TEST BANK FOR FINANCIAL ACCOUNTING, 6TH EDITION BY DAVID SPICELAND, WAYNE THOMAS, VERIFIED CHAPTERS 1 - 12, COMPLETE NEWEST VERSION

TEST BANK FOR FINANCIAL
ACCOUNTING, 6TH EDITION BY DAVID
SPICELAND, WAYNE THOMAS, VERIFIED
CHAPTERS 1 - 12, COMPLETE NEWEST
VERSION

,TABLE OF CONTENTS

1. Chapter 1: A Framework for Financial Accounting
2. Part A: Accounting as a Measurement/Communication Process
3. Part B: Financial Accounting Information
4. Part C: Careers in Accounting
5. Chapter 2: The Accounting Cycle: During the Period
6. Part A: Measuring Business Activities
7. Part B: Debits and Credits
8. Chapter 3: The Accounting Cycle: End of the Period
9. Part A: The Measurement Process
10. Part B: The Reporting Process: Financial Statements
11. Part C: The Closing Process
12. Chapter 4: Cash and Internal Controls
13. Part A: Internal Controls
14. Part B: Cash
15. Part C: Statement of Cash Flows
16. Chapter 5: Receivables and Sales
17. Part A: Recognizing Accounts Receivable and Revenue
18. Part B: Estimating Uncollectible Accounts
19. Part C: Notes Receivable and Interest
20. Chapter 6: Inventory and Cost of Goods Sold
21. Part A: Reporting Inventory and Cost of Goods Sold
22. Part B: Recording Inventory Transactions
23. Part C: Lower of Cost and Net Realizable Value
24. Chapter 7: Long-Term Assets
25. Part A: Asset Acquisitions
26. Part B: Depreciation and Amortization
27. Part C: Asset Disposal: Sale, Retirement, or Exchange
28. Chapter 8: Current Liabilities
29. Part A: Current Liabilities
30. Part B: Contingencies
31. Chapter 9: Long-Term Liabilities
32. Part A: Installment Notes and Leases
33. Part B: Bonds Issued at Face Amount
34. Chapter 10: Stockholders’ Equity
35. Part A: Invested Capital
36. Part B: Earned Capital
37. Part C: Reporting Stockholders’ Equity
38. Chapter 11: Statement of Cash Flows
39. Part A: Classification of Cash Flow Activities

,40. Part B: Preparing the Statement of Cash Flows
41. Chapter 12: Financial Statement Analysis
42. Part B: Using Ratios to Assess Risk and Profitability
43. Part C: Earnings Persistence and Earnings Quality

, Test Bank For
Financial Accounting 6th Edition By David Spiceland, Wayne Thomas, Don Herrmann

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.

ANS: 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.

ANS: 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.

ANS: 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.

ANS: 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.