Test Bank For Financial Accounting Information for Decisions 10th Edition By Wild Complete All Chapters Updated (VERIFIED)

Test Bank For Financial Accounting Information for Decisions 10th Edition By Wild Complete All Chapters Updated (VERIFIED) A ____________________ is a business that is owned by only one person and has unlimited liability. 2) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Legal Difficulty : 1 Easy Learning Objective : 01-C2 Describe the importance of ethics and GAAP. AICPA : FN Decision Making Topic : Generally Accepted Accounting Principles Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 3) ______________ users of accounting information do not directly run an organization and have limited access to its accounting information. 3) ______ Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 2 Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Topic : Users of Accounting Information Learning Objective : 01-C1 Explain the importance of accounting and identify its users. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 4) ______________ is the area of accounting that focuses on the needs of external users by providing them with general-purpose financial statements. 4) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Topic : Users of Accounting Information Learning Objective : 01-C1 Explain the importance of accounting and identify its users. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 5) ______________________ are procedures to protect assets, ensure reliable accounting, promote efficiency, and uphold company policies. 5) ______ Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 3 Question Details AACSB : Communication AACSB : Ethics Bloom's : Remember AICPA : BB Legal AICPA : FN Reporting Difficulty : 1 Easy Topic : Ethics Learning Objective : 01-C2 Describe the importance of ethics and GAAP. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 6) _________ are beliefs that separate right from wrong and are considered accepted standards of good and bad behavior. 6) ______ Question Details AACSB : Communication AACSB : Ethics Bloom's : Remember AICPA : BB Industry Difficulty : 1 Easy Topic : Ethics Learning Objective : 01-C2 Describe the importance of ethics and GAAP. AICPA : FN Decision Making Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 7) The assumption that requires that a business be accounted for separately from other business entities and its owner(s) is the __________________ assumption. 7) ______ Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 4 Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Learning Objective : 01-C2 Describe the importance of ethics and GAAP. Topic : Generally Accepted Accounting Principles Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 8) The ______________ assumption assumes that a business will continue operating instead of being closed or sold. 8) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry Difficulty : 1 Easy Learning Objective : 01-C2 Describe the importance of ethics and GAAP. AICPA : FN Measurement Topic : Generally Accepted Accounting Principles Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 9) The ________________ assumption states that transactions and events are expressed in monetary, or money, units.