Test Bank for College Accounting A Practical Approach, 15th Canadian Edition by Jeffrey Slater.pdf

,ACCESS Test Bank for College Accounting A Practical Approach 15th Editio
c c c c c c c c c c

n Slater c




CollegecAccounting,c15ec(Slater)
Chapterc1 AccountingcConceptscandcProcedures

LearningcObjectivec1-1

1) Thectypecofcbusiness corganization cwherecthecowners carecNOTcpersonallycliablecforcthecbusiness’s cdebts
is ca:
A) corporation
B) partnership
C) solecproprietorship
D) Allcofcthecabovec
Answer:c A
Diff:c2
LO:c c 1-1
AACSB:c c ReflectivecThinking
LearningcOutcome:c c Definecaccountingcterms,caccountingcconcepts candcprinciples

2) Thecpurposecofcthecaccountingcprocess cis ctocprovidecfinancialcinformation cabout:
A) solecproprietorships
B) smallcbusinesses
C) largeccorporations
D) Allcofcthesecanswers careccorrectc
Answer:c D
Diff:c1
LO:c c 1-1
AACSB:c c ReflectivecThinking
LearningcOutcome:c c Definecaccountingcterms,caccountingcconcepts candcprinciples

3) Accountingcprovides cinformation cto:
A) investors
B) government
C) managers
D) Allcofcthesecanswers careccorrectc
Answer:c D
Diff:c2
LO:c c 1-1
AACSB:c c ReflectivecThinking
LearningcOutcome:c c Definecaccountingcterms,caccountingcconcepts candcprinciples




1
Copyright c©c2023 cPearson cEducation,cInc.
mynursytest.store

,ACCESS Test Bank for College Accounting A Practical Approach 15th Editio
c c c c c c c c c c

n Slater c




4) Which cofcthecfollowingcis ca ccharacteristic cofca csolecproprietorship?
A) Business cownedcbycmorecthan conecperson.
B) Easyctocform.
C) Each cstockholdercacts cas can cownercofctheccompany.
D) Can ccontinuecindefinitely.
cAnswer:c B

Diff:c1
LO:c c 1-1
AACSB:c c ReflectivecThinking
LearningcOutcome:c c Definecaccountingcterms,caccountingcconcepts candcprinciples

5) Acpartnershipcis ca cbusiness cwhich:
A) is ceasyctocform
B) ends cwith cthecdeath cofca cpartner
C) is cownedcbycmorecthan conecperson
D) Allcofcthesecanswers careccorrectc
Answer:c D
Diff:c1
LO:c c 1-1
AACSB:c c ReflectivecThinking
LearningcOutcome:c c Definecaccountingcterms,caccountingcconcepts candcprinciples

6) Which cis can cadvantagecofca csolecproprietorshipcform cofcbusiness?
A) Therecis climitedcpersonalcrisk.
B) Thecbusiness ccan ccontinuecindefinitely.
C) Thecownercmakes callcthecdecisions.
D) Thecbusiness cis cownedcbycstockholders.c
Answer:c C
Diff:c1
LO:c c 1-1
AACSB:c c ReflectivecThinking
LearningcOutcome:c c Definecaccountingcterms,caccountingcconcepts candcprinciples

7) Which cofcthecfollowingcis cNOTca ctypecofcbusiness corganization?
A) Corporation
B) Partnership
C) Solecproprietorship
D) LimitedcAssetcCorporation c
Answer:c D
Diff:c1
LO:c c 1-1
AACSB:c c ReflectivecThinking
LearningcOutcome:c c Definecaccountingcterms,caccountingcconcepts candcprinciples




2
Copyright c©c2023 cPearson cEducation,cInc.
mynursytest.store

, ACCESS Test Bank for College Accounting A Practical Approach 15th Editio
c c c c c c c c c c

n Slater c




8) Accorporation:
A) is clegallycseparatecfrom cits cowners
B) is cownedcbycstockholders
C) has climitedcriskctocstockholders
D) Allcofcthecabovec
Answer:c D
Diff:c2
LO:c c 1-1
AACSB:c c ReflectivecThinking
LearningcOutcome:c c Definecaccountingcterms,caccountingcconcepts candcprinciples

9) Thecbasiccaccountingcequation cis:
A) Assets c+ cLiabilities c= cOwner’s cEquity
B) Assets c= cLiabilities c-cOwner's cEquity
C) Assets c= cOwner’s cEquityc-cLiabilities
D) Assets c= cLiabilities c+ cOwner's cEquityc
Answer:c D
Diff:c1
LO:c c 1-1
AACSB:c c ReflectivecThinking
LearningcOutcome:c c Definecaccountingcterms,caccountingcconcepts candcprinciples

10) Aclawcfirm cwouldcbecconsideredca:
A) merchandiseccompany
B) manufacturer
C) serviceccompany
D) retailercA
nswer:c CcD
iff:c1
LO:c c 1-1
AACSB:c c ReflectivecThinking
LearningcOutcome:c c Definecaccountingcterms,caccountingcconcepts candcprinciples

11) GAAPcstandcforc .
A) GenerallycAcceptedcAccountingcPractices
B) GeneralcAccountingcAcceptedcPractices
C) GenerallycAcceptedcAccountingcPrinciples
D) GeneralcAccountingcApplication cPractices c
Answer:c C
Diff:c1
LO:c c 1-1
AACSB:c c ReflectivecThinking
LearningcOutcome:c c Definecaccountingcterms,caccountingcconcepts candcprinciples




3
Copyright c©c2023 cPearson cEducation,cInc.
mynursytest.store