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Financial Accounting The Impact on Decision Makers 10e Gary Porter Curtis Norton (Test Bank All Chapters)
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Chapter 1: Accounting as a Form of Communication
© 2017 Cengage Learning ® . May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.True / False
- An auto repair company is not an example of a manufacturer.
- True
- False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 4-5
LEARNING OBJECTIVES: FACC.PONO.13.01-01 - LO: 01-01
KEYWORDS: Bloom's: Applying
- A department store is an example of a manufacturer.
- True
- False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 4-5
LEARNING OBJECTIVES: FACC.PONO.13.01-01 - LO: 01-01
KEYWORDS: Bloom's: Applying
- The FASB is an external user that has the authority of the law to obtain certain accounting information.
- True
- False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 6-7
LEARNING OBJECTIVES: FACC.PONO.13.01-02 - LO: 01-02
KEYWORDS: Bloom's: Remembering
- A partnership is a business owned by two or more individuals.
- True
- False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 6-7
LEARNING OBJECTIVES: FACC.PONO.13.01-02 - LO: 01-02
KEYWORDS: Bloom's: Remembering
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Chapter 1: Accounting as a Form of Communication
© 2017 Cengage Learning ® . May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
- Business entities and non-business entities are both organized to earn a profit.
- True
- False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 6-7
LEARNING OBJECTIVES: FACC.PONO.13.01-02 - LO: 01-02
KEYWORDS: Bloom's: Remembering
- Someone to whom a company has a debt is known as a creditor.
- True
- False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 8-10
LEARNING OBJECTIVES: FACC.PONO.13.01-03 - LO: 01-03
KEYWORDS: Bloom's: Remembering
- Assets can be tangible or intangible in nature.
- True
- False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 8-10
LEARNING OBJECTIVES: FACC.PONO.13.01-03 - LO: 01-03
KEYWORDS: Bloom's: Remembering
- An asset is a future economic benefit to a business.
- True
- False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 8-10
LEARNING OBJECTIVES: FACC.PONO.13.01-03 - LO: 01-03
KEYWORDS: Bloom's: Remembering
- An expense is an inflow of assets resulting from the sale of goods and services.
- True
- False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 8-10
LEARNING OBJECTIVES: FACC.PONO.13.01-03 - LO: 01-03
KEYWORDS: Bloom's: Remembering
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Chapter 1: Accounting as a Form of Communication
© 2017 Cengage Learning ® . May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
- Capital stock indicates the owners’ ownership to a corporation.
- True
- False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 8-10
LEARNING OBJECTIVES: FACC.PONO.13.01-03 - LO: 01-03
KEYWORDS: Bloom's: Remembering
- Management accounting is the branch of accounting concerned with communication with internal management.
- True
- False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: p. 12
LEARNING OBJECTIVES: FACC.PONO.13.01-04 - LO: 01-04
KEYWORDS: Bloom's: Remembering
- External users of accounting information include present and potential stockholders, bankers and other creditors, and
- True
- False
management.
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 11-12
LEARNING OBJECTIVES: FACC.PONO.13.01-04 - LO: 01-04
KEYWORDS: Bloom's: Remembering
- Bondholders are external users of company’s accounting information.
- True
- False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 11-12
LEARNING OBJECTIVES: FACC.PONO.13.01-04 - LO: 01-04
KEYWORDS: Bloom's: Remembering
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