,Financial Accounting, 5e (Spiceland)
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.
Answer: 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.
Answer: 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.
Answer: 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.
Answer: 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: Reflective Thinking
AICPA: BB Critical Thinking
1
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,5) Financing activities are transactions involving external sources of funding.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Measurement
6) Investing activities include the purchase and sale of long-term resources.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Measurement
7) Operating activities include transactions that relate to the primary operations of the company.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Measurement
8) A corporation is an entity that is legally separate from its owners.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
2
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,9) Cash, inventory for sale to customers, supplies, and buildings are examples of liabilities.
Answer: FALSE
Explanation: These are examples of assets.
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Measurement
10) Amounts owed to suppliers, employees, the government in the form of taxes, and utility
companies are examples of liabilities.
Answer: TRUE
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Measurement
11) If total assets of a company equal $12,000 and total stockholders' equity equals $4,000, then
total liabilities equal $8,000.
Answer: TRUE
Difficulty: 3 Hard
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Apply
AACSB: Knowledge Application
AICPA: FN Measurement
3
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,12) If total liabilities of a company equal $16,000 and total stockholders' equity equals $9,000,
then total assets equal $7,000.
Answer: FALSE
Explanation: Total assets = Total liabilities ($16,000) + Total stockholders' equity ($9,000) =
$25,000.
Difficulty: 3 Hard
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Apply
AACSB: Knowledge Application
AICPA: FN Measurement
13) The accounting equation shows that a company's resources equal creditors' and owners'
claims to those resources.
Answer: TRUE
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Measurement
14) The costs related to rent, utilities, and salaries in the current reporting period are examples of
liabilities.
Answer: FALSE
Explanation: These are examples of expenses.
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Measurement
4
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,15) The difference between revenues and expenses is referred to as net income or net loss.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Measurement
16) If a company reports revenues of $17,000 and expenses of $12,000, then net income equals
$5,000.
Answer: TRUE
Difficulty: 3 Hard
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Apply
AACSB: Knowledge Application
AICPA: FN Measurement
17) Expenses include a company's costs of providing products and services to customers, as well
as cash payments to its stockholders.
Answer: FALSE
Explanation: Expenses include costs of providing products and services. Cash payments to
stockholders are called dividends.
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
18) Dividends represent a return of the company's profits to its owners, the stockholders.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
5
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,19) One of the differences between a partnership and a corporation is that owners of a
partnership have limited liability.
Answer: FALSE
Explanation: Stockholders of a corporation have limited liability.
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
20) Limited liability means the stockholders are not held personally responsible for the financial
obligations of the corporation.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
21) A company's resources include assets and stockholders' equity.
Answer: FALSE
Explanation: Assets are resources of a company. Stockholders' equity represents stockholders'
claims to those resources.
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
6
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,22) Double taxation refers to a corporation's income being taxed twice—first when the company
pays corporate income taxes on income it earns, and then again when stockholders pay personal
income taxes when the company distributes that income as dividends to them.
Answer: TRUE
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
23) Financial statements are periodic reports published by the company for the purpose of
providing information to managers.
Answer: FALSE
Explanation: Financial statements are designed to provide information to external users.
Difficulty: 1 Easy
Topic: Financial Statements - Income Statement
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Reporting
24) The balance sheet is a financial statement that reports the company's revenues and expenses
over an interval of time.
Answer: FALSE
Explanation: The income statement reports revenues and expenses.
Difficulty: 1 Easy
Topic: Financial Statements - Balance Sheet
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Reporting
7
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,25) The statement of stockholders' equity is a financial statement that summarizes the changes in
stockholders' equity over an interval of time.
Answer: TRUE
Difficulty: 1 Easy
Topic: Financial Statements - Statement of Stockholders' Equity
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Reporting
26) The two primary components of stockholders' equity include common stock and revenue.
Answer: FALSE
Explanation: The two components of stockholders' equity include common stock and retained
earnings.
Difficulty: 2 Medium
Topic: Financial Statements - Statement of Stockholders' Equity
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Measurement
27) Common stock represents an external source of stockholders' equity, whereas retained
earnings represents an internal source.
Answer: TRUE
Difficulty: 2 Medium
Topic: Financial Statements - Statement of Stockholders' Equity
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Reporting
8
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
, 28) Retained earnings represents the cumulative amount of net income, over the life of the
company, which has not been distributed to stockholders as dividends.
Answer: TRUE
Difficulty: 2 Medium
Topic: Financial Statements - Statement of Stockholders' Equity
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Reporting
29) Dividends are considered an expense in running the business and reported in the income
statement.
Answer: FALSE
Explanation: Dividends are a distribution of resources to owners and not considered a cost in
running the business to produce revenues. Dividends are reported in the statement of
stockholders' equity.
Difficulty: 2 Medium
Topic: Financial Statements - Statement of Stockholders' Equity
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Reporting
30) All cash transactions reported in the statement of cash flows are classified as (1) operating
activities, (2) investing activities, or (3) financing activities.
Answer: TRUE
Difficulty: 2 Medium
Topic: Financial Statements - Statement of Cash Flows
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Reporting
9
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
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.
Answer: 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.
Answer: 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.
Answer: 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.
Answer: 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: Reflective Thinking
AICPA: BB Critical Thinking
1
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,5) Financing activities are transactions involving external sources of funding.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Measurement
6) Investing activities include the purchase and sale of long-term resources.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Measurement
7) Operating activities include transactions that relate to the primary operations of the company.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Measurement
8) A corporation is an entity that is legally separate from its owners.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
2
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,9) Cash, inventory for sale to customers, supplies, and buildings are examples of liabilities.
Answer: FALSE
Explanation: These are examples of assets.
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Measurement
10) Amounts owed to suppliers, employees, the government in the form of taxes, and utility
companies are examples of liabilities.
Answer: TRUE
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Measurement
11) If total assets of a company equal $12,000 and total stockholders' equity equals $4,000, then
total liabilities equal $8,000.
Answer: TRUE
Difficulty: 3 Hard
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Apply
AACSB: Knowledge Application
AICPA: FN Measurement
3
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,12) If total liabilities of a company equal $16,000 and total stockholders' equity equals $9,000,
then total assets equal $7,000.
Answer: FALSE
Explanation: Total assets = Total liabilities ($16,000) + Total stockholders' equity ($9,000) =
$25,000.
Difficulty: 3 Hard
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Apply
AACSB: Knowledge Application
AICPA: FN Measurement
13) The accounting equation shows that a company's resources equal creditors' and owners'
claims to those resources.
Answer: TRUE
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Measurement
14) The costs related to rent, utilities, and salaries in the current reporting period are examples of
liabilities.
Answer: FALSE
Explanation: These are examples of expenses.
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Measurement
4
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,15) The difference between revenues and expenses is referred to as net income or net loss.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Measurement
16) If a company reports revenues of $17,000 and expenses of $12,000, then net income equals
$5,000.
Answer: TRUE
Difficulty: 3 Hard
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Apply
AACSB: Knowledge Application
AICPA: FN Measurement
17) Expenses include a company's costs of providing products and services to customers, as well
as cash payments to its stockholders.
Answer: FALSE
Explanation: Expenses include costs of providing products and services. Cash payments to
stockholders are called dividends.
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
18) Dividends represent a return of the company's profits to its owners, the stockholders.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
5
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,19) One of the differences between a partnership and a corporation is that owners of a
partnership have limited liability.
Answer: FALSE
Explanation: Stockholders of a corporation have limited liability.
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
20) Limited liability means the stockholders are not held personally responsible for the financial
obligations of the corporation.
Answer: TRUE
Difficulty: 1 Easy
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
21) A company's resources include assets and stockholders' equity.
Answer: FALSE
Explanation: Assets are resources of a company. Stockholders' equity represents stockholders'
claims to those resources.
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
6
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,22) Double taxation refers to a corporation's income being taxed twice—first when the company
pays corporate income taxes on income it earns, and then again when stockholders pay personal
income taxes when the company distributes that income as dividends to them.
Answer: TRUE
Difficulty: 2 Medium
Topic: Measuring Business Activities
Learning Objective: 01-02 Understand the business activities that financial accounting
measures.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking
23) Financial statements are periodic reports published by the company for the purpose of
providing information to managers.
Answer: FALSE
Explanation: Financial statements are designed to provide information to external users.
Difficulty: 1 Easy
Topic: Financial Statements - Income Statement
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Reporting
24) The balance sheet is a financial statement that reports the company's revenues and expenses
over an interval of time.
Answer: FALSE
Explanation: The income statement reports revenues and expenses.
Difficulty: 1 Easy
Topic: Financial Statements - Balance Sheet
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Reporting
7
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
,25) The statement of stockholders' equity is a financial statement that summarizes the changes in
stockholders' equity over an interval of time.
Answer: TRUE
Difficulty: 1 Easy
Topic: Financial Statements - Statement of Stockholders' Equity
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: FN Reporting
26) The two primary components of stockholders' equity include common stock and revenue.
Answer: FALSE
Explanation: The two components of stockholders' equity include common stock and retained
earnings.
Difficulty: 2 Medium
Topic: Financial Statements - Statement of Stockholders' Equity
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Measurement
27) Common stock represents an external source of stockholders' equity, whereas retained
earnings represents an internal source.
Answer: TRUE
Difficulty: 2 Medium
Topic: Financial Statements - Statement of Stockholders' Equity
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Reporting
8
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
, 28) Retained earnings represents the cumulative amount of net income, over the life of the
company, which has not been distributed to stockholders as dividends.
Answer: TRUE
Difficulty: 2 Medium
Topic: Financial Statements - Statement of Stockholders' Equity
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Reporting
29) Dividends are considered an expense in running the business and reported in the income
statement.
Answer: FALSE
Explanation: Dividends are a distribution of resources to owners and not considered a cost in
running the business to produce revenues. Dividends are reported in the statement of
stockholders' equity.
Difficulty: 2 Medium
Topic: Financial Statements - Statement of Stockholders' Equity
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Reporting
30) All cash transactions reported in the statement of cash flows are classified as (1) operating
activities, (2) investing activities, or (3) financing activities.
Answer: TRUE
Difficulty: 2 Medium
Topic: Financial Statements - Statement of Cash Flows
Learning Objective: 01-03 Determine how financial accounting information is communicated
through financial statements.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: FN Reporting
9
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.
