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Accounting 27th Edition By Carls. Warren James – Test bank

Test Bank For Accounting 27th Edition By Carls. Warren James

Accounting 27th Edition By Carls. Warren James Test Bank

Accounting 27th Edition By Carls. Warren James

Accounting 27th Edition

Accounting

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

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

3. Accounting information users need reports about the economic activities and condition of businesses.

	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.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 BUSPROG: Analytic

5. Senior executives cannot be criminally prosecuted for the wrongdoings they commit on behalf of the companies where they work.

	a.	True
	b.	False

ANSWER:	False
DIFFICULTY:	Easy Bloom’s: Understanding
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 – 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 – Purpose ACCT.AICPA.BB.03 – Legal ACCT.AICPA.FN.03 – Measurement BUSPROG: Ethics

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Accounting 27th Edition By Carls. Warren James – Test bank