A corporation is a business that is legally separate and distinct from its owners. 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.FN.03 Measurement – BUSPROG: Analytic The role of accounting is to provide many different users with financial information to make economic decisions. True False True ANSWER: Moderate DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-01 - LO: 01-01 LEARNING OBJECTIVES: ACCT.ACBSP.APC.01 Purpose ACCREDITING STANDARDS: – ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic Accounting information users need reports about the economic activities and condition of businesses. True False True ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-01 - LO: 01-01 LEARNING OBJECTIVES: ACCT.ACBSP.APC.01 Purpose ACCREDITING STANDARDS: – ACCT.AICPA.BB.01 Industry – ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic Managerial accounting information is used by external and internal users equally. True False False ANSWER: Easy DIFFICULTY: Bloom's: Remembering FNMN.WARD.16.01-01 - LO: 01-01 LEARNING OBJECTIVES: ACCT.ACBSP.APC.01 Purpose ACCREDITING STANDARDS: – ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology ACCT.AICPA.FN.03 Measurement – BUSPROG: Analytic Senior executives cannot be criminally prosecuted for the wrong doings they commit on behalf of the companies where they work.
A corporation is a business that is legally separate and distinct from its owners. 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.FN.03 – Measurement BUSPROG: Analytic The role of accounting is to provide many different users with financial information to make economic decisions. True False ANSWER: True DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic Accounting information users need reports about the economic activities and condition of businesses. True False ANSWER: True DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose ACCT.AICPA.BB.01 – Industry ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic Managerial accounting information is used by external and internal users equally. True False ANSWER: False DIFFICULTY: Easy Bloom's: Remembering LEARNING OBJECTIVES: FNMN.WARD.16.01-01 - LO: 01-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 – Purpose ACCT.ACBSP.APC.25 - Managerial Characteristics/Terminology ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic Senior executives cannot be criminally prosecuted for the wrong doings they commit on behalf of the companies where they work.
FinMan_Chapter_01_Introduction_to_Accounting_and_Business.docx