Test Bank for Financial Accounting Tools For Business Decision Making 10th Edition Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell

TEST BANK
p




Financial Accounting Fundamentals, 8th Edition
p p p p




ByJohnWild,Chapter1-13
p p p p p p

,Chapterp1:pAccountingpinpBusiness

Chapterp2:pAccountingpforpBusinesspTransactions p Chapterp3:pAdjustingpAccountspfor

FinancialpStatements p Chapterp4:pAccountingpforpMerchandisingpOperations p Chapter
p



5:pInventories pand pCost pof pSales
p



Chapter p6:pCash,pFraud, pandpInternal pControl p Chapterp7:pAccounting

forpReceivables p Chapterp8:pAccountingpforpLong-TermpAssets
p



p Chapterp9:pAccountingpforpCurrentpLiabilities

Chapterp10:pAccountingpforpLong-TermpLiabilities p Chapterp11:pCorporate

ReportingpandpAnalysis p Chapterp12:pReportingpCashpFlows
p




Chapterp13:pAnalysispofpFinancialpStatements

, Answers pare pat pthe pEnd pof pEach pChapter

Chapterp1:pAccountingpinpBusiness

Student pname: p
TRUE/FALSE p- pWrite p'T' pif pthe pstatement pis ptrue pand p'F' pif pthe pstatement pis pfalse.
1) Accounting pis pan pinformation pand pmeasurement psystem pthat pidentifies,
precords, p andcommunicates pan porganization's pbusiness pactivities.

⊚ p p p true

⊚ p p pfalse
2) Accounting pincludes pthe panalysis pand pinterpretation pof pinformation.
⊚ p p p true


⊚ p p pfalse
3) Financial paccounting pfocuses pon pthe pneeds pof pexternal pusers, pwho pget paccounting
informationfrom p general-purpose p financial p p statements.
⊚ p p p true


⊚ p p pfalse
4) Internal pusers pof paccounting pinformation pdo pnot pdirectly pmanage pthe porganization pand
havelimited paccess pto pits paccounting pinformation.
⊚ p p p true


⊚ p p pfalse
5) Auditors pverify pthe peffectiveness pof pinternal pcontrols.
⊚ p p p true


⊚ p p pfalse
6) External pauditors pexamine pfinancial pstatements pto pverify pthat pthey pare pprepared
paccording
togenerallypaccepted paccounting pprinciples.
⊚ p p p true


⊚ p p pfalse
7) External pusers pinclude plenders, pshareholders, pcustomers, pand pregulators.
⊚ p p p true


⊚ p p pfalse

, 8) Internal pusers pinclude plenders, pshareholders, pbrokers pand pnonexecutive pemployees.
⊚ p p p true


⊚ p p pfalse
9) Opportunities
pplanning. pin paccounting pinclude pauditing, pconsulting, pmarket presearch, pand ptax


⊚ p p p true


⊚ p p pfalse
10) The pfraud ptriangle pshows pthat pthree pfactors pthat ppush pa pperson pto pcommit pfraud
areopportunity, ppressure,pand prationalization.
⊚ p p p true


⊚ p p pfalse
11) Internal pcontrols pare pprocedures pto pprotect passets, pensure preliable paccounting,
promoteefficiency, pand puphold pcompany ppolicies.
⊚ p p p true


⊚ p p pfalse
12) A ppartnership pis pa pbusiness powned pby ptwo por pmore ppeople.
⊚ p p p true


⊚ p p pfalse
13) Owners pof pa pcorporation pare pcalled pshareholders por pstockholders.
⊚ p p p true


⊚ p p pfalse
14) In pa ppartnership, pthe powners pare pcalled pstockholders.
⊚ p p p true


⊚ p p pfalse
15) The pbalance psheet pshows pa pcompany's pnet pincome por ploss pover pa pperiod pof ptime.
⊚ p p p true


⊚ p p pfalse
16) The pFinancial pAccounting pStandards pBoard p(FASB) pis pgiven pthe ptask pof psetting pgenerally
accepted paccounting pprinciples p(GAAP) pfrom pthe pSecurities pand pExchange pCommission.
⊚pp
p true

⊚pp
p false