Chapter 01 – Accounting and Business
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Page 21
POINTS:
1
DIFFICULTY:
Easy
Bloom’s: Remembering
QUESTION TYPE:
Multiple Choice
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.01–01 – LO: 01–01
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.06 – Recording Transactions
ACCT.ACBSP.APC.09 – Financial Statements
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic
DATE CREATED:
7/26/2017 4:27 PM
DATE MODIFIED:
10/16/2017 3:33 PM
55. Which of the following is a manufacturing business?
a.
General Motors
b.
Facebook
c.
American Airlines
d.
Target
ANSWER:
a
POINTS:
1
DIFFICULTY:
Bloom’s: Remembering
Easy
QUESTION TYPE:
Multiple Choice
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.01–01 – LO: 01–01
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.03 – Business Forms
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic
DATE CREATED:
7/26/2017 4:27 PM
DATE MODIFIED:
10/16/2017 3:33 PM
56. Which of the following is a service business?
a.
b.
c.
d.
ANSWER:
c
POINTS:
1
DIFFICULTY:
Easy
Bloom’s: Remembering
QUESTION TYPE:
Multiple Choice
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.01–01 – LO: 01–01
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.03 – Business Forms
Chapter 01 – Accounting and Business
Copyright Cengage Learning. Powered by Cognero.
Page 23
a.
government entities
b.
customers
c.
creditors
d.
managers
ANSWER:
d
POINTS:
1
DIFFICULTY:
Easy
Bloom’s: Remembering
QUESTION TYPE:
Multiple Choice
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.01–01 – LO: 01–01
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.01 – Purpose
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic
DATE CREATED:
7/26/2017 4:27 PM
DATE MODIFIED:
10/16/2017 3:33 PM
60. Which of the following is the best description of accounting’s role in business?
a.
Accounting provides stockholders with information regarding the market value of the company’s stocks.
b.
Accounting provides information to managers to operate the business and to other users to make decisions
regarding the economic condition of the company.
c.
Accounting helps in decreasing the credit risk of the company.
d.
Accounting is not responsible for providing any form of information to users. That is the role of the
Information Systems Department.
ANSWER:
b
POINTS:
1
DIFFICULTY:
Moderate
Bloom’s: Remembering
QUESTION TYPE:
Multiple Choice
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.01–01 – LO: 01–01
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.01 – Purpose
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic
DATE CREATED:
7/26/2017 4:27 PM
DATE MODIFIED:
10/16/2017 3:33 PM
61. Managerial accountants would be responsible for providing information regarding
a.
tax reports to government agencies
b.
profit reports to stockholders and management
c.
expansion of a product line report to management
d.
consumer reports to customers
ANSWER:
c
POINTS:
1
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Page 26
66. Most businesses in the United States are
a.
proprietorships
b.
partnerships
c.
corporations
d.
cooperatives
ANSWER:
a
POINTS:
1
DIFFICULTY:
Easy
Bloom’s: Remembering
QUESTION TYPE:
Multiple Choice
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.01–02 – LO: 01–02
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.03 – Business Forms
ACCT.AICPA.BB.01 – Industry
ACCT.AICPA.FN.03 – Measurement
BUSPROG: Analytic
DATE CREATED:
7/26/2017 4:27 PM
DATE MODIFIED:
10/16/2017 3:33 PM
67. Which of the items below is not a business entity?
a.
entrepreneurship
b.
proprietorship
c.
partnership
d.
corporation
ANSWER:
a
POINTS:
1
DIFFICULTY:
Easy
Bloom’s: Remembering
QUESTION TYPE:
Multiple Choice
HAS VARIABLES:
False
LEARNING OBJECTIVES:
FNMN.WAJO.19.01–02 – LO: 01–02
LOCAL STANDARDS:
United States – OH – Default City – ACBSP: APC–03-Business Forms
United States – OH – Default City – AICPA: FN-Measurement
ACCREDITING STANDARDS:
ACCT.ACBSP.APC.03 – Business Forms
ACCT.AICPA.BB.01 – Industry
BUSPROG: Analytic
DATE CREATED:
7/26/2017 4:27 PM
DATE MODIFIED:
10/16/2017 3:33 PM
68. An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock
is a
a.
proprietorship
b.
corporation
c.
partnership
d.
governmental unit
ANSWER:
b