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,DOWNLOAD THE Test Bank for Financial Accounting Fundamentals 8th
l l l l l l l l

Edition Wild l l


Financial Accounting Fundamentals 8th Edition by Wild
l l l l l l



CH01
TRUE/FALSE l- lWrite l'T' lif lthe lstatement lis ltrue land l'F' lif lthe lstatement lis lfalse.
1) Accounting lis lan linformation land lmeasurement lsystem lthat lidentifies, lrecords, land
lcommunicates lan lorganization's lbusiness lactivities.


1) l




⊚ true
⊚ false


2) Accounting lincludes lthe lanalysis land linterpretation lof linformation.
2) l




⊚ true
⊚ false


3) Financial laccounting lfocuses lon lthe lneeds lof lexternal lusers, lwho lget laccounting
linformation lfrom lgeneral-purpose lfinancial lstatements.


3) l



⊚ true
⊚ false


4) Internal lusers lof laccounting linformation ldo lnot ldirectly lmanage lthe lorganization land
lhave llimited laccess lto lits laccounting linformation.


4) l

⊚ true
⊚ false


5) Auditors lverify lthe leffectiveness lof linternal lcontrols.
5) l




⊚ true
⊚ false


6) External lauditors lexamine lfinancial lstatements lto lverify lthat lthey lare lprepared laccording
lto lgenerally laccepted laccounting lprinciples.




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Edition Wild l l


Financial Accounting Fundamentals 8th Edition by Wild
l l l l l l



CH01
6) l




⊚ true
⊚ false


7) External lusers linclude llenders, lshareholders, lcustomers, land lregulators.
7) l




⊚ true
⊚ false


8) Internal lusers linclude llenders, lshareholders, lbrokers land lnonexecutive lemployees.
8) l



⊚ true
⊚ false


9) Opportunities lin laccounting linclude lauditing, lconsulting, lmarket lresearch, land ltax
lplanning.


9) l




⊚ true
⊚ false


10) The lfraud ltriangle lshows lthat lthree lfactors lthat lpush la lperson lto lcommit lfraud lare
lopportunity, lpressure, land lrationalization.


10) l




⊚ true
⊚ false


11) Internal lcontrols lare lprocedures lto lprotect lassets, lensure lreliable laccounting, lpromote
lefficiency, land luphold lcompany lpolicies.


11) l

⊚ true
⊚ false


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, DOWNLOAD THE Test Bank for Financial Accounting Fundamentals 8th
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Edition Wild l l


Financial Accounting Fundamentals 8th Edition by Wild
l l l l l l



CH01

12) A lpartnership lis la lbusiness lowned lby ltwo lor lmore lpeople.
12) l




⊚ true
⊚ false


13) Owners lof la lcorporation lare lcalled lshareholders lor lstockholders.
13) l




⊚ true
⊚ false


14) In la lpartnership, lthe lowners lare lcalled lstockholders.
14) l




⊚ true
⊚ false


15) The lbalance lsheet lshows la lcompany's lnet lincome lor lloss lover la lperiod lof ltime.

15) l



⊚ true
⊚ false


16) The lFinancial lAccounting lStandards lBoard l(FASB) lis lgiven lthe ltask lof lsetting lgenerally
laccepted laccounting lprinciples l(GAAP) lfrom lthe lSecurities land lExchange lCommission.


16) l

⊚ true
⊚ false


17) The lbusiness lentity lassumption lmeans lthat laccounting linformation lpresumes lthat lthe
lbusiness lwill lcontinue loperating linstead lof lbeing lclosed lor lsold.


17) l


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