TEST BANK Financial Accounting, 6th Edition Chapters 1 – 12 Complete By David Spiceland, Wayne Thomas and Don Herrmann

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TEST BANK nj




Financial Accounting, 6thEdition
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Chapters 1 – 12 Complete nj nj nj nj




By David Spiceland, Wayne Thomas and Don Herrmann
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TABLE OF CONTENTS
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Chapter 1: A Framework for Financial Accounting
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nj Accounting Cycle: During the Period Chapter 3: The Accounting
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Cycle: End of the Period Chapter 4: Cash and Internal Controls
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Chapter 5: Receivables and Sales
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Chapter 6: Inventory and Cost of Goods Sold Chapter 7: Long-
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Term Assets
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Chapter 8: Current Liabilities Chapter 9:
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nj Long-Term Liabilities Chapter 10: nj n j nj




Stockholders’ Equity
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nj Statement of Cash Flows nj nj nj




Chapter 12: Financial Statement Analysis
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Chapter 1 A Framework for Financial Accounting
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1) Accounting is a system of maintaining records of a company's operations and
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communicating that information to decision makers.
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Answer: TRUE nj



Difficulty: 1 Easy
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Topic: Defining Accounting n j



Learning Objective: 01-01 Describe the two primary functions of financial
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accounting.Bloom's:
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AACSB: Reflective Thinking
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AICPA: BB Critical
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Thinking
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2) Accounting information is used by investors to decide whether to invest in a company's
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stock.
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Answer: TRUE nj



Difficulty: 1 Easy
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Topic: Defining Accounting n j



Learning Objective: 01-01 Describe the two primary functions of financial
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accounting.Bloom's:
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AACSB: Reflective Thinking
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AICPA: BB Critical
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Thinking
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3) Accounting information is used by creditors to decide whether to invest in a company's
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stock.
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Answer: FALSE
Explanation: Creditors lend money to a n j nj n j n j nj



company. Difficulty: 1 Easy
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Topic: Defining Accounting n j



Learning Objective: 01-01 Describe the two primary functions of financial
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accounting.Bloom's:
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AACSB: Reflective Thinking
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AICPA: BB Critical
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Thinking
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4) The primary functions of financial accounting are to measure business activities of a
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company and to communicate those measurements to internal parties for decision-
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making purposes.
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Answer: FALSE
Explanation: Financial accounting primarily serves to provide information to
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external parties. Difficulty: 2 Medium
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Topic: Defining Accounting n j



Learning Objective: 01-01 Describe the two primary functions of financial
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accounting.Bloom's:
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AACSB: Reflective Thinking
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AICPA: BB Critical
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Thinking




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