Test Bank for Financial Accounting: Information for Decisions 10th Edition by John J. Wild |ISBN: 9781260247879| Guide A+

TEST BANK FINANCIAL ACCOUNTING INFORMATION FOR
DECISIONS, 10TH EDITION by John J. Wild




ST
ANSWERS ARE LOCATED AT THE END OF THIS DOCUMENT

FILL IN THE BLANK. Write the word or phrase that best completes each statement or
answers the question.
O
1) is an information and measurement system that identifies, records
and communicates an organization’s business activities.
IC
1)


Question Details
AACSB : Communication
Bloom's : Remember
AICPA : BB Industry
AICPA : FN Reporting
Difficulty : 1 Easy
Topic : Importance of Accounting
Learning Objective : 01-C1 Explain the importance of accounting and identify its users.
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Type : Static



2) A is a business that is owned by only one person and has
unlimited liability.

2)

,Question Details
AACSB : Communication
Bloom's : Remember
AICPA : BB Legal
Difficulty : 1 Easy
Learning Objective : 01-C2 Describe the importance of ethics and GAAP.
AICPA : FN Decision Making
Topic : Generally Accepted Accounting Principles
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Type : Static



3) users of accounting information do not directly run an organization and
have limited access to its accounting information.

3)
ST
O
IC

,Question Details
AACSB : Communication
Bloom's : Remember
AICPA : BB Industry
AICPA : FN Reporting
Difficulty : 1 Easy
Topic : Users of Accounting Information
Learning Objective : 01-C1 Explain the importance of accounting and identify its users.
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Type : Static



4) is the area of accounting that focuses on the needs of external users by
providing them with general-purpose financial statements.

4)
ST

Question Details
AACSB : Communication
Bloom's : Remember
AICPA : BB Industry
O
AICPA : FN Reporting
Difficulty : 1 Easy
Topic : Users of Accounting Information
IC
Learning Objective : 01-C1 Explain the importance of accounting and identify its users.
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Type : Static



5) are procedures to protect assets, ensure reliable accounting,
promote efficiency, and uphold company policies.

5)

, Question Details
AACSB : Communication
AACSB : Ethics
Bloom's : Remember
AICPA : BB Legal
AICPA : FN Reporting
Difficulty : 1 Easy
Topic : Ethics
Learning Objective : 01-C2 Describe the importance of ethics and GAAP.
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Type : Static



6) are beliefs that separate right from wrong and are considered accepted
standards of good and bad behavior.
ST
6)


Question Details
AACSB : Communication
AACSB : Ethics
O
Bloom's : Remember
AICPA : BB Industry
Difficulty : 1 Easy
IC
Topic : Ethics
Learning Objective : 01-C2 Describe the importance of ethics and GAAP.
AICPA : FN Decision Making
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Type : Static



7) The assumption that requires that a business be accounted for separately from other
business entities and its owner(s) is the assumption.

7)