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Bus 300 Quiz

In: Business and Management

Submitted By hesofamous
Words 4131
Pages 17
Chapter 14
Accounting and Financial Statements

True / False Questions 1. (p. 425) Only large businesses use the financial information compiled by accountants.
FALSE

AACSB: Reflective Thinking
Bloom's Taxonomy: Knowledge
Difficulty: Easy
Learning Objective: 1 2. (p. 425) Accounting is the recording, measurement, and interpretation of financial information.
TRUE

AACSB: Reflective Thinking
Bloom's Taxonomy: Knowledge
Difficulty: Easy
Learning Objective: 1 3. (p. 425) Only business organizations use accounting information to demonstrate how their funds are being used.
FALSE

AACSB: Reflective Thinking
Bloom's Taxonomy: Knowledge
Difficulty: Easy
Learning Objective: 1

4. (p. 427) The terms accounting and bookkeeping are interchangeable because they mean almost the same thing.
FALSE

AACSB: Reflective Thinking
Bloom's Taxonomy: Knowledge
Difficulty: Medium
Learning Objective: 1 5. (p. 427) Bookkeeping is only one aspect of accounting and involves the recording of routine, day-to-day business transactions.
TRUE

AACSB: Reflective Thinking
Bloom's Taxonomy: Knowledge
Difficulty: Easy
Learning Objective: 1 6. (p. 429) Governments are immune from accounting scandals
FALSE

AACSB: Reflective Thinking
Bloom's Taxonomy: Knowledge
Difficulty: Easy
Learning Objective: 1

Multiple Choice Questions 7. (p. 425) Accountants compile financial information to
A. give to competitors.
B. make sure the organization's financial resources are used efficiently.
C. mislead stockholders.
D. keep the organization's managers confused about their bonuses.
E. give to customers.

AACSB: Reflective Thinking
Bloom's Taxonomy: Comprehension
Difficulty: Easy
Learning Objective: 1

8. (p. 425) Accounting
A. records, measures, and interprets financial data.
B. produces goods…...

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