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

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

,TABLE OF CONTENTS R R R




Chapter 1: A Framework for Financial Accounting
R R R R R R




Chapter 2: The Accounting Cycle: During the Period
R R R R R R R




Chapter 3: The Accounting Cycle: End of the Period
R R R R R R R R




Chapter 4: Cash and Internal Controls
R R R R R




Chapter 5: Receivables and Sales
R R R R




Chapter 6: Inventory and Cost of Goods Sold
R R R R R R R




Chapter 7: Long-Term Assets
R R R




Chapter 8: Current Liabilities
R R R




Chapter 9: Long-Term Liabilities
R R R




Chapter 10: Stockholders’ Equity
R R R




Chapter 11: Statement of Cash Flows
R R R R R




Chapter 12: Financial Statement Analysis
R R R R

,ChapterR1R ARFrameworkRforRFinancialRAccounting

1) AccountingRisRaRsystemRofRmaintainingRrecordsRofRaRcompany'sRoperationsRandRcommunicatingRthatRi
nformationRtoRdecisionRmakers.

Answer:RTRUERDi
fficulty:R1REasy
Topic:R DefiningRAccounting
LearningRObjective:R 01-
01RDescribeRtheRtwoRprimaryRfunctionsRofRfinancialRaccounting.RBloom's:RRemember
AACSB:RReflectiveRThinkingRAI
CPA:R BBRCriticalRThinking

2) AccountingRinformationRisRusedRbyRinvestorsRtoRdecideRwhetherRtoRinvestRinRaRcompany'sRstock.

Answer:RTRUERDi
fficulty:R1REasy
Topic:R DefiningRAccounting
LearningRObjective:R 01-
01RDescribeRtheRtwoRprimaryRfunctionsRofRfinancialRaccounting.RBloom's:RRemember
AACSB:RReflectiveRThinkingRAI
CPA:R BBRCriticalRThinking

3) AccountingRinformationRisRusedRbyRcreditorsRtoRdecideRwhetherRtoRinvestRinRaRcompany'sRstock.

Answer:R FALSE
Explanation:RCreditorsRlendRmoneyRtoRaRcompany.RDiffi
culty:R1REasy
Topic:R DefiningRAccounting
LearningRObjective:R 01-
01RDescribeRtheRtwoRprimaryRfunctionsRofRfinancialRaccounting.RBloom's:RRemember
AACSB:RReflectiveRThinkingRAI
CPA:R BBRCriticalRThinking

4) TheRprimaryRfunctionsRofRfinancialRaccountingRareRtoRmeasureRbusinessRactivitiesRofRaRcompanyRandRt
oRcommunicateRthoseRmeasurementsRtoRinternalRpartiesRforRdecision-makingRpurposes.

Answer:R FALSE
Explanation:RFinancialRaccountingRprimarilyRservesRtoRprovideRinformationRtoRexternalRparties.RDifficul
ty:R2RMedium
Topic:R DefiningRAccounting
LearningRObjective:R 01-
01RDescribeRtheRtwoRprimaryRfunctionsRofRfinancialRaccounting.RBloom's:RUnderstand
AACSB:RReflectiveRThinkingRAI
CPA:R BBRCriticalRThinking

, 5) FinancingRactivitiesRareRtransactionsRinvolvingRexternalRsourcesRofRfunding.

Answer:RTRUERDi
fficulty:R1REasy
Topic:R MeasuringRBusinessRActivities
LearningRObjective:R 01-02RUnderstandRtheRbusinessRactivitiesRthatRfinancialRaccountingRmeasures.
Bloom's:R RememberRAACSB:R
ReflectiveRThinkingRAICPA:R F
NRMeasurement

6) InvestingRactivitiesRincludeRtheRpurchaseRandRsaleRofRlong-termRresources.

Answer:RTRUERDi
fficulty:R1REasy
Topic:R MeasuringRBusinessRActivities
LearningRObjective:R 01-02RUnderstandRtheRbusinessRactivitiesRthatRfinancialRaccountingRmeasures.
Bloom's:R RememberRAACSB:R
ReflectiveRThinkingRAICPA:R F
NRMeasurement

7) OperatingRactivitiesRincludeRtransactionsRthatRrelateRtoRtheRprimaryRoperationsRofRtheRcompany.

Answer:RTRUERDi
fficulty:R1REasy
Topic:R MeasuringRBusinessRActivities
LearningRObjective:R 01-02RUnderstandRtheRbusinessRactivitiesRthatRfinancialRaccountingRmeasures.
Bloom's:R RememberRAACSB:R
ReflectiveRThinkingRAICPA:R F
NRMeasurement

8) ARcorporationRisRanRentityRthatRisRlegallyRseparateRfromRitsRowners.

Answer:RTRUERDi
fficulty:R1REasy
Topic:R MeasuringRBusinessRActivities
LearningRObjective:R 01-02RUnderstandRtheRbusinessRactivitiesRthatRfinancialRaccountingRmeasures.
Bloom's:RRRRememberRAACSB:R
ReflectiveRThinkingRAICPA:R BB
RCriticalRThinking