Test Bank For Financial Accounting An Introduction to Concepts Methods and Uses 14th Edition

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By: Roman L Weil Katherine Schipper Jennifer Francis

Edition: 14th Edition

Format: Downloadable ZIP Fille

Resource Type: Test bank

Duration: Unlimited downloads

Delivery: Instant Download

Test Bank For Financial Accounting An Introduction to Concepts Methods and Uses 14th Edition

Chapter 1: Introduction to Business Activities and Overview of Financial Statements and the Reporting Process

TRUE/FALSE

  1. The activities of a business include establishing goals and strategies, obtaining financing, making investments, and conducting operations.

ANS:  T                    PTS:   1                    DIF:    1                    REF:   pp. 3-6

OBJ:   LO: 1-01        NAT:  BUSPROG: Analytic

STA:   AICPA: FN-Reporting | ACBSP: APC-09-Financial Statements

KEY:  Bloom’s: Knowledge

 

  1. Goals are the end results toward which the firm directs its energies, and strategies are the

means for achieving those results.

ANS:  T                    PTS:   1                    DIF:    1                    REF:   pp. 3-6

OBJ:   LO: 1-01        NAT:  BUSPROG: Analytic

STA:   AICPA: FN-Reporting | ACBSP: APC-09-Financial Statements

KEY:  Bloom’s: Knowledge

 

  1. Each firm makes financing decisions about the proportion of funds to obtain from owners,

long-term creditors, and short-term creditors.

ANS:  T                    PTS:   1                    DIF:    1                    REF:   pp. 3-6

OBJ:   LO: 1-01        NAT:  BUSPROG: Analytic

STA:   AICPA: FN-Reporting | ACBSP: APC-09-Financial Statements

KEY:  Bloom’s: Knowledge

 

  1. A firm makes investments to obtain productive capacity to carry out its business activities.

ANS:  T                    PTS:   1                    DIF:    1                    REF:   pp. 3-6

OBJ:   LO: 1-01        NAT:  BUSPROG: Analytic

STA:   AICPA: FN-Reporting | ACBSP: APC-09-Financial Statements

KEY:  Bloom’s: Knowledge

 

  1. Patents, licenses, and other contractual rights are tangible, in the sense that the rights have a physical existence.

ANS:  F                    PTS:   1                    DIF:    1                    REF:   pp. 3-6

OBJ:   LO: 1-01        NAT:  BUSPROG: Analytic

STA:   AICPA: FN-Reporting | ACBSP: APC-09-Financial Statements

KEY:  Bloom’s: Knowledge

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