Test Bank for Fundamental Financial Accounting Concepts, 2024 Release by Thomas Edmonds

Complete Answers Included ✅
Chapter 01 2024 Release Edmonds
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) In a market, creditors are resource providers.
⊚ true
⊚ false

Question Details
AICPA : FN Measurement
AICPA : BB Resource Management
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Identify the ways accounting benefits society.
Topic : Role of Accounting in Society
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-170 (Static) In a market, creditors are
resource...



2) In a market, a company that manufactures cars would be referred to as business.
⊚ true
⊚ false

Question Details
AICPA : FN Measurement
AICPA : BB Industry
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Identify the ways accounting benefits society.
Topic : Role of Accounting in Society
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-171 (Static) In a market, a company that
manufactures...




1

,3) The value created by a business is created by its assets.
⊚ true
⊚ false

Question Details
AICPA : FN Measurement
AICPA : BB Resource Management
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-01 Identify the ways accounting benefits society.
Topic : Role of Accounting in Society
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-172 (Static) The value created by a
business may be...



4) The stockholders of a business have a priority claim to its assets in the event of liquidation.
⊚ true
⊚ false

Question Details
AICPA : FN Measurement
AICPA : BB Resource Management
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-05 Interpret information shown in an accounting equation.
Topic : Interpreting Information Shown in the Accounting Equation
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-173 (Static) The stockholders of a business
have a priority...




2

,5) The types of resources needed by a business are financial, physical, and labor resources.
⊚ true
⊚ false

Question Details
AICPA : FN Measurement
AICPA : BB Resource Management
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Identify the ways accounting benefits society.
Topic : Role of Accounting in Society
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-174 (Static) The types of resources needed
by a business...



6) Financial accounting information is usually less detailed than managerial accounting
information.
⊚ true
⊚ false

Question Details
AICPA : FN Measurement
AICPA : BB Industry
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Understand
Business Competency : Reflective Thinking
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-01 Identify the ways accounting benefits society.
Topic : Role of Accounting in Society
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-175 (Static) Financial accounting
information is usually...




3

, 7) The Financial Accounting Standards Board is a privately funded organization with authority
for establishing accounting standards for businesses in the US.
⊚ true
⊚ false

Question Details
AICPA : BB Critical Thinking
AICPA : FN Measurement
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Understand
Business Competency : Reflective Thinking
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-01 Identify the ways accounting benefits society.
Topic : Role of Accounting in Society
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-176 (Static) The Financial Accounting
Standards Board is...



8) A business and the person who owns the business are separate reporting entities.
⊚ true
⊚ false

Question Details
AICPA : BB Critical Thinking
AICPA : FN Measurement
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-02 Identify reporting entities.
Topic : Reporting Entities
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-177 (Static) A business and the person who
owns the...




4