?
A?
VI
TU
_S
ED
OV
PR
AP
,AP
PR TABLE OF CONTENTS
Test Bank: Financial Accounting Information for Decisions, 11th Edition
By John Wild
CHAPTER 1 Introducing Financial Statements
CHAPTER 2
OV Financial Statements and the Accounting System
CHAPTER 3 Adjusting Accounts for Financial Statements
CHAPTER 4 Reporting and Analyzing Merchandising Operations
CHAPTER 5 Reporting and Analyzing Inventories
ED
CHAPTER 6 Reporting and Analyzing Cash, Fraud, and Internal Control
CHAPTER 7 Reporting and Analyzing Receivables
CHAPTER 8
_S
Reporting and Analyzing Long Term Assets
CHAPTER 9 Reporting and Analyzing Current Liabilities
CHAPTER 10 Reporting and Analyzing Long Term Liabilities
TU
CHAPTER 11 Reporting and Analyzing Equity
CHAPTER 12 Reporting and Analyzing Cash Flows
CHAPTER 13 Analyzing and Interpreting Financial Statements
VI
A?
?
,AP
Student name:
FILL IN THE BLANK. Write the word or phrase that best completes each statement or
answers the question.
PR is an information and measurement system that identifies, records and
communicates an organization’s business activities.
A
OV
is a business that is owned by only one person who has unlimited liability.
users of accounting information do not directly run an organization and have limited
access to its accounting information.
ED
is the area of accounting that focuses on the needs of external users by providing
them with general-purpose financial statements._S
are procedures to protect assets, ensure reliable accounting, promote efficiency, and
uphold company policies. TU
are beliefs that separate right from wrong and are considered accepted standards of
good and bad behavior.
VI
The assumption that requires that a business be accounted for separately from other business
entities and its owner(s) is the assumption. A?
The assumption assumes that a business will continue operating instead of being
closed or sold.
The
?
assumption states that transactions and events are expressed in monetary, or
money, units.
The principle that requires that accounting information be based on actual cost is the
.
A disadvantage of a sole proprietorship is the fact that the owner has for business
debts and actions.
Version 1 1
, AP
There are three sections of the statement of cash flows activities involve the long-
term borrowing and repaying of cash from lenders.
PR
There are three sections of the statement of cash flows activities involve buying and
selling assets such as land and equipment that are held for long-term use.
OV
There are three sections of the statement of cash flows activities include payments
for salaries, insurance, and rent.
ED
Financial accounting is governed by concepts and rules known as .
are the increases in equity from a company’s sales of products and services to
customers.
_S
A common characteristic of is the expectation that they will yield future benefits.
TU
Creditors’ claims on assets that reflect company obligations to provide assets, products, or
services to others are called .
The owner’s claim on assets, also known as net assets, is called
VI .
The accounting equation is .
A?
The term refers to a liability that promises a future outflow of resources. ?
Using the accounting equation, equity is equal to .
, is the recording of transactions and events.
is net income divided by average total assets.
Return on assets is divided by average total assets.
Version 1 2
A?
VI
TU
_S
ED
OV
PR
AP
,AP
PR TABLE OF CONTENTS
Test Bank: Financial Accounting Information for Decisions, 11th Edition
By John Wild
CHAPTER 1 Introducing Financial Statements
CHAPTER 2
OV Financial Statements and the Accounting System
CHAPTER 3 Adjusting Accounts for Financial Statements
CHAPTER 4 Reporting and Analyzing Merchandising Operations
CHAPTER 5 Reporting and Analyzing Inventories
ED
CHAPTER 6 Reporting and Analyzing Cash, Fraud, and Internal Control
CHAPTER 7 Reporting and Analyzing Receivables
CHAPTER 8
_S
Reporting and Analyzing Long Term Assets
CHAPTER 9 Reporting and Analyzing Current Liabilities
CHAPTER 10 Reporting and Analyzing Long Term Liabilities
TU
CHAPTER 11 Reporting and Analyzing Equity
CHAPTER 12 Reporting and Analyzing Cash Flows
CHAPTER 13 Analyzing and Interpreting Financial Statements
VI
A?
?
,AP
Student name:
FILL IN THE BLANK. Write the word or phrase that best completes each statement or
answers the question.
PR is an information and measurement system that identifies, records and
communicates an organization’s business activities.
A
OV
is a business that is owned by only one person who has unlimited liability.
users of accounting information do not directly run an organization and have limited
access to its accounting information.
ED
is the area of accounting that focuses on the needs of external users by providing
them with general-purpose financial statements._S
are procedures to protect assets, ensure reliable accounting, promote efficiency, and
uphold company policies. TU
are beliefs that separate right from wrong and are considered accepted standards of
good and bad behavior.
VI
The assumption that requires that a business be accounted for separately from other business
entities and its owner(s) is the assumption. A?
The assumption assumes that a business will continue operating instead of being
closed or sold.
The
?
assumption states that transactions and events are expressed in monetary, or
money, units.
The principle that requires that accounting information be based on actual cost is the
.
A disadvantage of a sole proprietorship is the fact that the owner has for business
debts and actions.
Version 1 1
, AP
There are three sections of the statement of cash flows activities involve the long-
term borrowing and repaying of cash from lenders.
PR
There are three sections of the statement of cash flows activities involve buying and
selling assets such as land and equipment that are held for long-term use.
OV
There are three sections of the statement of cash flows activities include payments
for salaries, insurance, and rent.
ED
Financial accounting is governed by concepts and rules known as .
are the increases in equity from a company’s sales of products and services to
customers.
_S
A common characteristic of is the expectation that they will yield future benefits.
TU
Creditors’ claims on assets that reflect company obligations to provide assets, products, or
services to others are called .
The owner’s claim on assets, also known as net assets, is called
VI .
The accounting equation is .
A?
The term refers to a liability that promises a future outflow of resources. ?
Using the accounting equation, equity is equal to .
, is the recording of transactions and events.
is net income divided by average total assets.
Return on assets is divided by average total assets.
Version 1 2
