TEST BANK
b
Financial Accounting Fundamentals, 8th Edition
b b b b
ByJohnWild,Chapter1-13
b b b b b b
,Chapterb1:bAccountingbinbBusiness
Chapterb2:bAccountingbforbBusinessbTransactions b Chapterb3:bAdjustingbAccountsbfor
FinancialbStatements b Chapterb4:bAccountingbforbMerchandisingbOperations b Chapter
b
5:bInventories band bCost bof bSales
b
Chapter b6:bCash,bFraud, bandbInternal bControl b Chapterb7:bAccounting
forbReceivables b Chapterb8:bAccountingbforbLong-TermbAssets
b
b Chapterb9:bAccountingbforbCurrentbLiabilities
Chapterb10:bAccountingbforbLong-TermbLiabilities b Chapterb11:bCorporate
ReportingbandbAnalysis b Chapterb12:bReportingbCashbFlows
b
Chapterb13:bAnalysisbofbFinancialbStatements
, Answers bare bat bthe bEnd bof bEach bChapter
Chapterb1:bAccountingbinbBusiness
Student bname: b
TRUE/FALSE b- bWrite b'T' bif bthe bstatement bis btrue band b'F' bif bthe bstatement bis bfalse.
1) Accounting bis ban binformation band bmeasurement bsystem bthat bidentifies,
brecords, b andcommunicates ban borganization's bbusiness bactivities.
⊚ b b b true
⊚ b b bfalse
2) Accounting bincludes bthe banalysis band binterpretation bof binformation.
⊚ b b b true
⊚ b b bfalse
3) Financial baccounting bfocuses bon bthe bneeds bof bexternal busers, bwho bget baccounting
informationfrom b general-purpose b financial b b statements.
⊚ b b b true
⊚ b b bfalse
4) Internal busers bof baccounting binformation bdo bnot bdirectly bmanage bthe borganization band
havelimited baccess bto bits baccounting binformation.
⊚ b b b true
⊚ b b bfalse
5) Auditors bverify bthe beffectiveness bof binternal bcontrols.
⊚ b b b true
⊚ b b bfalse
6) External bauditors bexamine bfinancial bstatements bto bverify bthat bthey bare bprepared
baccording
togenerallybaccepted baccounting bprinciples.
⊚ b b b true
⊚ b b bfalse
7) External busers binclude blenders, bshareholders, bcustomers, band bregulators.
⊚ b b b true
⊚ b b bfalse
, 8) Internal busers binclude blenders, bshareholders, bbrokers band bnonexecutive bemployees.
⊚ b b b true
⊚ b b bfalse
9) Opportunities
bplanning. bin baccounting binclude bauditing, bconsulting, bmarket bresearch, band btax
⊚ b b b true
⊚ b b bfalse
10) The bfraud btriangle bshows bthat bthree bfactors bthat bpush ba bperson bto bcommit bfraud
areopportunity, bpressure,band brationalization.
⊚ b b b true
⊚ b b bfalse
11) Internal bcontrols bare bprocedures bto bprotect bassets, bensure breliable baccounting,
promoteefficiency, band buphold bcompany bpolicies.
⊚ b b b true
⊚ b b bfalse
12) A bpartnership bis ba bbusiness bowned bby btwo bor bmore bpeople.
⊚ b b b true
⊚ b b bfalse
13) Owners bof ba bcorporation bare bcalled bshareholders bor bstockholders.
⊚ b b b true
⊚ b b bfalse
14) In ba bpartnership, bthe bowners bare bcalled bstockholders.
⊚ b b b true
⊚ b b bfalse
15) The bbalance bsheet bshows ba bcompany's bnet bincome bor bloss bover ba bperiod bof btime.
⊚ b b b true
⊚ b b bfalse
16) The bFinancial bAccounting bStandards bBoard b(FASB) bis bgiven bthe btask bof bsetting bgenerally
accepted baccounting bprinciples b(GAAP) bfrom bthe bSecurities band bExchange bCommission.
⊚bb
b true
⊚bb
b false
b
Financial Accounting Fundamentals, 8th Edition
b b b b
ByJohnWild,Chapter1-13
b b b b b b
,Chapterb1:bAccountingbinbBusiness
Chapterb2:bAccountingbforbBusinessbTransactions b Chapterb3:bAdjustingbAccountsbfor
FinancialbStatements b Chapterb4:bAccountingbforbMerchandisingbOperations b Chapter
b
5:bInventories band bCost bof bSales
b
Chapter b6:bCash,bFraud, bandbInternal bControl b Chapterb7:bAccounting
forbReceivables b Chapterb8:bAccountingbforbLong-TermbAssets
b
b Chapterb9:bAccountingbforbCurrentbLiabilities
Chapterb10:bAccountingbforbLong-TermbLiabilities b Chapterb11:bCorporate
ReportingbandbAnalysis b Chapterb12:bReportingbCashbFlows
b
Chapterb13:bAnalysisbofbFinancialbStatements
, Answers bare bat bthe bEnd bof bEach bChapter
Chapterb1:bAccountingbinbBusiness
Student bname: b
TRUE/FALSE b- bWrite b'T' bif bthe bstatement bis btrue band b'F' bif bthe bstatement bis bfalse.
1) Accounting bis ban binformation band bmeasurement bsystem bthat bidentifies,
brecords, b andcommunicates ban borganization's bbusiness bactivities.
⊚ b b b true
⊚ b b bfalse
2) Accounting bincludes bthe banalysis band binterpretation bof binformation.
⊚ b b b true
⊚ b b bfalse
3) Financial baccounting bfocuses bon bthe bneeds bof bexternal busers, bwho bget baccounting
informationfrom b general-purpose b financial b b statements.
⊚ b b b true
⊚ b b bfalse
4) Internal busers bof baccounting binformation bdo bnot bdirectly bmanage bthe borganization band
havelimited baccess bto bits baccounting binformation.
⊚ b b b true
⊚ b b bfalse
5) Auditors bverify bthe beffectiveness bof binternal bcontrols.
⊚ b b b true
⊚ b b bfalse
6) External bauditors bexamine bfinancial bstatements bto bverify bthat bthey bare bprepared
baccording
togenerallybaccepted baccounting bprinciples.
⊚ b b b true
⊚ b b bfalse
7) External busers binclude blenders, bshareholders, bcustomers, band bregulators.
⊚ b b b true
⊚ b b bfalse
, 8) Internal busers binclude blenders, bshareholders, bbrokers band bnonexecutive bemployees.
⊚ b b b true
⊚ b b bfalse
9) Opportunities
bplanning. bin baccounting binclude bauditing, bconsulting, bmarket bresearch, band btax
⊚ b b b true
⊚ b b bfalse
10) The bfraud btriangle bshows bthat bthree bfactors bthat bpush ba bperson bto bcommit bfraud
areopportunity, bpressure,band brationalization.
⊚ b b b true
⊚ b b bfalse
11) Internal bcontrols bare bprocedures bto bprotect bassets, bensure breliable baccounting,
promoteefficiency, band buphold bcompany bpolicies.
⊚ b b b true
⊚ b b bfalse
12) A bpartnership bis ba bbusiness bowned bby btwo bor bmore bpeople.
⊚ b b b true
⊚ b b bfalse
13) Owners bof ba bcorporation bare bcalled bshareholders bor bstockholders.
⊚ b b b true
⊚ b b bfalse
14) In ba bpartnership, bthe bowners bare bcalled bstockholders.
⊚ b b b true
⊚ b b bfalse
15) The bbalance bsheet bshows ba bcompany's bnet bincome bor bloss bover ba bperiod bof btime.
⊚ b b b true
⊚ b b bfalse
16) The bFinancial bAccounting bStandards bBoard b(FASB) bis bgiven bthe btask bof bsetting bgenerally
accepted baccounting bprinciples b(GAAP) bfrom bthe bSecurities band bExchange bCommission.
⊚bb
b true
⊚bb
b false
