TEST BANK for Financial accounting by david spiceland 5th edition PDF

TEST BANK g




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 g g g




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 g1 g A gFramework gfor gFinancial gAccounting

1) Accounting gis ga gsystem gof gmaintaining grecords gof ga gcompany's goperations gand
gcommunicatinggthat ginformation gto gdecision gmakers.



Answer: gTRUE
gDifficulty: g1 gEasy

Topic: g Defining gAccounting
Learning gObjective: g 01-01 gDescribe gthe gtwo gprimary gfunctions gof gfinancial
gaccounting.gBloom's: gRemember

AACSB: gReflective
gThinkinggAICPA: g BB gCritical

gThinking



2) Accounting ginformation gis gused gby ginvestors gto gdecide gwhether gto ginvest gin ga gcompany's gstock.

Answer: gTRUE
gDifficulty: g1 gEasy

Topic: g Defining gAccounting
Learning gObjective: g 01-01 gDescribe gthe gtwo gprimary gfunctions gof gfinancial
gaccounting.gBloom's: gRemember

AACSB: gReflective
gThinkinggAICPA: g BB gCritical

gThinking



3) Accounting ginformation gis gused gby gcreditors gto gdecide gwhether gto ginvest gin ga gcompany's gstock.

Answer: g FALSE
Explanation: gCreditors glend gmoney gto ga
gcompany.gDifficulty: g1 gEasy

Topic: g Defining gAccounting
Learning gObjective: g 01-01 gDescribe gthe gtwo gprimary gfunctions gof gfinancial
gaccounting.gBloom's: gRemember

AACSB: gReflective
gThinkinggAICPA: g BB gCritical

gThinking



4) The gprimary gfunctions gof gfinancial gaccounting gare gto gmeasure gbusiness gactivities gof ga
gcompanygand gto gcommunicate gthose gmeasurements gto ginternal gparties gfor gdecision-making

gpurposes.



Answer: g FALSE
Explanation: gFinancial gaccounting gprimarily gserves gto gprovide ginformation gto gexternal
gparties.gDifficulty: g2 gMedium

Topic: g Defining gAccounting
Learning gObjective: g 01-01 gDescribe gthe gtwo gprimary gfunctions gof gfinancial
gaccounting.gBloom's: gUnderstand

, AACSB: gReflective
gThinkinggAICPA: g BB gCritical

gThinking