Test Bank for Financial Accounting, 6th Edition – Spiceland, Thomas, & Herrmann

TEST BANK Financial Accounting, 6th Edition
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Chapters 1 – 12 Complete
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By David Spiceland, Wayne Thomas and Don Herrmann
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,TABLE OF CONTENTS C C C




Chapter 1: A Framework for Financial Accounting
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Chapter 2: The Accounting Cycle: During the Period
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Chapter 3: The Accounting Cycle: End of the Period
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Chapter 4: Cash and Internal Controls
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Chapter 5: Receivables and Sales
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Chapter 6: Inventory and Cost of Goods Sold
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Chapter 7: Long-Term Assets
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Chapter 8: Current Liabilities
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Chapter 9: Long-Term Liabilities
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Chapter 10: Stockholders’ Equity
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Chapter 11: Statement of Cash Flows
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Chapter 12: Financial Statement Analysis
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,ChapterC1C ACFrameworkCforCFinancialCAccounting

1) AccountingCisCaCsystemCofCmaintainingCrecordsCofCaCcompany'sCoperationsCandCcommunicati
ngCthatCinformationCtoCdecisionCmakers.

Answer:CTRUEC
Difficulty:C1CEasy
Topic:C DefiningCAccounting
LearningCObjective:C 01-
01CDescribeCtheCtwoCprimaryCfunctionsCofCfinancialCaccounting.CBloom's:CRemember
AACSB:CReflectiveCThinkingC
AICPA:C BBCCriticalCThinkin
g

2) AccountingCinformationCisCusedCbyCinvestorsCtoCdecideCwhetherCtoCinvestCinCaCcompany'sCstock.

Answer:CTRUEC
Difficulty:C1CEasy
Topic:C DefiningCAccounting
LearningCObjective:C 01-
01CDescribeCtheCtwoCprimaryCfunctionsCofCfinancialCaccounting.CBloom's:CRemember
AACSB:CReflectiveCThinkingC
AICPA:C BBCCriticalCThinkin
g

3) AccountingCinformationCisCusedCbyCcreditorsCtoCdecideCwhetherCtoCinvestCinCaCcompany'sCstock.

Answer:C FALSE
Explanation:CCreditorsClendCmoneyCtoCaCcompany.C
Difficulty:C1CEasy
Topic:C DefiningCAccounting
LearningCObjective:C 01-
01CDescribeCtheCtwoCprimaryCfunctionsCofCfinancialCaccounting.CBloom's:CRemember
AACSB:CReflectiveCThinkingC
AICPA:C BBCCriticalCThinkin
g

4) TheCprimaryCfunctionsCofCfinancialCaccountingCareCtoCmeasureCbusinessCactivitiesCofCaCcompa
nyCandCtoCcommunicateCthoseCmeasurementsCtoCinternalCpartiesCforCdecision-makingCpurposes.

Answer:C FALSE
Explanation:CFinancialCaccountingCprimarilyCservesCtoCprovideCinformationCtoCexternalCparties.C
Difficulty:C2CMedium
Topic:C DefiningCAccounting
LearningCObjective:C 01-
01CDescribeCtheCtwoCprimaryCfunctionsCofCfinancialCaccounting.CBloom's:CUnderstand
AACSB:CReflectiveCThinkingC

, AICPA:C BBCCriticalCThinkin
g