthenLLC.
C) Thenownersnhavenunlimitednliabilitynfornthendebtsnofnthenbusiness.
D) Membersnarennotntaxednlikenmembersnofnanpartnershi
p.nAnswer:n B
Diff:n2
LO:n 1-1
AACSB:nnnnReflectiven ThinkingnAICP
AnBusnPersp:n Legal/RegulatorynAICP
AnFunctional:n Measurement

14) WhichnofnthenfollowingnstatementsnisnTRUEnfornanlimitednliabilitynpartnership?
A) Allnpartnersnhavenlimitednliabilitynfornthendebtsnofnthenpartnership.
B) Allnthenpartnersnarenconsideredntonbenlimitednpartners.
C) Thengeneralnpartnernhasnunlimitednliabilitynfornthendebtsnofnthenpartnership.
D) Thenlimitednpartnersnhavenunlimitednliabilitynfornthendebtsnofnthenpartnershi
p.nAnswer:n C
Diff:n2
LO:n 1-1
AACSB:nnnnReflectiven ThinkingnAICP
AnBusnPersp:n Legal/RegulatorynAICP
AnFunctional:n Measurement




3
Copyrightn©n2022nPearsonnEducation,nInc.
mynursytest.store