True False True ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-01 - LO: 01-01 LEARNING OBJECTIVES: ACCT.ACBSP.APC.03 - Business Forms ACCREDITING STANDARDS: ACCT.AICPA.BB.01 Industry – ACCT.AICPA.BB.06 - Resource Management BUSPROG: Analytic Two factors that typically lead to ethical violations are relevance and timeliness of accounting information. True False False ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-01 - LO: 01-01 LEARNING OBJECTIVES: ACCT.ACBSP.APC.02 GAAP ACCREDITING STANDARDS: – ACCT.AICPA.BB.01 Industry – ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic An example of a general-purpose financial statement would be a report about projected price increases related to transportation costs. True False False ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-01 - LO: 01-01 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic The Sarbanes-Oxley Act established standards for corporate responsibility and disclosure. True False True ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-01 - LO: 01-01 LEARNING OBJECTIVES: ACCT.ACBSP.APC.20 - Accounting for Corporations ACCREDITING STANDARDS: ACCT.AICPA.BB.01 Industry – ACCT.AICPA.FN.03 Measurement – BUSPROG: Ethics The main objective for all businesses is to maximize unrealized profits. True
True False ANSWER: True DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.03 - Business Forms ACCT.AICPA.BB.01 – Industry ACCT.AICPA.BB.06 - Resource Management BUSPROG: Analytic Two factors that typically lead to ethical violations are relevance and timeliness of accounting information. True False ANSWER: False DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.AICPA.BB.01 – Industry ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic An example of a general-purpose financial statement would be a report about projected price increases related to transportation costs. True False ANSWER: False DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic The Sarbanes-Oxley Act established standards for corporate responsibility and disclosure. True False ANSWER: True DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.20 - Accounting for Corporations ACCT.AICPA.BB.01 – Industry ACCT.AICPA.FN.03 – Measurement BUSPROG: Ethics The main objective for all businesses is to maximize unrealized profits. True