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

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TEST BANK
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FinancialAccounting,6thEdition
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Chapters1–12Complete V V V V




ByDavidSpiceland,WayneThomasandDonHerrmann
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TABLE OF CONTENTS V V




Chapter 1: A Framework for Financial Accounting Chapter 2: The
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V Accounting Cycle:Duringthe Period Chapter 3: The AccountingCycle:
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V End of thePeriod Chapter4: Cashand InternalControls
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Chapter 5: Receivables and Sales
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Chapter6:Inventoryand Costof GoodsSold Chapter7:Long-Term
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Assets
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Chapter 8: Current Liabilities Chapter 9:
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V Long-TermLiabilities Chapter10: V V V




V Stockholders’ Equity Chapter 11: Statement V V V V




V of Cash Flows
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Chapter 12: Financial Statement Analysis
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Chapter 1 A Framework for Financial Accounting
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1) Accounting is a system of maintaining records of a company's operations and
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Vcommunicating that information to decision makers. V V V V




Answer: TRUE V




Difficulty: 1 Easy
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Topic: Defining Accounting V




Learning Objective: 01-01 Describe the two primary functions of financial
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Vaccounting.Bloom's: Remember
AACSB: Reflective Thinking
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VAICPA: BB Critical V




VThinking

2) Accounting information is used by investors to decide whether to invest in a company's stock.
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Answer: TRUE V




Difficulty: 1 Easy
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Topic: Defining Accounting V




Learning Objective: 01-01 Describe the two primary functions of financial
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Vaccounting.Bloom's: Remember
AACSB: Reflective Thinking
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VAICPA: BB Critical V




VThinking

3) Accounting information is used by creditors to decide whether to invest in a company's stock.
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Answer: FALSE
Explanation: Creditors lend money to a V V V V V




Vcompany. Difficulty: 1 Easy V V V




Topic: Defining Accounting V




Learning Objective: 01-01 Describe the two primary functions of financial
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Vaccounting.Bloom's: Remember
AACSB: Reflective Thinking
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VAICPA: BB Critical V




VThinking

4) The primary functions of financial accounting are to measure business activities of a
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Vcompany and to communicate those measurements to internal parties for decision-making
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Vpurposes.

Answer: FALSE
Explanation: Financial accounting primarily serves to provide information to external
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Vparties. Difficulty: 2 Medium V V




Topic: Defining Accounting V




Learning Objective: 01-01 Describe the two primary functions of financial
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Vaccounting.Bloom's: Understand
AACSB: Reflective Thinking
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AICPA: BB Critical
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Thinking




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