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Test Bank for Financial Accounting, 6th Edition – David Spiceland, Wayne M. Thomas & Don Herrmann | Latest 2025/2026 Update

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Master financial accounting concepts and prepare for exams with this comprehensive Test Bank for Financial Accounting (6th Edition) by David Spiceland, Wayne M. Thomas, and Don Herrmann — updated for 2025/2026. This test bank provides carefully written exam questions and verified answers that align perfectly with the textbook. It’s an essential study tool for understanding financial statements, accounting principles, journal entries, and analysis techniques used in today’s business world. Inside You’ll Find: All chapters covered – organized and easy to navigate Multiple-choice, problem-solving, and conceptual questions Accurate answers with detailed explanations Questions matched to the 6th Edition textbook Ideal for self-study, tutoring, or instructor test creation Perfect For: Accounting and Finance majors Business Administration students Instructors preparing class tests or quizzes Anyone reviewing core accounting concepts Stay ahead of the curve with the verified 2025/2026 edition, designed to make exam prep efficient, reliable, and stress-free.

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Financial Accounting, 6th Edition

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Financial Accounting, 6th Edition

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J. David Spiceland, Wayne Thomas, Don Herrmann Financial Accounting

Edition:2021
ISBN:9781265578022
Edition:Unknown

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Institution: Financial Accounting, 6th Edition
Course: Financial Accounting, 6th Edition

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Uploaded on: October 7, 2025
Number of pages: 1190
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

Subjects

financial accounting test bank
spiceland 6th edition test questions
accounting principles exam prep
financial statements test bank
spiceland thomas herrmann test bank

Content preview

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

,TABLE OF CONTENTS

Chapter 1: A Framework for Financial Accounting

Chapter 2: The Accounting Cycle: During the Period

Chapter 3: The Accounting Cycle: End of the Period

Chapter 4: Cash and Internal Controls

Chapter 5: Receivables and Sales

Chapter 6: Inventory and Cost of Goods Sold

Chapter 7: Long-Term Assets

Chapter 8: Current Liabilities

Chapter 9: Long-Term Liabilities

Chapter 10: Stockholders’ Equity

Chapter 11: Statement of Cash Flows

Chapter 12: Financial Statement Analysis

,Chapter 1 A Framework for Financial Accounting
S S S S S S

1) Accounting is a system of maintaining records of a company's operations and
S S S S S S S S S S S

communicatingthat information to decision makers.
S S S S S S

Answer: TRUE
S

Difficulty: 1 Easy
S S S

Topic: Defining Accounting
S S

Learning Objective: 01-01 Describe the two primary functions of financial accounting.
S S S S S S S S S S

Bloom's: Remember
S S

AACSB: Reflective Thinking
S S

AICPA: BB Critical
S S S

Thinking
S

2) Accounting information is used by investors to decide whether to invest in a company's stock.
S S S S S S S S S S S S S S

Answer: TRUE
S

Difficulty: 1 Easy
S S S

Topic: Defining Accounting
S S

Learning Objective: 01-01 Describe the two primary functions of financial accounting.
S S S S S S S S S S

Bloom's: Remember
S S

AACSB: Reflective Thinking
S S

AICPA: BB Critical
S S S

Thinking
S

3) Accounting information is used by creditors to decide whether to invest in a company's stock.
S S S S S S S S S S S S S S

Answer: FALSE S

Explanation: Creditors lend money to a company.
S S S S S S

Difficulty: 1 Easy
S S S

Topic: Defining Accounting
S S

Learning Objective: 01-01 Describe the two primary functions of financial accounting.
S S S S S S S S S S

Bloom's: Remember
S S

AACSB: Reflective Thinking
S S

AICPA: BB Critical
S S S

Thinking
S

4) The primary functions of financial accounting are to measure business activities of a
S S S S S S S S S S S S

companyand to communicate those measurements to internal parties for decision-making
S S S S S S S S S S S

purposes.
S

Answer: FALSE S

Explanation: Financial accounting primarily serves to provide information to external parties.
S S S S S S S S S S

Difficulty: 2 Medium
S S S

Topic: Defining Accounting
S S

Learning Objective: 01-01 Describe the two primary functions of financial accounting.
S S S S S S S S S S

Bloom's: Understand
S S

, AACSB: Reflective Thinking
S S

AICPA: BB Critical
S S S

Thinking
S

5) Financing activities are transactions involving external sources of funding.
S S S S S S S S

Answer: TRUES

Difficulty: 1 Easy
S S S

Topic: Measuring Business Activities
S S S

Learning Objective: 01-02 Understand the business activities that financial accounting
S S S S S S S S S

measures.
S

Bloom's: Remember
S

AACSB: Reflective
S S

ThinkingAICPA: FN
S S S

Measurement
S

6) Investing activities include the purchase and sale of long-term resources.
S S S S S S S S S

Answer: TRUES

Difficulty: 1 Easy
S S S

Topic: Measuring Business Activities
S S S

Learning Objective: 01-02 Understand the business activities that financial accounting
S S S S S S S S S

measures.
S

Bloom's: Remember
S

AACSB: Reflective
S S

ThinkingAICPA: FN
S S S

Measurement
S

7) Operating activities include transactions that relate to the primary operations of the company.
S S S S S S S S S S S S

Answer: TRUES

Difficulty: 1 Easy
S S S

Topic: Measuring Business Activities
S S S

Learning Objective: 01-02 Understand the business activities that financial accounting
S S S S S S S S S

measures.
S

Bloom's: Remember
S

AACSB: Reflective
S S

ThinkingAICPA: FN
S S S

Measurement
S

8) A corporation is an entity that is legally separate from its owners.
S S S S S S S S S S S

Answer: TRUES

Difficulty: 1 Easy
S S S

Topic: Measuring Business Activities
S S S

Learning Objective: 01-02 Understand the business activities that financial accounting
S S S S S S S S S

measures.
S

Bloom's: Remember AACSB:
SSS S

Reflective ThinkingAICPA:
S S S

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