Test bank for financial accounting 13th edition c william thomas wendyvv – N/A COMPLETE CHAPTERS / CONTENT

TEST BANK for Financial Accounting
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13th Edition
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by C William Thomas and Wendy M. Tietz
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Verified Chapter's 1 - 12 | Complete
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,TABLE OF CONTENTS = = =




1. The Financial Statements
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2. Transaction Analysis
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3. Accrual Accounting and Income
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4. Internal Control and Cash
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5. Receivables and Revenue
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6. Inventory and Cost of Goods Sold
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7. Plant Assets, Natural Resources, and Intangibles
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8. Current and Contingent Liabilities
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9. Long-Term Liabilities
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10. Stockholders' Equity
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11. The Statement of Cash Flows
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12. Financial Statement Analysis
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,1. The Financial Statements
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Full=Test=Bank=for=Financial=Accounting=13th=Edition=C.=William=Thomas,=Wendy=M=Tietz

Financial=Accounting,=13e=(Thomas/Tietz)
Chapter=1 The=Financial=Statements

Learning=Objective=1-1

1) Accounting=is=an=information=system=that=measures=business=activities.=
Answer:= TRUE
Diff:=1
LO:= 1-1
AACSB:= Reflective=Thinking
AICPA=Bus=Persp:= Legal/Regulatory=
AICPA=Functional:= Measurement

2) Bookkeeping=is=a=mechanical=part=of=accounting.=
Answer:= TRUE
Diff:=1
LO:= 1-1
AACSB:= Reflective=Thinking
AICPA=Bus=Persp:= Legal/Regulatory=
AICPA=Functional:= Measurement

3) Accounting=is=often=called=the=language=of=business.=
Answer:= TRUE
Diff:=1
LO:= 1-1
AACSB:= Reflective=Thinking
AICPA=Bus=Persp:= Legal/Regulatory=
AICPA=Functional:= Measurement

4) Accounting=produces=financial=statements,=which=report=information=about=a=business.=
Answer:= TRUE
Diff:=1
LO:= 1-1
AACSB:= Reflective=Thinking
AICPA=Bus=Persp:= Legal/Regulatory
AICPA=Functional:= Measurement,=Reporting

5) The=accounting=process=begins=and=ends=with=people=making=decisions.=
Answer:= TRUE
Diff:=1
LO:= 1-1
AACSB:= Reflective=Thinking
AICPA=Bus=Persp:= Legal/Regulatory=
AICPA=Functional:= Measurement

, 6) Accounting=information=is=used=by=investors=and=creditors,=but=not=by=regulatory=bodies.=
Answer:= FALSE
Explanation:= It=is=used=by=individuals,=investors,=creditors,=nonprofits,=and=regulatory=bodies.
Diff:=1
LO:= 1-1
AACSB:= Reflective=Thinking
AICPA=Bus=Persp:= Industry=Sector,=Legal/Regulatory=AICP
A=Functional:= Measurement,=Reporting

7) Since=Habitat=for=Humanity=is=not=concerned=about=making=a=profit,=the=entity=does=not=need=to=use=
accounting=information.
Answer:= FALSE
Diff:=1
LO:= 1-1
AACSB:= Reflective=Thinking
AICPA=Bus=Persp:= Industry=Sector,=Legal/Regulatory=AICP
A=Functional:= Measurement,=Reporting

8) The=business=records=of=a=sole=proprietorship=should=include=the=proprietor's=personal=finances.
=Answer:= FALSE

Diff:=1
LO:= 1-1
AACSB:= Reflective=Thinking
AICPA=Bus=Persp:= Legal/Regulatory=
AICPA=Functional:= Measurement

9) A=partnership=is=a=taxpaying=entity.=
Answer:= FALSE
Diff:=1
LO:= 1-1
AACSB:= Reflective=Thinking
AICPA=Bus=Persp:= Legal/Regulatory=
AICPA=Functional:= Measurement

10) Stockholders=have=no=personal=obligation=for=the=corporation's=debts.=
Answer:= TRUE
Diff:=1
LO:= 1-1
AACSB:= Reflective=Thinking
AICPA=Bus=Persp:= Legal/Regulatory=
AICPA=Functional:= Measurement




11) Accounting:
A) measures=business=activities.
B) processes=data=into=reports=and=communicates=the=data=to=decision=makers.
C) is=often=called=the=language=of=business.
D) is=all=of=the=above.=
Answer:= D
Diff:=2
LO:= 1-1