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About this item

1. A merchandising business buys products from other businesses to sell to customers.

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.03 - Business Forms ACCT.AICPA.BB.01 - Industry ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

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

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Moderate Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

3. Accounting information users need reports about the economic activities and condition of businesses.

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.BB.01 - Industry ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

4. Managerial accounting information is used by external and internal users equally.

	a.	True
	b.	False

ANSWER:	False
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 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 wrongdoings they commit on behalf of the companies where they work.

	a.	True
	b.	False

ANSWER:	False
DIFFICULTY:	Easy Bloom's: Understanding
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.BB.03 - Legal ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics

6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to the management.

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Moderate Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

7. Proper ethical conduct implies that you only consider what's in your best interest.

	a.	True
	b.	False

ANSWER:	False
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.02 - GAAP ACCT.AICPA.BB.03 - Legal ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics

About this item

1. A merchandising business buys products from other businesses to sell to customers.

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.03 - Business Forms ACCT.AICPA.BB.01 - Industry ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

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

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Moderate Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

3. Accounting information users need reports about the economic activities and condition of businesses.

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.BB.01 - Industry ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

4. Managerial accounting information is used by external and internal users equally.

	a.	True
	b.	False

ANSWER:	False
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 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 wrongdoings they commit on behalf of the companies where they work.

	a.	True
	b.	False

ANSWER:	False
DIFFICULTY:	Easy Bloom's: Understanding
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.BB.03 - Legal ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics

6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to the management.

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Moderate Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

7. Proper ethical conduct implies that you only consider what's in your best interest.

	a.	True
	b.	False

ANSWER:	False
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.02 - GAAP ACCT.AICPA.BB.03 - Legal ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics

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About this item

1. A merchandising business buys products from other businesses to sell to customers.

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.03 - Business Forms ACCT.AICPA.BB.01 - Industry ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

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

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Moderate Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

3. Accounting information users need reports about the economic activities and condition of businesses.

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.BB.01 - Industry ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

4. Managerial accounting information is used by external and internal users equally.

	a.	True
	b.	False

ANSWER:	False
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 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 wrongdoings they commit on behalf of the companies where they work.

	a.	True
	b.	False

ANSWER:	False
DIFFICULTY:	Easy Bloom's: Understanding
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.BB.03 - Legal ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics

6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to the management.

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Moderate Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

7. Proper ethical conduct implies that you only consider what's in your best interest.

	a.	True
	b.	False

ANSWER:	False
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.02 - GAAP ACCT.AICPA.BB.03 - Legal ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics

About this item

1. A merchandising business buys products from other businesses to sell to customers.

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.03 - Business Forms ACCT.AICPA.BB.01 - Industry ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

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

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Moderate Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

3. Accounting information users need reports about the economic activities and condition of businesses.

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.BB.01 - Industry ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

4. Managerial accounting information is used by external and internal users equally.

	a.	True
	b.	False

ANSWER:	False
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 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 wrongdoings they commit on behalf of the companies where they work.

	a.	True
	b.	False

ANSWER:	False
DIFFICULTY:	Easy Bloom's: Understanding
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.BB.03 - Legal ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics

6. Financial accounting provides information to all users, while the main focus for managerial accounting is to provide information to the management.

	a.	True
	b.	False

ANSWER:	True
DIFFICULTY:	Moderate Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.01 - Purpose ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic

7. Proper ethical conduct implies that you only consider what's in your best interest.

	a.	True
	b.	False

ANSWER:	False
DIFFICULTY:	Easy Bloom's: Remembering
LEARNING OBJECTIVES:	ACCT.WARD.18.01-01 - 01-01
ACCREDITING STANDARDS:	ACCT.ACBSP.APC.02 - GAAP ACCT.AICPA.BB.03 - Legal ACCT.AICPA.FN.03 - Measurement BUSPROG: Ethics

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