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Introduction to Accounting and Business Test

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Accounting
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Accounting
by jamalwalker
Chapter 1Introduction to Accounting and Business
TRUE/FALSE 1. The federal government is an example of an external user of accounting
information. ANS: T PTS: 1 DIF: Moderate OBJ: 01-01
2. An example of a general-purpose financial statement is a report about projected price
increases related to transportation costs. ANS: F PTS: 1 DIF: Easy OBJ: 01-01
3. The Canadian Public Accountability Board was created to promote public confidence in the
integrity of financial reporting. ANS: T PTS: 1 DIF: Easy OBJ: 01-01
4. The main objective for all business is to maximize unrealized profits. ANS: F PTS: 1 DIF:
Easy OBJ: 01-01
5. Primary users of accounting information are accountants. ANS: F PTS: 1 DIF: Moderate OBJ:
01-01
6. Accounting is thought to be the “language of business” because business information is
communicated to users. ANS: T PTS: 1 DIF: Easy OBJ: 01-01
7. The role of accounting is to provide many different users with financial information to make
economic decisions. ANS: T PTS: 1 DIF: Moderate OBJ: 01-01
8. The basic difference between manufacturing and merchandising companies is the completion
level of the products they purchase for resale to customers. ANS: T PTS: 1 DIF: Easy OBJ: 01-
01
9. Large corporations such as Shoppers Drug Mart, Coca-Cola, and Bank of Montreal operate
as manufacturing businesses. ANS: F PTS: 1 DIF: Easy OBJ: 01-01
10. Three accounting professions exist in Canada: Chartered Accountant (CA), Certified
General Accountant (CGA), and Certified Management Accountant (CMA). ANS: T PTS: 1 DIF:
Easy OBJ: 01-01
1-1 Copyright © 2011 by Nelson Education Ltd.

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Accounting by jamalwalker Chapter 1—Introduction to Accounting and Business TRUE/FALSE 1. The federal government is an example of an external user of accounting information. ANS: T PTS: 1 DIF: Moderate OBJ: 01-01 2. An example of a general-purpose financial statement is a report about projected price increases related to transportation costs. ANS: F PTS: 1 DIF: Easy OBJ: 01-01 3. The Canadian Public Accountability Board was created to promote public confidence in the integrity of financial reporting. ANS: T PTS: 1 DIF: Easy OBJ: 01-01 4. The main objective for all business is to maximize unrealized profits. ANS: F PTS: 1 DIF: Easy OBJ: 01-01 5. Primary users of accounting information are accountants. ANS: F PTS: 1 DIF: Moderate OBJ: 01-01 6. Accounting is thought to be the “language of business” because business information is communicated to users. ANS: T PTS: 1 DIF: Easy OBJ: 01-01 7. The role of accounting is to provide many different users with financial information to make economic decisions. ANS: T PTS: 1 DIF: Moderate OBJ: 01-01 8. The basic difference between manufacturing and merchandising companies is the completion level of the products they purchase for resale to customers. ANS: T PTS: 1 DIF: Easy OBJ: 01-01 9. Large corporations such as Shoppers Drug Mart, Coca-Cola, and Bank of Montreal operate as manufacturing businesses. ANS: F PTS: 1 DIF: Easy OBJ: 01-01 10. Three accounting professions exist in Canada: Chartered Accountant (CA), Certified ...
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