Accounting: Concepts and Applications, 11th Edition Test Bank

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Chapter 1—Accounting Information: Users and UsesMULTIPLE CHOICE1.Which of the following is NOT typically true of accounting information?a.The information is quantitative in nature.b.The information relates to future time periods.c.The information relates to specific accounting entities.d.The information is primarily financial in nature.ANS:BPTS:1DIF:EasyOBJ:1.1NAT: AACSB Reflective Thinking | AICPA FN Measurement2.Which of the following is true about the double-entry system of bookkeeping?a.It was developed in the 1300s−1400s in France.b.It was developed in the 1800s in Italy.c.It was developed in the 1300s−1400s in Italy.d.It was developed in the 1800s in the United States.ANS:CPTS:1DIF:EasyOBJ:1.1NAT: AACSB Reflective Thinking | AICPA FN Measurement3.Businesses use accounting systems toa.Analyze transactionsb.Handle routine bookkeeping tasksc.Evaluate the performance and health of the businessd.All of these are correctANS:DPTS:1DIF:EasyOBJ:1.1NAT: AACSB Reflective Thinking | AICPA FN Measurement4.Which of the following is the most correct definition of accounting?a.A system for providing quantitative information, primarily financial in nature, abouteconomic entities that is intended to be useful in making economic decisions.b.An entity without a profit objective, oriented toward providing services efficiently andeffectively.c.The preservation of a systematic, quantitative record of an activity.d.The procedures and processes used by a company to analyze transactions and handleroutine bookkeeping tasks.ANS:APTS:1DIF:EasyOBJ:1.1NAT: AACSB Reflective Thinking | AICPA FN Measurement5.Which of the following is NOT a function of accounting?a.Accumulating economic information about organizationsb.Measuring economic information about organizationsc.Executing sales transactions for organizationsd.Communicating economic information about organizationsANS:CPTS:1DIF:EasyOBJ:1.1NAT: AACSB Reflective Thinking | AICPA FN Measurement

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