Franklyn A Plus Pass
TEST BANK for Financial Accounting 16th
Edition by Carl Warren, Christine Jonick &
Jennifer Schneider
Complete Chapters With Rationales for Exam Preparations|
A+ PASS GUARANTEED
Fr
an
kl
yn
e
A
pl
us
Pa
1|Page
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, Franklyn A Plus Pass
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
Fr
ANSWER: True
an
DIFFICULTY: Moderate
Bloom's: Remembering
kl
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
yn
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
e
ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic
A
pl
3. Accounting information users need reports about the economic activities and condition of businesses.
us
a. True
b. False
Pa
2|Page
ss
, Franklyn A Plus Pass
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
Fr
BUSPROG: Analytic
an
5. Senior executives cannot be criminally prosecuted for the wrongdoings they commit on behalf of the
kl
companies where they work.
yn
a. True
b. False
e
ANSWER: False
A
DIFFICULTY: Easy
pl
Bloom's: Understanding LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
us
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.03 - Legal
Pa
3|Page
ss
, Franklyn A Plus Pass
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
Fr
Bloom's: Remembering LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
an
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.BB.03 - Legal
kl
ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics
yn
e
8. Some of the major fraudulent acts committed by senior executives started as what they considered to be
A
small ethical lapses that grew out of control.
a. True
pl
b. False
us
ANSWER: True
Pa
4|Page
ss
TEST BANK for Financial Accounting 16th
Edition by Carl Warren, Christine Jonick &
Jennifer Schneider
Complete Chapters With Rationales for Exam Preparations|
A+ PASS GUARANTEED
Fr
an
kl
yn
e
A
pl
us
Pa
1|Page
ss
, Franklyn A Plus Pass
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
Fr
ANSWER: True
an
DIFFICULTY: Moderate
Bloom's: Remembering
kl
LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
yn
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
e
ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic
A
pl
3. Accounting information users need reports about the economic activities and condition of businesses.
us
a. True
b. False
Pa
2|Page
ss
, Franklyn A Plus Pass
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
Fr
BUSPROG: Analytic
an
5. Senior executives cannot be criminally prosecuted for the wrongdoings they commit on behalf of the
kl
companies where they work.
yn
a. True
b. False
e
ANSWER: False
A
DIFFICULTY: Easy
pl
Bloom's: Understanding LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
us
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.AICPA.BB.03 - Legal
Pa
3|Page
ss
, Franklyn A Plus Pass
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
Fr
Bloom's: Remembering LEARNING OBJECTIVES: ACCT.WARD.18.01-01 - 01-01
an
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.BB.03 - Legal
kl
ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics
yn
e
8. Some of the major fraudulent acts committed by senior executives started as what they considered to be
A
small ethical lapses that grew out of control.
a. True
pl
b. False
us
ANSWER: True
Pa
4|Page
ss
