test bank for Financial Accounting, 13th Edition by Thomas & Tietz.all 12 chapters complete

TEST BANK for Financial Accounting
a a a a




13th Edition
a




by C William Thomas and Wendy M. Tietz
a a a a a a a




Verified Chapter's 1 - 12 | Complete
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,TABLE OF CONTENTS a a a




1. The Financial Statements
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2. Transaction Analysis
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3. Accrual Accounting and Income
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4. Internal Control and Cash
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5. Receivables and Revenue
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6. Inventory and Cost of Goods Sold
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7. Plant Assets, Natural Resources, and Intangibles
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8. Current and Contingent Liabilities
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9. Long-Term Liabilities
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10. Stockholders' Equity
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11. The Statement of Cash Flows
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12. Financial Statement Analysis
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,1. The Financial Statements
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FullaTestaBankaforaFinancialaAccountinga13thaEditionaC.aWilliamaThomas,aWendyaMaTietz

FinancialaAccounting,a13ea(Thomas/Tietz)
Chaptera1 TheaFinancialaStatements

LearningaObjectivea1-1

1) aAccountingaisaanainformationasystemathatameasuresabusinessaactivities
.aAnswer:a TRUE
Diff:a1
LO:a 1-1
AACSB:a ReflectiveaThinking
AICPAaBusaPersp:a Legal/Regulatorya
AICPAaFunctional:a Measurement

2) Bookkeepingaisaaamechanicalapartaofaaccounting.a
Answer:a TRUE
Diff:a1
LO:a 1-1
AACSB:a ReflectiveaThinking
AICPAaBusaPersp:a Legal/Regulatorya
AICPAaFunctional:a Measurement

3) Accountingaisaoftenacalledathealanguageaofabusiness.a
Answer:a TRUE
Diff:a1
LO:a 1-1
AACSB:a ReflectiveaThinking
AICPAaBusaPersp:a Legal/Regulatorya
AICPAaFunctional:a Measurement

4) Accountingaproducesafinancialastatements,awhichareportainformationaaboutaaabusiness.a
Answer:a TRUE
Diff:a1
LO:a 1-1
AACSB:a ReflectiveaThinking
AICPAaBusaPersp:a Legal/Regulatory
AICPAaFunctional:a Measurement,aReporting

5) Theaaccountingaprocessabeginsaandaendsawithapeopleamakingadecisions.a
Answer:a TRUE
Diff:a1
LO:a 1-1
AACSB:a ReflectiveaThinking
AICPAaBusaPersp:a Legal/Regulatorya
AICPAaFunctional:a Measurement

, 6) Accountingainformationaisausedabyainvestorsaandacreditors,abutanotabyaregulatoryabodies.a
Answer:a FALSE
Explanation:a Itaisausedabyaindividuals,ainvestors,acreditors,anonprofits,aandaregulatoryabodies.
Diff:a1
LO:a 1-1
AACSB:a ReflectiveaThinking
AICPAaBusaPersp:a IndustryaSector,aLegal/RegulatoryaAICP
AaFunctional:a Measurement,aReporting

7) SinceaHabitataforaHumanityaisanotaconcernedaaboutamakingaaaprofit,atheaentityadoesanotaneedatoausea
accountingainformation.
Answer:a FALSE
Diff:a1
LO:a 1-1
AACSB:a ReflectiveaThinking
AICPAaBusaPersp:a IndustryaSector,aLegal/RegulatoryaAICP
AaFunctional:a Measurement,aReporting

8) Theabusinessarecordsaofaaasoleaproprietorshipashouldaincludeatheaproprietor'sapersonalafinances.
aAnswer:a FALSE

Diff:a1
LO:a 1-1
AACSB:a ReflectiveaThinking
AICPAaBusaPersp:a Legal/Regulatorya
AICPAaFunctional:a Measurement

9) Aapartnershipaisaaataxpayingaentity.a
Answer:a FALSE
Diff:a1
LO:a 1-1
AACSB:a ReflectiveaThinking
AICPAaBusaPersp:a Legal/Regulatorya
AICPAaFunctional:a Measurement

10) Stockholdersahaveanoapersonalaobligationaforatheacorporation'sadebts.a
Answer:a TRUE
Diff:a1
LO:a 1-1
AACSB:a ReflectiveaThinking
AICPAaBusaPersp:a Legal/Regulatorya
AICPAaFunctional:a Measurement




11) Accounting:
A) measuresabusinessaactivities.
B) processesadataaintoareportsaandacommunicatesatheadataatoadecisionamakers.
C) isaoftenacalledathealanguageaofabusiness.
D) isaallaofatheaabove.a
Answer:a D
Diff:a2
LO:a 1-1