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Using Financial Accounting Information The Alternative to Debits and Credits, 10e Gary Porter Curtis Norton (Test Bank all Chapters) (Download link at the end of this file) 1 / 4
Chapter 1
© 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Page 1
True / False
- An auto repair company is not an example of a manufacturer.
- True
- False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: p. 4
LEARNING OBJECTIVES: FACC.PONO.18.01-01 - LO: 01-01
NATIONAL STANDARDS: United States - BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms
AICPA: FN-Reporting
KEYWORDS: Bloom's: Applying
- A department store is an example of a manufacturer.
- True
- False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: p. 4
LEARNING OBJECTIVES: FACC.PONO.18.01-01 - LO: 01-01
NATIONAL STANDARDS: United States - BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms
AICPA: FN-Reporting
KEYWORDS: Bloom's: Applying
- Under Armour is an example of a service provider.
- True
- False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: p. 4
LEARNING OBJECTIVES: FACC.PONO.18.01-01 - LO: 01-01
NATIONAL STANDARDS: United States - BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms
AICPA: FN-Reporting
KEYWORDS: Bloom's: Applying
- / 4
Chapter 1
© 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Page 2
- A grocery store is an example of a wholesaler.
- True
- False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: p. 4
LEARNING OBJECTIVES: FACC.PONO.18.01-01 - LO: 01-01
NATIONAL STANDARDS: United States - BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms
AICPA: FN-Reporting
KEYWORDS: Bloom's: Applying
- A partnership is a business owned by two or more individuals.
- True
- False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 4-6
LEARNING OBJECTIVES: FACC.PONO.18.01-02 - LO: 01-02
NATIONAL STANDARDS: United States - BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms
AICPA: FN-Reporting
KEYWORDS: Bloom's: Remembering
- Business entities and non-business entities are both organized to earn a profit.
- True
- False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 4-6
LEARNING OBJECTIVES: FACC.PONO.18.01-02 - LO: 01-02
NATIONAL STANDARDS: United States - BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms
AICPA: FN-Reporting
KEYWORDS: Bloom's: Remembering
- / 4
Chapter 1
© 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Page 3
- The Internal Revenue Service (IRS) recognizes the separate existence of a proprietorship from its owner.
- True
- False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 4-6
LEARNING OBJECTIVES: FACC.PONO.18.01-02 - LO: 01-02
NATIONAL STANDARDS: United States - BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms
AICPA: FN-Reporting
KEYWORDS: Bloom's: Remembering
- A partnership is a business owned by two individuals; if three or more individuals organize a business, it must be
- True
- False
established as a corporation.
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 4-6
LEARNING OBJECTIVES: FACC.PONO.18.01-02 - LO: 01-02
NATIONAL STANDARDS: United States - BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms
AICPA: FN-Reporting
KEYWORDS: Bloom's: Remembering
- Since there is a lack of a profit motive in nonbusiness entities, they do not need information provided by an accounting
- True
- False
system.
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 4-6
LEARNING OBJECTIVES: FACC.PONO.18.01-02 - LO: 01-02
NATIONAL STANDARDS: United States - BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms
AICPA: FN-Reporting
KEYWORDS: Bloom's: Remembering
- / 4
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