Test bank for financial accounting fundamentals 8th edition by john wild chapter 1 - 13 complete

TEST BANK
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Financial,Accounting,Fundamentals,,8th,Edition

By,John,Wild,,Chapter,1,-,13

,Chapter,1:,Accounting,in,Business

Chapter,2:,Accounting,for,Business,Transactions, Chapter,3:,Adjusting,Accounts,for,Financ

ial,Statements, Chapter,4:,Accounting,for,Merchandising,Operations, Chapter,5:,Invento

ries,and,Cost,of,Sales

Chapter,6:,Cash,,Fraud,,and,Internal,Control, Chapter,7:,Accounting,for,R

eceivables, Chapter,8:,Accounting,for,Long-

Term,Assets, Chapter,9:,Accounting,for,Current,Liabilities

Chapter,10:,Accounting,for,Long-

Term,Liabilities, Chapter,11:,Corporate,Reporting,and,Analysis, Chapter,12:,Reporti

ng,Cash,Flows


Chapter,13:,Analysis,of,Financial,Statements

, Answers,are,at,the,End,of,Each,Chapter

Chapter,1:,Accounting,in,Business

Student,name:,
TRUE/FALSE,-,Write,'T',if,the,statement,is,true,and,'F',if,the,statement,is,false.
1) Accounting,is,an,information,and,measurement,system,that,identifies,,records,, a
ndcommunicates,an,organization's,business,activities.
⊚,,, true

⊚,,,false
2) Accounting,includes,the,analysis,and,interpretation,of,information.
⊚,,, true


⊚,,,false
3) Financial,accounting,focuses,on,the,needs,of,external,users,,who,get,accounting
informationfrom, general-purpose, financial,, statements.
⊚,,, true


⊚,,,false
4) Internal,users,of,accounting,information,do,not,directly,manage,the,organization,and
havelimited,access,to,its,accounting,information.
⊚,,, true


⊚,,,false
5) Auditors,verify,the,effectiveness,of,internal,controls.
⊚,,, true


⊚,,,false
6) External,auditors,examine,financial,statements,to,verify,that,they,are,prepared,according
togenerally,accepted,accounting,principles.
⊚,,, true


⊚,,,false
7) External,users,include,lenders,,shareholders,,customers,,and,regulators.
⊚,,, true


⊚,,,false

, 8) Internal,users,include,lenders,,shareholders,,brokers,and,nonexecutive,employees.
⊚,,, true


⊚,,,false
9) Opportunities,in,accounting,include,auditing,,consulting,,market,research,,and,tax,planning.
⊚,,, true


⊚,,,false
10) The,fraud,triangle,shows,that,three,factors,that,push,a,person,to,commit,fraud
areopportunity,,pressure,,and,rationalization.
⊚,,, true


⊚,,,false
11) Internal,controls,are,procedures,to,protect,assets,,ensure,reliable,accounting,
promoteefficiency,,and,uphold,company,policies.
⊚,,, true


⊚,,,false
12) A,partnership,is,a,business,owned,by,two,or,more,people.
⊚,,, true


⊚,,,false
13) Owners,of,a,corporation,are,called,shareholders,or,stockholders.
⊚,,, true


⊚,,,false
14) In,a,partnership,,the,owners,are,called,stockholders.
⊚,,, true


⊚,,,false
15) The,balance,sheet,shows,a,company's,net,income,or,loss,over,a,period,of,time.
⊚,,, true


⊚,,,false
16) The,Financial,Accounting,Standards,Board,(FASB),is,given,the,task,of,setting,generally
accepted,accounting,principles,(GAAP),from,the,Securities,and,Exchange,Commission.
⊚,,, true
⊚,,,false