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Accounting: Balance Sheet and Easy Obj

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Accounting: Balance Sheet and Easy Obj
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 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.

Chapter 1

11. Accounting information users need reports about the economic activities and condition of businesses. ANS: T PTS: 1 DIF: Easy OBJ: 01-01

12. Senior executives cannot be criminally prosecuted for the wrong-doings they commit on behalf of the companies where they work. ANS: F PTS: 1 DIF: Easy OBJ: 01-01

13. The primary role of accounting
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