TEST BANK for Financial Accounting 13th Edition by C William Thomas and Wendy M. Tietz All Chapter's 1 – 12, Complete

TEST BANK
Financial Accounting 13th Edition
by C William Thomas and Wendy M. Tietz
All Chapter's 1 – 12, Complete

,TABLE OF CONTENTS v v v




1. The Financial Statements
v v v




2. Transaction Analysis
v v




3. Accrual Accounting and Income
v v v v




4. Internal Control and Cash
v v v v




5. Receivables and Revenue
v v v




6. Inventory and Cost of Goods Sold
v v v v v v




7. Plant Assets, Natural Resources, and Intangibles
v v v v v v




8. Current and Contingent Liabilities
v v v v




9. Long-Term Liabilities
v v




10. Stockholders' Equity
v v




11. The Statement of Cash Flows
v v v v v




12. Financial Statement Analysis
v v v

,1.vThevFinancialvStatements




FullvTestvBankvforvFinancialvAccountingv13thvEditionvC.vWilliamvThomas,vWendyvMvTietz

FinancialvAccounting,v13ev(Thomas/Tietz)
Chapterv1 ThevFinancialvStatements

LearningvObjectivev1-1

1) Accountingvisvanvinformationvsystemvthatvmeasuresvbusinessvactivities.vAnsw
er:v TRUE
Diff:v1
LO:v 1-1
AACSB:v ReflectivevThinking
AICPAvBusvPersp:v Legal/RegulatoryvAICP
AvFunctional:v Measurement

2) Bookkeepingvisvavmechanicalvpartvofvaccounting.vAns
wer:v TRUE
Diff:v1
LO:v 1-1
AACSB:v ReflectivevThinking
AICPAvBusvPersp:v Legal/RegulatoryvAICP
AvFunctional:v Measurement

3) Accountingvisvoftenvcalledvthevlanguagevofvbusiness.vAns
wer:v TRUE
Diff:v1
LO:v 1-1
AACSB:v ReflectivevThinking
AICPAvBusvPersp:v Legal/RegulatoryvAICP
AvFunctional:v Measurement

4) Accountingvproducesvfinancialvstatements,vwhichvreportvinformationvaboutvavbusiness.vAnswer
:v TRUE
Diff:v1
LO:v 1-1
AACSB:v ReflectivevThinking
AICPAvBusv Persp:v Legal/Regulatory
AICPAvFunctional:v Measurement,vReporting

5) Thevaccountingvprocessvbeginsvandvendsvwithvpeoplevmakingvdecisions.vAnsw
er:v TRUE
Diff:v1
LO:v 1-1
AACSB:v ReflectivevThinking
AICPAvBusvPersp:v Legal/RegulatoryvAICP
AvFunctional:v Measurement

, 6) Accountingvinformationvisvusedvbyvinvestorsvandvcreditors,vbutvnotvbyvregulatoryvbodies.vAnswer:
v FALSE

Explanation:v Itvisvusedvbyvindividuals,vinvestors,vcreditors,vnonprofits,vandvregulatoryvbodies.
Diff:v1
LO:v 1-1
AACSB:v ReflectivevThinking
AICPAvBusvPersp:v IndustryvSector,vLegal/RegulatoryvAICPAvFunc
tional:v Measurement,vReporting

7) SincevHabitatvforvHumanityvisvnotvconcernedvaboutvmakingvavprofit,vtheventityvdoesvnotvneedvtovusevaccount
ingvinformation.
Answer:v FALSE
Diff:v1
LO:v 1-1
AACSB:v ReflectivevThinking
AICPAvBusvPersp:v IndustryvSector,vLegal/RegulatoryvAICPAvFunc
tional:v Measurement,vReporting

8) Thevbusinessvrecordsvofvavsolevproprietorshipvshouldvincludevthevproprietor'svpersonalvfinances.vAnswer
:v FALSE
Diff:v1
LO:v 1-1
AACSB:v ReflectivevThinking
AICPAvBusvPersp:v Legal/RegulatoryvAICP
AvFunctional:v Measurement

9) Avpartnershipvisvavtaxpayingventity.vAns
wer:v FALSE
Diff:v1
LO:v 1-1
AACSB:v ReflectivevThinking
AICPAvBusvPersp:v Legal/RegulatoryvAICP
AvFunctional:v Measurement

10) Stockholdersvhavevnovpersonalvobligationvforvthevcorporation'svdebts.vAnsw
er:v TRUE
Diff:v1
LO:v 1-1
AACSB:v ReflectivevThinking
AICPAvBusvPersp:v Legal/RegulatoryvAICP
AvFunctional:v Measurement



11) Accounting:
A) measuresvbusinessvactivities.
B) processesvdatavintovreportsvandvcommunicatesvthevdatavtovdecisionvmakers.
C) isvoftenvcalledvthevlanguagevofvbusiness.
D) isvallvofvthevabove.v
Answer:v D
Diff:v2
LO:v 1-1