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

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ST BANK f




FinancialAccounting,6thEdition
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Chapters1–12Complete f f f f




ByDavidSpiceland,WayneThomasandDonHerrmann
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TABLE OF CONTENTS f f




Chapter 1: A Framework for Financial Accounting Chapter 2: The
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f Accounting Cycle: During the Period Chapter 3: The AccountingCycle:
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f End of the Period Chapter4: Cashand InternalControls
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Chapter 5: Receivables and Sales
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Chapter 6:Inventory and Cost of Goods Sold Chapter7:Long-Term
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Assets
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Chapter 8: Current Liabilities Chapter 9: f f f f




f Long-TermLiabilities Chapter10: f f f




Stockholders’ Equity Chapter 11: Statement
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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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fcommunicating that information to decision makers. f f f f




Answer: TRUE f




Difficulty: 1 Easy
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Topic: Defining Accounting f




Learning Objective: 01-01 Describe the two primary functions of financial
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faccounting.Bloom's: Remember
AACSB: Reflective Thinking
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fAICPA: BB Critical f




fThinking

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




Difficulty: 1 Easy
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Topic: Defining Accounting f




Learning Objective: 01-01 Describe the two primary functions of financial
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faccounting.Bloom's: Remember
AACSB: Reflective Thinking
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fAICPA: BB Critical f




fThinking

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 f f f f f




fcompany. Difficulty: 1 Easy f f f




Topic: Defining Accounting f




Learning Objective: 01-01 Describe the two primary functions of financial
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faccounting.Bloom's: Remember
AACSB: Reflective Thinking
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fAICPA: BB Critical f




fThinking

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

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




Topic: Defining Accounting f




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




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