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Test bank for financial accounting for mbas 7th edition easton

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DOWNLOAD THE Test Bank for Financial Accounting for MBAs 7th Edition Easton Module 1 Financial Accounting for MBAs Learning Objectives – Coverage by question True/False Multiple Choice Exercises Problems LO1 – Explain and assess the four main business activities. Essays 1 LO2 – Identify and discuss the users and suppliers of financial statement information. 1- 4 1, 2 LO3 – Describe and examine the four financial statements, and define the accounting equation. -8 1-5, 10 3, 4 LO4 – Explain and apply the basics of profitability analysis. , 9, 10 6, 7 5 LO5 – Assess business operations within the context of a competitive environment. 14 26, 9 2 LO6 – Access reports filed with the SEC (Appendix 1A). LO7 – Describe the accounting principles and regulations that frame financial statements (Appendix 1B). © Cambridge Business Publishers, Financial Accounting for MBAs, 7th Edition DOWNLOAD THE Test Bank for Financial Accounting for MBAs 7th Edition Easton Module 1: Financial Accounting for MBAs True/False Topic: Users of Financial Statement Information LO: 2 1. Shareholders demand financial information primarily to assess profitability and risk whereas bankers demand information primarily to assess cash flows to repay loan interest and principal. Answer: True Rationale: While both shareholders and bankers are interested in all the information companies provide, s ... Purchase the document to see the full attachment

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Peter Easton, John Wild, Robert Halsey, Mary Lea McAnally Financial Accounting for MBAs

Edition:2020
ISBN:9781618533586
Edition:Unknown

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Institution: MBAs
Course: MBAs

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Uploaded on: September 5, 2025
Number of pages: 739
Written in: 2025/2026
Type: Exam (elaborations)
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test bank for financial accounting for mbas 7th ed

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,DOWNLOADTHETestBankforFinancialAccountingInformationfor
Decisions8thEditionJohnWild

Chapter

02 Financial Statements and the Accounting
C C C C C C

C System

True / False Questions
C C C

1. The first step to get from transactions and events to
C C C C C C C C C

C financial statements is to identify eachtransaction from source
C C v C C C C

C documents.

True False

2. Preparation of a trial balance is the first step in processing a financial transaction.
C C C C C C C C C C C C C C C C C C C C C C C C C

True False

3. Source documents identify and describe business transactions and are the
C C C C C C C C C

C basis for accountingentries.
C C

True False

4. Items such as sales tickets, bank statements, checks, and purchase orders are
C C C C C C C C C C C

C examples of abusiness's source documents. C C C C

True False

5. An account is a record of increases and decreases in a specific asset, liability,
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C equity, revenue, orexpense item. C C C

True False

2-1
Copyright C © 2017 McGraw-Hill
C C C C Education. All rights reserved. No
C C C C C C C C C reproduction C C or distribution
C

without C

v C the prior nwritten nconsent
v Cv C v C v v
C C

C of McGraw-HillEducation.
C

,DOWNLOADTHETestBankforFinancialAccountingInformationfor
Decisions8thEditionJohnWild

6. A customer'spromise to pay on credit is classified as an account payable by the seller.
C C C C C C C C C C C C C C C

True False

7. Dividends paid to the stockholders are a business expense.
C C C C C C C C C C C C C C

True False

8. The purchase of land and buildings will generally be recorded in the same ledger account.
C C C C C C C C C C C C C C C C C C C C C C C C C C

True False

9. Unearnedrevenues are classified as liabilities.
C C C C C

True False

10. Cash paid to stockholders by the business of a corporation and used for personal
C C C C C C C C C C C C C

C expenses, shouldbe treated as an expense of the business.
C C C C C C C C

True False

11. When a company provides services for which cash will not be received until some
C C C C C C C C C C C C C

C future date, thecompany should record the amount charged as accounts
C C C C C C C C C

C receivable.

True False

12. A company's chart of accounts is a list of all the accounts used and includes an
C C C C C C C C C C C C C C C

C identification numberassigned to each account. C C C C

True False

13. An account's balance is the difference between the total debits and total
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C credits for the account,including any beginning balance.
C C C C C C

True False

2-2
Copyright C © 2017 McGraw-Hill
C C C C Education. All rights reserved. No C C C C C C C C C reproduction C C or distribution
C

without C

v C the prior nwritten nconsent
v Cv C v C v v
C C

C of McGraw-HillEducation.
C

, DOWNLOADTHETestBankforFinancialAccountingInformationfor
Decisions8thEditionJohnWild

14. The right side of an account is called the debit side.
C C C C C C C C C C C C C C C C C C

True False

15. In a double-entry accounting system, the total dollar amount debited must always
C C C C C C C C C C C

C equal the totaldollar amount credited.
C C C C

True False

16. Increases in liability accounts are recorded as debits.
C C C C C C C C C C

True False

17. Debits increase asset and expense accounts.
C C C C C C C C

True False

18. Credits always increaseaccount balances.
C C C C

True False

19. Crediting an expense account decreases it.
C C C C C

True False

20. A revenue account normally has a debit balance.
C C C C C C C C C C C C C

True False

21. Assetaccounts are normally decreased by debits.
C C C C C C C C C C

True False

22. Debit means increase andcredit means decrease for all accounts.
C C C C C C C C C

True False

2-3
Copyright C © 2017 McGraw-Hill C C C C Education. All rights reserved. No C C C C C C C C C reproduction C C or distribution
C

without C

v C the prior nwritten nconsent
v Cv C v C v v
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C of McGraw-HillEducation.
C

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