Test Bank For Financial Accounting, 6th
Edition By David Spiceland, Wayne Thomas,
Verified Chapters 1 - 12, Complete Newest
Version 2026
,Table Of Contents
1. Chapter 1: A Framework For Financial Accounting
2. Part A: Accounting As A Measurement/Communication Process
3. Part B: Financial Accounting Information
4. Part C: Careers In Accounting
5. Chapter 2: The Accounting Cycle: During The Period
6. Part A: Measuring Business Activities
7. Part B: Debits And Credits
8. Chapter 3: The Accounting Cycle: End Of The Period
9. Part A: The Measurement Process
10. Part B: The Reporting Process: Financial Statements
11. Part C: The Closing Process
12. Chapter 4: Cash And Internal Controls
13. Part A: Internal Controls
14. Part B: Cash
15. Part C: Statement Of Cash Flows
16. Chapter 5: Receivables And Sales
17. Part A: Recognizing Accounts Receivable And Revenue
18. Part B: Estimating Uncollectible Accounts
19. Part C: Notes Receivable And Interest
20. Chapter 6: Inventory And Cost Of Goods Sold
21. Part A: Reporting Inventory And Cost Of Goods Sold
22. Part B: Recording Inventory Transactions
23. Part C: Lower Of Cost And Net Realizable Value
24. Chapter 7: Long-Term Assets
Part A: Asset Acquisitions
25. Part B: Depreciation And Amortization
26. Part C: Asset Disposal: Sale, Retirement, Or Exchange
27. Chapter 8: Current Liabilities
28. Part A: Current Liabilities
29. Part B: Contingencies
30. Chapter 9: Long-Term Liabilities
31. Part A: Installment Notes And Leases
32. Part B: Bonds Issued At Face Amount
33. Chapter 10: Stockholders’ Equity
,34. Part A: Invested Capital
35. Part B: Earned Capital
36. Part C: Reporting Stockholders’ Equity
37. Chapter 11: Statement Of Cash Flows
38. Part A: Classification Of Cash Flow Activities
39. Part B: Preparing The Statement Of Cash Flows
40. Chapter 12: Financial Statement Analysis
41. Part B: Using Ratios To Assess Risk And Profitability
42. Part C: Earnings Persistence And Earnings Quality
, Test Bank For
Financial Accounting 6th Edition By David Spiceland, Wayne Thomas, Don
Herrmann
chapter 1 a framework for financial accounting
1) accounting is a system of maintaining records of a company's operations and
communicating that information to decision makers.
ans:true difficulty:
1 easy
topic: defining accounting
learning objective: 01-01 describe the two primary functions of financial
accounting. bloom's:remember
aacsb: reflective thinking
aicpa: bb critical thinking
2) accounting information is used by investors to decide whether to invest in a company's
stock.
ans:true difficulty:
1 easy
topic: defining accounting
learning objective: 01-01 describe the two primary functions of financial
accounting. bloom's:remember
aacsb: reflective thinking
aicpa: bb critical thinking
3) accounting information is used by creditors to decide whether to invest in a company's
stock.
ans: false
explanation: creditors lend money to a
company. difficulty: 1 easy
topic: defining accounting
learning objective: 01-01 describe the two primary functions of financial
accounting. bloom's:remember
aacsb: reflective thinking
aicpa: bb critical thinking
4) the primary functions of financial accounting are to measure business activities of a
company and to communicate those measurements to internal parties for decision-
making purposes.
ans false
explanation: financial accounting primarily serves to provide information to external
parties. difficulty: 2 medium
topic: defining accounting
learning objective: 01-01 describe the two primary functions of financial accounting.
bloom's: understand aacsb:
Edition By David Spiceland, Wayne Thomas,
Verified Chapters 1 - 12, Complete Newest
Version 2026
,Table Of Contents
1. Chapter 1: A Framework For Financial Accounting
2. Part A: Accounting As A Measurement/Communication Process
3. Part B: Financial Accounting Information
4. Part C: Careers In Accounting
5. Chapter 2: The Accounting Cycle: During The Period
6. Part A: Measuring Business Activities
7. Part B: Debits And Credits
8. Chapter 3: The Accounting Cycle: End Of The Period
9. Part A: The Measurement Process
10. Part B: The Reporting Process: Financial Statements
11. Part C: The Closing Process
12. Chapter 4: Cash And Internal Controls
13. Part A: Internal Controls
14. Part B: Cash
15. Part C: Statement Of Cash Flows
16. Chapter 5: Receivables And Sales
17. Part A: Recognizing Accounts Receivable And Revenue
18. Part B: Estimating Uncollectible Accounts
19. Part C: Notes Receivable And Interest
20. Chapter 6: Inventory And Cost Of Goods Sold
21. Part A: Reporting Inventory And Cost Of Goods Sold
22. Part B: Recording Inventory Transactions
23. Part C: Lower Of Cost And Net Realizable Value
24. Chapter 7: Long-Term Assets
Part A: Asset Acquisitions
25. Part B: Depreciation And Amortization
26. Part C: Asset Disposal: Sale, Retirement, Or Exchange
27. Chapter 8: Current Liabilities
28. Part A: Current Liabilities
29. Part B: Contingencies
30. Chapter 9: Long-Term Liabilities
31. Part A: Installment Notes And Leases
32. Part B: Bonds Issued At Face Amount
33. Chapter 10: Stockholders’ Equity
,34. Part A: Invested Capital
35. Part B: Earned Capital
36. Part C: Reporting Stockholders’ Equity
37. Chapter 11: Statement Of Cash Flows
38. Part A: Classification Of Cash Flow Activities
39. Part B: Preparing The Statement Of Cash Flows
40. Chapter 12: Financial Statement Analysis
41. Part B: Using Ratios To Assess Risk And Profitability
42. Part C: Earnings Persistence And Earnings Quality
, Test Bank For
Financial Accounting 6th Edition By David Spiceland, Wayne Thomas, Don
Herrmann
chapter 1 a framework for financial accounting
1) accounting is a system of maintaining records of a company's operations and
communicating that information to decision makers.
ans:true difficulty:
1 easy
topic: defining accounting
learning objective: 01-01 describe the two primary functions of financial
accounting. bloom's:remember
aacsb: reflective thinking
aicpa: bb critical thinking
2) accounting information is used by investors to decide whether to invest in a company's
stock.
ans:true difficulty:
1 easy
topic: defining accounting
learning objective: 01-01 describe the two primary functions of financial
accounting. bloom's:remember
aacsb: reflective thinking
aicpa: bb critical thinking
3) accounting information is used by creditors to decide whether to invest in a company's
stock.
ans: false
explanation: creditors lend money to a
company. difficulty: 1 easy
topic: defining accounting
learning objective: 01-01 describe the two primary functions of financial
accounting. bloom's:remember
aacsb: reflective thinking
aicpa: bb critical thinking
4) the primary functions of financial accounting are to measure business activities of a
company and to communicate those measurements to internal parties for decision-
making purposes.
ans false
explanation: financial accounting primarily serves to provide information to external
parties. difficulty: 2 medium
topic: defining accounting
learning objective: 01-01 describe the two primary functions of financial accounting.
bloom's: understand aacsb:
