Test bank for financial accounting fundamentals 8th edition by john wild.

TESTBANK
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FinancialAccountingFundamentals,8thEdition
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ByJohnWild,Chapter1-13
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,Chapter1:AccountinginBusiness
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Chapter2:AccountingforBusinessTransactions Chapter3:AdjustingAccountsfor
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FinancialStatements Chapter4:AccountingforMerchandisingOperations Chapter5:
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InventoriesandCostofSales
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Chapter6:Cash,Fraud,andInternalControl Chapter7:Accountingfor
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Receivables Chapter8:AccountingforLong-TermAssets Chapter9:
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AccountingforCurrentLiabilities
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Chapter10:AccountingforLong-TermLiabilities Chapter11:CorporateReporting
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andAnalysis Chapter12:ReportingCashFlows
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Chapter13:AnalysisofFinancialStatements
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, Answers are attheEnd of Each Chapter
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Chapter1:AccountinginBusiness
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TRUE/FALSE-Write'T'ifthestatementistrueand'F'ifthestatementisfalse.
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1) Accountingisaninformationandmeasurementsystemthatidentifies,records,
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andcommunicatesanorganization'sbusinessactivities.
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2) Accountingincludestheanalysisandinterpretationofinformation.
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3) Financialaccountingfocusesontheneedsofexternalusers,whogetaccounting
informationfrom general-purpose financial statements.
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4) Internalusersofaccountinginformationdonotdirectlymanagetheorganizationand
havelimitedaccesstoitsaccountinginformation.
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5) Auditorsverifytheeffectivenessofinternalcontrols.
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6) Externalauditorsexaminefinancialstatementstoverifythattheyarepreparedaccording
togenerallyacceptedaccountingprinciples.
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7) Externalusersincludelenders,shareholders,customers,andregulators.
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, 8) Internalusersincludelenders,shareholders,brokersandnonexecutiveemployees.
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9) Opportunitiesinaccountingincludeauditing,consulting,marketresearch,andtaxplanning.
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10) Thefraudtriangleshows thatthreefactorsthatpusha persontocommitfraud
areopportunity,pressure,andrationalization.
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11) Internalcontrolsareprocedurestoprotectassets,ensurereliableaccounting,
promoteefficiency,andupholdcompanypolicies.
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12) Apartnershipisabusinessownedbytwoormorepeople.
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13) Ownersofacorporationarecalledshareholdersorstockholders.
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⊚ false
14) Inapartnership,theownersarecalledstockholders.
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⊚ false
15) Thebalancesheetshowsacompany'snetincome orlossoveraperiodoftime.
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16) TheFinancialAccountingStandardsBoard(FASB)isgiventhetaskofsettinggenerally
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acceptedaccountingprinciples(GAAP)fromtheSecuritiesandExchangeCommission.
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