Test Bank
Horngren's Financial & Managerial Accounting, The Financial
Chapters
Author: Tracie Miller-Nobles
7th Edition
,Table of Contents
Chapter F:1 Accounting And The Business Environment
Chapter F:2 Recording Business Transactions
Chapter F:3 The Adjusting Process
Chapter F:4 Completing The Accounting Cycle
Chapter F:5 Merchandising Operations
Chapter F:6 Merchandise Inventory
Chapter F:7 Internal Control And Cash
Chapter F:8 Receivables
Chapter F:9 Plant Assets, Natural Resources, And Intangibles
Chapter F:10 Investments
Chapter F:11 Current Liabilities And Payroll
Chapter F:12 Long-Term Liabilities
Chapter F:13 Stockholders' Equity
Chapter F:14 The Statement Of Cash Flows
Chapter F:15 Financial Statement Analysis
,Test Bank For
Horngren's Financial & Managerial Accounting, 7th Edition Nobles
Chapter 1-15 With Appendix B
Chapter F:1 Accounting And The Business Environment
Learning Objective F:1-1
1) Accounting Is The Information System That Measures Business Activities, Processes The Information
Into Reports, And Communicates The Results To Decision Makers.
Correct Answer: TRUE
Diff: 1
LO: F:1-1
AACSB: Application Of Knowledge
AICPA Functional: Measurement
PE Question Type: Concept
H2: Why Is Accounting Important? (H1)
2) Critical Thinking And Judgment Skills Are Not Necessary For Accountants Because Technology Has
Made The Activities Routine.
Correct Answer: FALSE
Explanation: Technology Plays An Important Supporting Role In Performing Routine Accounting
Functions. This Allows Accountants To Have More Time To Focus On Reviewing And Evaluating
Economic Activities Using Critical Thinking And Judgment.
Diff: 1
LO: F:1-1
AACSB: Application Of Knowledge
AICPA Functional: Measurement
PE Question Type: Concept
H2: Why Is Accounting Important? (H1)
, 3) Accounting Starts With Economic Activities That Accountants Review And Evaluate Using Critical
Thinking And Judgment To Create Useful Information That Helps Individuals Make Good Decisions.
Correct Answer: TRUE
Diff: 1
LO: F:1-1
AACSB: Application Of Knowledge
AICPA Functional: Measurement
PE Question Type: Concept
H2: Why Is Accounting Important? (H1)
4) Accounting Is Referred To As The Language Of Business Because It Is The Method Of Communicating
Business Information To Decision Makers.
Correct Answer: TRUE
Diff: 1
LO: F:1-1
AACSB: Application Of Knowledge
AICPA Functional: Measurement
PE Question Type: Concept
H2: Why Is Accounting Important? (H1)
5) A Model Called The Was Created
To Help Students And The Public Understand What Accounting Is.
A) Decision Making Model
B) Business Model
C) Pathways Vision Model
D) Cost Model
Horngren's Financial & Managerial Accounting, The Financial
Chapters
Author: Tracie Miller-Nobles
7th Edition
,Table of Contents
Chapter F:1 Accounting And The Business Environment
Chapter F:2 Recording Business Transactions
Chapter F:3 The Adjusting Process
Chapter F:4 Completing The Accounting Cycle
Chapter F:5 Merchandising Operations
Chapter F:6 Merchandise Inventory
Chapter F:7 Internal Control And Cash
Chapter F:8 Receivables
Chapter F:9 Plant Assets, Natural Resources, And Intangibles
Chapter F:10 Investments
Chapter F:11 Current Liabilities And Payroll
Chapter F:12 Long-Term Liabilities
Chapter F:13 Stockholders' Equity
Chapter F:14 The Statement Of Cash Flows
Chapter F:15 Financial Statement Analysis
,Test Bank For
Horngren's Financial & Managerial Accounting, 7th Edition Nobles
Chapter 1-15 With Appendix B
Chapter F:1 Accounting And The Business Environment
Learning Objective F:1-1
1) Accounting Is The Information System That Measures Business Activities, Processes The Information
Into Reports, And Communicates The Results To Decision Makers.
Correct Answer: TRUE
Diff: 1
LO: F:1-1
AACSB: Application Of Knowledge
AICPA Functional: Measurement
PE Question Type: Concept
H2: Why Is Accounting Important? (H1)
2) Critical Thinking And Judgment Skills Are Not Necessary For Accountants Because Technology Has
Made The Activities Routine.
Correct Answer: FALSE
Explanation: Technology Plays An Important Supporting Role In Performing Routine Accounting
Functions. This Allows Accountants To Have More Time To Focus On Reviewing And Evaluating
Economic Activities Using Critical Thinking And Judgment.
Diff: 1
LO: F:1-1
AACSB: Application Of Knowledge
AICPA Functional: Measurement
PE Question Type: Concept
H2: Why Is Accounting Important? (H1)
, 3) Accounting Starts With Economic Activities That Accountants Review And Evaluate Using Critical
Thinking And Judgment To Create Useful Information That Helps Individuals Make Good Decisions.
Correct Answer: TRUE
Diff: 1
LO: F:1-1
AACSB: Application Of Knowledge
AICPA Functional: Measurement
PE Question Type: Concept
H2: Why Is Accounting Important? (H1)
4) Accounting Is Referred To As The Language Of Business Because It Is The Method Of Communicating
Business Information To Decision Makers.
Correct Answer: TRUE
Diff: 1
LO: F:1-1
AACSB: Application Of Knowledge
AICPA Functional: Measurement
PE Question Type: Concept
H2: Why Is Accounting Important? (H1)
5) A Model Called The Was Created
To Help Students And The Public Understand What Accounting Is.
A) Decision Making Model
B) Business Model
C) Pathways Vision Model
D) Cost Model
