LEARNINGOBJECTIVES: COLL.HEIN.17.01-LO1-1

1.The purpose of accounting is to provide financial information about the current operations and financial conditions of a business to individuals and organizations.a.True b.False

ANSWER:  True

POINTS:  1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   COLL.HEIN.17.01 - LO 1-1

ACCREDITING STANDARDS:  AICPA FN-Measurement

BUSPROG: Analytic

TOPICS:  ACBSP: APC-01-Purpose KEYWORDS:  Bloom's: Remembering

NOTES:  1 min.

2.Since financial information is communicated in accounting terms, accounting is said to be the "language of business." a.True b.False

ANSWER:  True

POINTS:  1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   COLL.HEIN.17.01 - LO 1-1

ACCREDITING STANDARDS:  AICPA FN-Measurement

BUSPROG: Analytic

TOPICS:  ACBSP: APC-01-Purpose KEYWORDS:  Bloom's: Remembering

NOTES:  1 min.

3.​Interpreting refers to reviewing events that have taken place and determining how they affect a business.a.True b.False

ANSWER:  False

POINTS:  1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   COLL.HEIN.17.02 - LO 1-2

ACCREDITING STANDARDS:  AICPA FN-Measurement

BUSPROG: Analytic

TOPICS:  ACBSP: APC-01-Purpose KEYWORDS:  Bloom's: Remembering

NOTES:  1 min. Copyright Cengage Learning. Powered by Cognero.Page 1

College Accounting, Chapters 1-27, 22e James Heintz, Robert Parry (Test Bank All Chapters, 100% Original Verified, A+ Grade) Cha pter 1—Introduction to Accounting 1 / 4

4.A partnership is owned by stockholders or shareholders and is managed by them.a.True b.False

ANSWER:  False

POINTS:  1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   COLL.HEIN.17.04 - LO 1-4

ACCREDITING STANDARDS:  AICPA FN-Measurement

BUSPROG: Analytic

TOPICS:  ACBSP: APC-03-Business Forms KEYWORDS:  Bloom's: Understanding

NOTES:  1 min.

5.A business that makes a product to sell is called a manufacturing business.a.True b.False

ANSWER:  True

POINTS:  1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   COLL.HEIN.17.05 - LO 1-5

ACCREDITING STANDARDS:  AICPA FN-Measurement

BUSPROG: Analytic

TOPICS:  ACBSP: APC-03-Business Forms KEYWORDS:  Bloom's: Remembering

NOTES:  1 min.

6.A public accountant can achieve professional recognition as a Certified Public Accountant by meeting certain educational and experience requirements as determined by each state.a.True b.False

ANSWER:  True

POINTS:  1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   COLL.HEIN.17.06 - LO 1-6

ACCREDITING STANDARDS:  AICPA FN-Measurement

BUSPROG: Analytic

TOPICS:  ACBSP: APC-01-Purpose KEYWORDS:  Bloom's: Understanding NOTES:  1 min. Copyright Cengage Learning. Powered by Cognero.Page 2 2 / 4

7. The six major steps of the accounting process are analyzing, recording, classifying, summarizing, reporting, and interpreting.a. True b. False

ANSWER:  True

POINTS:  1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   COLL.HEIN.17.02 - LO 1-2

ACCREDITING STANDARDS:  AICPA FN-Measurement

BUSPROG: Analytic

TOPICS:  ACBSP: APC-01-Purpose KEYWORDS:  Bloom's: Remembering

NOTES:  1 min.

8. Generally accepted accounting principles are procedures and guidelines to be followed in the accounting/reporting process.a. True b. False

ANSWER:  True

POINTS:  1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   COLL.HEIN.17.03 - LO 1-3

ACCREDITING STANDARDS:  AICPA FN-Measurement

BUSPROG: Analytic

TOPICS:  ACBSP: APC-02-GAAP

KEYWORDS:  Bloom's: Remembering

NOTES:  1 min.

9. Accountants design accounting information systems and analyze and interpret information.a. True b. False

ANSWER:  True

POINTS:  1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   COLL.HEIN.17.06 - LO 1-6

ACCREDITING STANDARDS:  AICPA FN-Measurement

BUSPROG: Analytic

TOPICS:  ACBSP: APC-01-Purpose KEYWORDS:  Bloom's: Understanding NOTES:  1 min. CopyrightCengageLearning.Poweredby Cognero.Page 3 3 / 4

10. Writing or using one of the latest technological advances to enter a transaction in the accounting records is called summarizing.a. True b. False

ANSWER:  False

POINTS:  1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   COLL.HEIN.17.02 - LO 1-2

ACCREDITING STANDARDS:  AICPA FN-Measurement

BUSPROG: Analytic

TOPICS:  ACBSP: APC-01-Purpose KEYWORDS:  Bloom's: Remembering

NOTES:  1 min.

11. The Financial Accounting Standards Board develops generally accepted accounting principles to provide some assurance that companies are reporting business activities in a similar manner.a. True b. False

ANSWER:  True

POINTS:  1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   COLL.HEIN.17.03 - LO 1-3

ACCREDITING STANDARDS:  AICPA FN-Measurement

BUSPROG: Analytic

TOPICS:  ACBSP: APC-02-GAAP

KEYWORDS:  Bloom's: Remembering

NOTES:  1 min.

12. Stockholders may have very little influence on business decisions.a. True b. False

ANSWER:  True

POINTS:  1

DIFFICULTY:   Easy

LEARNING OBJECTIVES:   COLL.HEIN.17.04 - LO 1-4

ACCREDITING STANDARDS:  AICPA FN-Measurement

BUSPROG: Analytic

TOPICS:  ACBSP: APC-03-Business Forms KEYWORDS:  Bloom's: Understanding NOTES:  1 min. CopyrightCengageLearning.Poweredby Cognero.Page 4

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