Test Bank for Fundamental accounting principles 24th edition by John J wild and Shaw Chapters 1-26 Covered

, Test Bank
Fundamental accounting principles
24th edition by John J wild and Shaw
Chapters 1-26 Covered




Chapter 1: Accounting in Business
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Chapter 2: Analyzing and Recording Transactions
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Chapter 3: Adjusting Accounts for Financial Statements
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Chapter 4: Completing the Accounting Cycle
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Chapter 5: Accounting forMerchandising Operations
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Chapter 6: Inventories andCost of Sales
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Chapter 7: Accounting Information Systems
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Chapter 8: Cash, Fraud, and Internal Control
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Chapter 9: Accounting forReceivables
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Chapter 10: Plant Assets, Natural Resources, and Intangibles
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Chapter 11: Current Liabilities and Payroll Accounting
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Chapter 12: Accounting for Partnerships
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Chapter 13: Accounting for Corporations
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Chapter 14: Long-Term Liabilities
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Chapter 15: Investments
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,Chapter 16: Reporting the Statement of Cash Flows
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Chapter 17: Analysis of Financial Statements
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Chapter 18: Managerial Accounting Concepts and Principles
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Chapter 19: Job Order Costing
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Chapter 20: Process Costing
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Chapter 21: Cost Behavior and Cost-Volume-Profit Analysis
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Chapter 22: Master Budgets and Planning
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Chapter 23: Flexible Budgets and Standard Costs
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Chapter 24: Performance Measurement and ResponsibilityAccounting
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Chapter 25: Relevant Costs for Managerial Decisions
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Chapter 26: Capital Budgeting and Investment Analysis
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, FundamentalAccountingPrinciples,24e(Wild) Chapte k k k k k




r 1 Accounting in Business
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1) Accountingisaninformation andmeasurementsystemthatidentifies, records,and co
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mmunicates an organization's business activities. k k k k




Answer: TRUE Difficu k k




lty:1Easy k k




Topic: Importance ofAccounting k k k




LearningObjective: 01- k k




C1Explainthepurposeandimportanceofaccounting. Bloom's: Remember
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AACSB/Accessibility: Communication/KeyboardNavigation AICPA: B k k k k k k




B Critical Thinking; FN Decision Making
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2) Recordkeeping, orbookkeeping,istherecordingoftransactions andevents,eithermanually or ele k k k k k k k k k k k k k




ctronically. This is just one part of accounting. k k k k k k k




Answer: TRUE Difficu k k




lty:1Easy k k




Topic: Importance ofAccounting k k k




LearningObjective: 01- k k




C1Explainthepurposeandimportanceofaccounting. Bloom's: Remember
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AACSB/Accessibility: Communication/KeyboardNavigation AICPA: B k k k k k k




B Critical Thinking; FN Decision Making
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3) Anaccountingsystemcapturesrelevantdataabouttransactionsandthenclassifies,records, an
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d reports data.
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Answer: TRUE Difficu k k




lty:1Easy k k




Topic: Importance ofAccounting k k k




LearningObjective: 01- k k




C1Explainthepurposeandimportanceofaccounting. Bloom's: Remember
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AACSB/Accessibility: Communication/KeyboardNavigation AICPA: B k k k k k k




B Critical Thinking; FN Decision Making
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4) Financialaccountingistheareaofaccountingaimedatservingexternalusersbyproviding them
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with general-purpose financial statements.
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