TEST BANK Financial Accounting, 6th Edition
| | | | | |
Chapters 1 – 12 Complete
| | | |
By David Spiceland, Wayne Thomas and Don Herrmann
| | | | | | |
,TABLE OF CONTENTS | | |
Chapter 1: A Framework for Financial Accounting
| | | | | |
Chapter 2: The Accounting Cycle: During the Period
| | | | | | |
Chapter 3: The Accounting Cycle: End of the Period
| | | | | | | |
Chapter 4: Cash and Internal Controls
| | | | |
Chapter 5: Receivables and Sales
| | | |
Chapter 6: Inventory and Cost of Goods Sold
| | | | | | |
Chapter 7: Long-Term Assets
| | |
Chapter 8: Current Liabilities
| | |
Chapter 9: Long-Term Liabilities
| | |
Chapter 10: Stockholders’ Equity
| | |
Chapter 11: Statement of Cash Flows
| | | | |
Chapter 12: Financial Statement Analysis
| | | |
,Chapter |1 | A |Framework |for |Financial |Accounting
1) Accounting |is |a |system |of |maintaining |records |of |a |company's |operations |and
|communicating| that |information |to |decision |makers.
Answer: |TRUE
|Difficulty: |1
|Easy
Topic: | Defining |Accounting
Learning |Objective: | 01-01 |Describe |the |two |primary |functions |of |financial |accounting.
|Bloom's: |Remember
AACSB: |Reflective |Thinking
|AICPA: | BB |Critical
|Thinking
2) Accounting |information |is |used |by |investors |to |decide |whether |to |invest |in |a |company's
|stock.
Answer: |TRUE
|Difficulty: |1
|Easy
Topic: | Defining |Accounting
Learning |Objective: | 01-01 |Describe |the |two |primary |functions |of |financial |accounting.
|Bloom's: |Remember
AACSB: |Reflective |Thinking
|AICPA: | BB |Critical
|Thinking
3) Accounting |information |is |used |by |creditors |to |decide |whether |to |invest |in |a |company's
|stock.
Answer: | FALSE
Explanation: |Creditors |lend |money |to |a |company.
|Difficulty: |1 |Easy
Topic: | Defining |Accounting
Learning |Objective: | 01-01 |Describe |the |two |primary |functions |of |financial |accounting.
|Bloom's: |Remember
AACSB: |Reflective |Thinking
|AICPA: | BB |Critical
|Thinking
4) The |primary |functions |of |financial |accounting |are |to |measure |business |activities |of |a
|company|and |to |communicate |those |measurements |to |internal |parties |for |decision-making
|purposes.
Answer: | FALSE
Explanation: |Financial |accounting |primarily |serves |to |provide |information |to |external
, | parties.|Difficulty: |2 |Medium
Topic: | Defining |Accounting
Learning |Objective: | 01-01 |Describe |the |two |primary |functions |of |financial |accounting.
|Bloom's: |Understand
AACSB: |Reflective |Thinking
|AICPA: | BB |Critical
|Thinking
| | | | | |
Chapters 1 – 12 Complete
| | | |
By David Spiceland, Wayne Thomas and Don Herrmann
| | | | | | |
,TABLE OF CONTENTS | | |
Chapter 1: A Framework for Financial Accounting
| | | | | |
Chapter 2: The Accounting Cycle: During the Period
| | | | | | |
Chapter 3: The Accounting Cycle: End of the Period
| | | | | | | |
Chapter 4: Cash and Internal Controls
| | | | |
Chapter 5: Receivables and Sales
| | | |
Chapter 6: Inventory and Cost of Goods Sold
| | | | | | |
Chapter 7: Long-Term Assets
| | |
Chapter 8: Current Liabilities
| | |
Chapter 9: Long-Term Liabilities
| | |
Chapter 10: Stockholders’ Equity
| | |
Chapter 11: Statement of Cash Flows
| | | | |
Chapter 12: Financial Statement Analysis
| | | |
,Chapter |1 | A |Framework |for |Financial |Accounting
1) Accounting |is |a |system |of |maintaining |records |of |a |company's |operations |and
|communicating| that |information |to |decision |makers.
Answer: |TRUE
|Difficulty: |1
|Easy
Topic: | Defining |Accounting
Learning |Objective: | 01-01 |Describe |the |two |primary |functions |of |financial |accounting.
|Bloom's: |Remember
AACSB: |Reflective |Thinking
|AICPA: | BB |Critical
|Thinking
2) Accounting |information |is |used |by |investors |to |decide |whether |to |invest |in |a |company's
|stock.
Answer: |TRUE
|Difficulty: |1
|Easy
Topic: | Defining |Accounting
Learning |Objective: | 01-01 |Describe |the |two |primary |functions |of |financial |accounting.
|Bloom's: |Remember
AACSB: |Reflective |Thinking
|AICPA: | BB |Critical
|Thinking
3) Accounting |information |is |used |by |creditors |to |decide |whether |to |invest |in |a |company's
|stock.
Answer: | FALSE
Explanation: |Creditors |lend |money |to |a |company.
|Difficulty: |1 |Easy
Topic: | Defining |Accounting
Learning |Objective: | 01-01 |Describe |the |two |primary |functions |of |financial |accounting.
|Bloom's: |Remember
AACSB: |Reflective |Thinking
|AICPA: | BB |Critical
|Thinking
4) The |primary |functions |of |financial |accounting |are |to |measure |business |activities |of |a
|company|and |to |communicate |those |measurements |to |internal |parties |for |decision-making
|purposes.
Answer: | FALSE
Explanation: |Financial |accounting |primarily |serves |to |provide |information |to |external
, | parties.|Difficulty: |2 |Medium
Topic: | Defining |Accounting
Learning |Objective: | 01-01 |Describe |the |two |primary |functions |of |financial |accounting.
|Bloom's: |Understand
AACSB: |Reflective |Thinking
|AICPA: | BB |Critical
|Thinking
