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Exam (elaborations)

Test Bank For Financial Accounting 15th Edition Carl Warren James M Reeve Jonathan Duchac.

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Test Bank For Financial Accounting 15th Edition Carl Warren James M Reeve Jonathan Duchac.

Institution
Financial Accounting
Course
Financial Accounting

Content preview

,
, Test .Bank .for .Financial .Accounting .15th .Edition .by .Warren


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
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

Page .1

, 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
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
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Institution
Financial Accounting
Course
Financial Accounting

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Number of pages
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