Test Bank for College Accounting A Practical Approach 14th Canadian Edition Jeffrey Slater, Debra Good.pdf

TEST BANK FOR
m m


COLLEGEmACCOUNTING mAmPRACTICALmAPPROACHm14THmCANADIAN mEDITION mmJEFFR
EYm SLATER,m DEBRAm GOO


Collegem Accounting,m 14Cem (Slater/Good)
Chapterm1 AccountingmConceptsmandmProcedures:mAnmIntroduction

1.1 Definingmand mlistingmthemfunctionsmof maccounting.

1) Whichmof mthemfollowingmprofessionalmaccountingmdesignationsmhasmbeenmreplaced mbym"CPA"?
A) CA
B) CMA
C) CGA
D) Allmof mthemabov
emAnswer:m D
Diff:m1
Type:mM
CmObjective:
1-1

2) Themtypemof mbusinessmorganizationmthat mcanmcontinuemindefinitelymismknownmasma
A) solemproprietorship.
B) partnership.
C) corporation.
D) Nonemof mthemabove
.mAnswer:m C
Diff:m1
Type:mM
CmObjective:
1-1

3) Thismtypemof mbusinessmorganizationmismsubject mtomincomemtax.
A) solemproprietorship.
B) partnership.
C) corporation.
D) Allmof mthemabove
.mAnswer:m C
Diff:m1
Type:mM
CmObjective:
1-1

4) Puttingmtheminformationmintomthemaccountingmsystemmwould mbemcalled
A) analyzing.
B) recording.
C) classifying.
D) summarizing.
mAnswer:m B

Diff:m2

, Type:mM
CmObjective:
1-1

,5) Thempurposemof mthemaccountingmprocessmismtomprovidemfinancialminformationmabout
A) solemproprietorships.
B) smallmbusinesses.
C) largemcorporations.
D) Allmof mthesemanswersmaremcorrect
.mAnswer:m D
Diff:m2
Type:mM
CmObjective:
1-1

6) Themadvantagesmof mamcorporationmdomNOTminclude
A) limited mpersonalmrisk.
B) canmcontinuemindefinitely.
C) businessmdecisionsmmadembymcareermadministrators.
D) easymtomset mup
.
Answer:m D
Diff:m1
Type:mM
CmObjective:
1-1

7) Accountingmreportsmaremleast mhelpfulminmansweringmwhichmof mthemfollowingmquestions?
A) How mmuchmcashmwasmavailablemat mthemend mof mthemlast m year?
B) How mwellmweremthememployeesmtreated mbymmanagement?
C) Did mthemcompanymmakemamprofit m formthempreviousmyear?
D) Canmthemcompanympaymitsmdebtsmonmtime
?mAnswer:m B
Diff:m3
Type:mM
CmObjective:
1-1

8) Accountingmprovidesminformationmto
A) managers.
B) government.
C) investors.
D) Allmof mthesemanswersmaremcorrec
t mAnswer:m D
Diff:m2
Type:mM
CmObjective:
1-1

9) Whichmof mthemfollowingmismamcharacteristicmof mamsolemproprietorship?
A) Businessmowned mbymmoremthanmonemperson
B) Easymtom form
C) Eachmshareholdermactsmasmanmownermof mthemcompany
D) Canmcontinuemindefinitely
mAnswer:m B

, Diff:m1
Type:mM
CmObjective:
1-1