Test Bank for Financial Accounting, 5th Edition by David Spiceland, Wayne Thomas, and Don Herrmann

TEST BANK f




Financial Accounting, 6th Edition
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Chapters 1 – 12 Complete
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By David Spiceland, Wayne Thomas and Don Herrmann
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,TABLE OF CONTENTS f f f




Chapter 1: A Framework for Financial Accounting
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Chapter 2: The Accounting Cycle: During the Period
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Chapter 3: The Accounting Cycle: End of the Period
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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
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Chapter 7: Long-Term Assets
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Chapter 8: Current Liabilities
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Chapter 9: Long-Term Liabilities
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Chapter 10: Stockholders’ Equity
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Chapter 11: Statement of Cash Flows
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Chapter 12: Financial Statement Analysis
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,Chapter f1 f A fFramework ffor fFinancial fAccounting

1) Accounting fis fa fsystem fof fmaintaining frecords fof fa fcompany's foperations fand fcommunicatingfthat
finformation f to fdecision fmakers.




Answer: fTRUE
fDifficulty: f1 fEasy

Topic: f Defining fAccounting
Learning fObjective: f 01-01 fDescribe fthe ftwo fprimary ffunctions fof ffinancial faccounting.fBloom's:
fRemember

AACSB: fReflective
fThinkingfAICPA: f BB fCritical

fThinking




2) Accounting finformation fis fused fby finvestors fto fdecide fwhether fto finvest fin fa fcompany's fstock.

Answer: fTRUE
fDifficulty: f1 fEasy

Topic: f Defining fAccounting
Learning fObjective: f 01-01 fDescribe fthe ftwo fprimary ffunctions fof ffinancial faccounting.fBloom's:
fRemember

AACSB: fReflective
fThinkingfAICPA: f BB fCritical

fThinking




3) Accounting finformation fis fused fby fcreditors fto fdecide fwhether fto finvest fin fa fcompany's fstock.

Answer: f FALSE
Explanation: fCreditors flend fmoney fto fa
fcompany.fDifficulty: f 1 fEasy

Topic: f Defining fAccounting
Learning fObjective: f 01-01 fDescribe fthe ftwo fprimary ffunctions fof ffinancial faccounting.fBloom's:
fRemember

AACSB: fReflective
fThinkingfAICPA: f BB fCritical

fThinking




4) The fprimary ffunctions fof ffinancial faccounting fare fto fmeasure fbusiness factivities fof fa fcompanyfand
fto fcommunicate fthose fmeasurements fto finternal f parties ffor fdecision-making fpurposes.




Answer: f FALSE
Explanation: fFinancial faccounting fprimarily fserves fto fprovide finformation fto fexternal
fparties.fDifficulty: f 2 fMedium

Topic: f Defining fAccounting
Learning fObjective: f 01-01 fDescribe fthe ftwo fprimary ffunctions fof ffinancial faccounting.fBloom's:
fUnderstand

AACSB: fReflective

, fThinkingfAICPA: f BB fCritical
fThinking