TEST BANK for Financial Accounting, 13th Edition by C. William Thomas & Wendy M. Kelley – Verified Exam Questions & Accurate Answers

TEST BANK
All Chapters Included

, TABLE OF CONTENTS

1. The Financial Statements

2. Transaction Analysis

3. Accrual Accounting and Income

4. Internal Control and Cash

5. Receivables and Revenue

6. Inventory and Cost of Goods Sold

7. Plant Assets, Natural Resources, and Intangibles

8. Current and Contingent Liabilities

9. Long-Term Liabilities

10. Stockholders' Equity

11. The Statement of Cash Flows

12. Financial Statement Analysis

,Chapter: 1. The Financial Statements

Full Test Bank for Financial Accounting 13th Edition C. William Thomas, Wendy M
Tietz

Financial Accounting, 13e (Thomas/Tietz)
Chapter 1 The Financial Statements

Learning Objective 1-1

1) Accounting is an information system that measures business
activities.Answer: TRUE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
AICPA Bus Persp:
Legal/RegulatoryAICPA
Functional: Measurement

2) Bookkeeping is a mechanical part of
accounting.Answer: TRUE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
AICPA Bus Persp:
Legal/RegulatoryAICPA
Functional: Measurement

3) Accounting is often called the language of
business.Answer: TRUE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
AICPA Bus Persp:
Legal/RegulatoryAICPA
Functional: Measurement

4) Accounting produces financial statements, which report information
about a business.Answer: TRUE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement, Reporting

5) The accounting process begins and ends with people making
decisions.Answer: TRUE
Diff: 1
LO: 1-1

, AACSB: Reflective Thinking
AICPA Bus Persp:
Legal/RegulatoryAICPA
Functional: Measurement