Test Bank – Financial Accounting for Managers, 1st Edition – Wayne Thomas, David Spiceland, & Mark Nelson – ISBN 9781260786521 (Full Chapters 1–12 Covered)

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Financial Accounting for
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Managers, 1st Edition
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TEST BANK
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Wayne Thomas, David Spiceland, Mark Nelson
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Comprehensive Test Bank for Instructors
and Students
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9781260786521
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© Wayne Thomas, David Spiceland & Mark Nelson. All
rights reserved. Reproduction or distribution without
permission is prohibited.
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© MEDGEEK

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TABLE OF CONTENTS

Test Bank – Financial Accounting for Managers (1st Edition)
Authors: Wayne Thomas, David Spiceland, and Mark Nelson
ISBN: 9781260786521
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PART I: THE ACCOUNTING CYCLE
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Chapter 1: A Framework for Financial Accounting
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Chapter 2: The Accounting Cycle: During the Period
Chapter 3: The Accounting Cycle: End of the Period

PART II: ASSETS AND INTERNAL CONTROLS
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Chapter 4: Cash and Internal Controls
Chapter 5: Receivables and Sales
Chapter 6: Inventory and Cost of Goods Sold
Chapter 7: Long-Term Assets
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PART III: LIABILITIES AND STOCKHOLDERS' EQUITY

Chapter 8: Current Liabilities
Chapter 9: Long-Term Liabilities
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Chapter 10: Stockholders’ Equity

PART IV: ANALYSIS AND REPORTING
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Chapter 11: Statement of Cash Flows
Chapter 12: Financial Statement Analysis
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FULL TEST BANK FOR
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Financial Accounting for Managers 1st Edition By Wayne Thomas and David
Spiceland and Mark Nelson
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Answers are at the end of each chapter

Chapter 1 Version 1
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Student name:__________
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
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1) Accounting is a system of maintaining records of a company's operations and
communicating that information to decision makers.
⊚ true
⊚ false
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2) Accounting information is used by investors to decide whether to invest in a company's
stock.
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⊚ true
⊚ false
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3) Accounting information is used by creditors to decide whether to invest in a company's
stock.
⊚ true
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⊚ false


4) The primary functions of financial accounting are to measure business activities of a
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company and to communicate those measurements to internal parties for decision-making
purposes.
⊚ true
⊚ false
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5) Financing activities include transactions the company has with investors and creditors.
⊚ true
⊚ false
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6) Investing activities include transactions involving the purchase and sale of resources that
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are expected to benefit the company for several years.
⊚ true
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⊚ false



7) Operating activities include transactions that relate to the primary operations of the
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company, such as providing products and services to customers and the associated costs.
⊚ true
⊚ false
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8) A corporation is an entity that is legally separate from its owners.
⊚ true
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⊚ false


9) Cash, inventory for sale to customers, supplies, and buildings are examples of liabilities.
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⊚ true
⊚ false
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10) Amounts owed to suppliers, employees, the government in the form of taxes, and utility
companies are examples of liabilities.
⊚ true
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⊚ false



11) If total assets of a company equal $12,000 and total stockholders' equity equals $4,000,
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then total liabilities equal $8,000.
⊚ true
⊚ false
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