Test Bank for Financial & Managerial Accounting 13th Edition By Warren

Test Bank for Financial & Managerial Accounting 13th Edition By Warren

1. A corporation is a business that is legally separate and distinct from its owners.
   1. True
   2. False

ANSWER: True

DIFFICULTY: Easy

Bloom’s: Remembering

LEARNING OBJECTIVES: FNMN.WARD.16.01-01 – LO: 01-01

ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 – Business Forms

ACCT.AICPA.BB.01 – Industry

ACCT.AICPA.FN.03 – Measurement

BUSPROG: Analytic

1. The role of accounting is to provide many different users with financial information to make economic decisions.
   1. True
   2. False

ANSWER: True

DIFFICULTY: Moderate

Bloom’s: Remembering

LEARNING OBJECTIVES: FNMN.WARD.16.01-01 – LO: 01-01

ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose

ACCT.AICPA.FN.03 – Measurement

BUSPROG: Analytic

1. Accounting information users need reports about the economic activities and condition of businesses.
   1. True
   2. False

ANSWER: True

DIFFICULTY: Easy

Bloom’s: Remembering

LEARNING OBJECTIVES: FNMN.WARD.16.01-01 – LO: 01-01

ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose

ACCT.AICPA.BB.01 – Industry

ACCT.AICPA.FN.03 – Measurement

BUSPROG: Analytic

1. Managerial accounting information is used by external and internal users equally.
   1. True
   2. False

ANSWER: False

DIFFICULTY: Easy

Bloom’s: Remembering

LEARNING OBJECTIVES: FNMN.WARD.16.01-01 – LO: 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 wrong doings they commit on behalf of the companies where they work.

1. True
2. False

ANSWER: False

DIFFICULTY: Easy

Bloom’s: Remembering

LEARNING OBJECTIVES: FNMN.WARD.16.01-01 – LO: 01-01

ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose

ACCT.AICPA.BB.03 – Legal

ACCT.AICPA.FN.03 – Measurement

BUSPROG: Ethics