Test Bank For Financial Accounting Information for Decisions 10th Edition By Wild | All Chapters Complete Latest Updated (VERIFIED)

Test Bank For Financial Accounting Information for Decisions 10th Edition By Wild | All Chapters Complete Latest Updated (VERIFIED) __________________ is an information and measurement system that identifies, records and communicates an organization’s business activities. 1) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Topic : Importance of Accounting Learning Objective : 01-C1 Explain the importance of accounting and identify its users. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 2) A ____________________ is a business that is owned by only one person and has unlimited liability. 2) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Legal Difficulty : 1 Easy Learning Objective : 01-C2 Describe the importance of ethics and GAAP. AICPA : FN Decision Making Topic : Generally Accepted Accounting Principles Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 3) ______________ users of accounting information do not directly run an organization and have limited access to its accounting information. 3) ______ Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 2 Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Topic : Users of Accounting Information Learning Objective : 01-C1 Explain the importance of accounting and identify its users. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 4) ______________ is the area of accounting that focuses on the needs of external users by providing them with general-purpose financial statements. 4) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Topic : Users of Accounting Information Learning Objective : 01-C1 Explain the importance of accounting and identify its users. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 5) ______________________ are procedures to protect assets, ensure reliable accounting, promote efficiency, and uphold company policies. 5) ______ Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 3 Question Details AACSB : Communication AACSB : Ethics Bloom's : Remember AICPA : BB Legal AICPA : FN Reporting Difficulty : 1 Easy Topic : Ethics Learning Objective : 01-C2 Describe the importance of ethics and GAAP. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 6) _________ are beliefs that separate right from wrong and are considered accepted standards of good and bad behavior. 6) ______ Question Details AACSB : Communication AACSB : Ethics Bloom's : Remember AICPA : BB Industry Difficulty : 1 Easy Topic : Ethics Learning Objective : 01-C2 Describe the importance of ethics and GAAP. AICPA : FN Decision Making Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 7) The assumption that requires that a business be accounted for separately from other business entities and its owner(s) is the __________________ assumption. 7) ______ Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 4 Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Learning Objective : 01-C2 Describe the importance of ethics and GAAP. Topic : Generally Accepted Accounting Principles Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 8) The ______________ assumption assumes that a business will continue operating instead of being closed or sold. 8) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry Difficulty : 1 Easy Learning Objective : 01-C2 Describe the importance of ethics and GAAP. AICPA : FN Measurement Topic : Generally Accepted Accounting Principles Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 9) The ________________ assumption states that transactions and events are expressed in monetary, or money, units. 9) ______ Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 5 Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry Difficulty : 1 Easy Learning Objective : 01-C2 Describe the importance of ethics and GAAP. AICPA : FN Measurement Topic : Generally Accepted Accounting Principles Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 10) The principle that requires that accounting information be based on actual cost is the ______________________________. 10) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry Difficulty : 1 Easy Learning Objective : 01-C2 Describe the importance of ethics and GAAP. AICPA : FN Measurement Topic : Generally Accepted Accounting Principles Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 11) A disadvantage of a sole proprietorship is the fact that the owner has ______________. 11) ______ EMAIL ME: Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 6 Question Details AACSB : Communication Bloom's : Remember AICPA : BB Legal Difficulty : 1 Easy Learning Objective : 01-C2 Describe the importance of ethics and GAAP. AICPA : FN Decision Making Topic : Generally Accepted Accounting Principles Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 12) There are three sections of the statement of cash flows. ________________ activities involve the long-term borrowing and repaying of cash from lenders. 12) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Learning Objective : 01-P2 Identify and prepare basic financial statements and explain how they inter Topic : Financial Statements Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 13) 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. 13) ______ Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 7 Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Learning Objective : 01-P2 Identify and prepare basic financial statements and explain how they inter Topic : Financial Statements Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 14) There are three sections of the statement of cash flows. ______________ activities include payments for salaries, insurance, and rent. 14) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Learning Objective : 01-P2 Identify and prepare basic financial statements and explain how they inter Topic : Financial Statements Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 15) Outflows of cash and other assets to owners that reduce equity are ____________. 15) ______ Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 8 Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Topic : The Accounting Equation Learning Objective : 01-A1 Define and interpret the accounting equation and each of its components. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 16) ____________ are the increases in equity from a company’s sales of products and services to customers. 16) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Topic : The Accounting Equation Learning Objective : 01-A1 Define and interpret the accounting equation and each of its components. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 17) A common characteristic of __________ is the expectation that they will yield future benefits. 17) ______ Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 9 Question Details AACSB : Communication AICPA : BB Industry AICPA : FN Reporting Bloom's : Understand Difficulty : 2 Medium Topic : The Accounting Equation Learning Objective : 01-A1 Define and interpret the accounting equation and each of its components. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 18) Creditors’ claims on assets that reflect company obligations to provide assets, products, or services to others are called ____________________. 18) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Topic : The Accounting Equation Learning Objective : 01-A1 Define and interpret the accounting equation and each of its components. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 19) The stockholders’ claim on assets, also known as net assets, is called __________________. 19) ______ Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 10 Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Topic : The Accounting Equation Learning Objective : 01-A1 Define and interpret the accounting equation and each of its components. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 20) The accounting equation is ______________________________. 20) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Topic : The Accounting Equation Learning Objective : 01-A1 Define and interpret the accounting equation and each of its components. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 21) The term ___________ refers to a liability that promises a future outflow of resources. 21) ______ Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 11 Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Topic : The Accounting Equation Learning Objective : 01-A1 Define and interpret the accounting equation and each of its components. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 22) Using the accounting equation, equity is equal to ________________________. 22) ______ Question Details AACSB : Communication AICPA : BB Industry AICPA : FN Reporting Bloom's : Understand Difficulty : 2 Medium Topic : The Accounting Equation Learning Objective : 01-A1 Define and interpret the accounting equation and each of its components. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 23) ______________________ is the recording of transactions and events. 23) ______ EMAIL ME: Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 12 Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Topic : Importance of Accounting Learning Objective : 01-C1 Explain the importance of accounting and identify its users. Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 24) _________________ is net income divided by average total assets. 24) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Learning Objective : 01-A2 Compute and interpret return on assets. Topic : Return on Assets Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 25) Return on assets is_________________ divided by average total assets. 25) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry Difficulty : 1 Easy Learning Objective : 01-A2 Compute and interpret return on assets. Topic : Return on Assets AICPA : FN Risk Analysis Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 13 26) ________________________________ reports changes in the stockholders’ claim on the business’s assets from net income or loss and dividends over a period of time. 26) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Learning Objective : 01-P2 Identify and prepare basic financial statements and explain how they inter Topic : Financial Statements Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 27) The ____________________ describes a company’s revenues and expenses along with the resulting net income or net loss over a period of time due to earnings activities. 27) ______ Question Details AACSB : Communication Bloom's : Remember AICPA : BB Industry AICPA : FN Reporting Difficulty : 1 Easy Learning Objective : 01-P2 Identify and prepare basic financial statements and explain how they inter Topic : Financial Statements Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 28) Explain the role of accounting in the information age. Financial Accounting Information for Decisions 10th Edition by Wild CH01 Version 1 14 Question Details AACSB : Communication AICPA : BB Industry AICPA : FN Reporting Topic : Importance of Accounting Learning Objective : 01-C1 Explain the importance of accounting and identify its users. Bloom's : Understand AACSB : Technology Difficulty : 2 Medium Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 29) What is the balance sheet? What is its purpose? Question Details AACSB : Communication AICPA : BB Industry AICPA : FN Reporting Bloom's : Understand Difficulty : 2 Medium Learning Objective : 01-P2 Identify and prepare basic financial statements and explain how they inter Topic : Financial Statements Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Type : Static 30) Identify the users and uses of accounting information. Financial Accounting Information for Decisions 10th Edition by Wild CH01