Test Bank for Financial Accounting IFRS Edition 2nd Edition by Weygandt Kimmel and Kieso

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1.gAgcorporationgisgagbusinessgthatgisglegallygseparategandgdistinctgfromgitsgowners.g
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2.gThegrolegofgaccountinggisgtogprovidegmanygdifferentgusersgwithgfinancialginformationgtog
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3.gInvestinggactivitiesgaregthosegactivitiesgbygwhichgthegcompanygobtainsgfundsgtogstartgan
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4.gManagerialgaccountingginformationgisgusedgbygexternalgandginternalgusersgequally.g
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5.gSeniorgexecutivesgcannotgbegcriminallygprosecutedgforgthegwronggdoingsgtheygcommitgo
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6.gFinancialgaccountinggprovidesginformationgtogallgusers,gwhilegthegmaingfocusgforgmanag
erialgaccountinggisgtogprovideg
informationgtogthegmanagement.g
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7.gPropergethicalgconductgimpliesgthatgyougonlygconsidergwhat'sgingyourgbestginterest.g
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8.gSomegofgthegmajorgfraudulentgactsgbygseniorgexecutivesgstartedgasgwhatgtheygconsidere
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9.gAgbusinessgisgangorganizationgingwhichgbasicgresourcesgorginputs,glikegmaterialsgandglab
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togprovidegoutputsgingthegformgofggoodsgorgservicesgtogcustomers.g
ACCESSgTestgBankgforgFinancialgandgManagerialgAccounting16thgEdition
gggggggggggggggggggggggggggggggWarren

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Chapterg01:gIntroductiongtogAccountinggandgBusinessg
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10.gOperatinggactivitiesgaregthosegactivitiesgbygwhichgagcompanyggeneratesgrevenuesgfrom
gcustomers.g
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11.gAngexamplegofgaggeneral-
purposegfinancialgstatementgwouldgbegagreportgaboutgprojectedgpricegincreasesgrelatedgtog
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ANSWER:gggFalseg
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12.gThegSarbanes-
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ANSWER:gggTrueg
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13.gThegmaingobjectivegforgallgbusinessesgisgtogmaximizegunrealizedgprofits.g
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ANSWER:gggFalseg
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14.gThegprimarygrolegofgaccountinggisgtogdeterminegthegamountgofgtaxesgagbusinessgwillgbe
grequiredgtogpaygtogtaxingg

entities.g
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ANSWER:gggFalseg
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, 15.gThegbasicgdifferencegbetweengmanufacturinggandgretailgcompaniesgisgthegcompletiongl
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16.gProprietorshipsgaregownedgbygonegownergandgprovidegonlygservicesgtogtheirgcustomer
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17.gAboutg90%gofgthegbusinessesgingthegUnitedgStatesgaregorganizedgasgcorporations.g
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18.gAngexamplegofgangexternalgusergofgaccountingginformationgisgthegfederalggovernment.g
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19.gThegFinancialgAccountinggStandardsgBoardg(FASB)gisgthegauthoritativegbodygthatghasgp