Test Bank for Fundamentals of Financial Accounting, 8th Edition by Fred Phillips.pdf

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m m m m m m m m m

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Financial Accounting Fundamentals 8th Edition by Wild
m m m m m m



CH01
TRUE/FALSE m-mWritem'T'mif mthemstatementmismtruemandm'F'mif mthemstatementmismfalse.
1) Accountingmismanminformationmand mmeasurement msystemmthat midentifies,mrecords,ma
nd mcommunicatesmanmorganization'smbusinessmactivities.
1) m

⊚ true
⊚ false



2) Accountingmincludesmthemanalysismand minterpretationmof minformation
. 2) m


⊚ true
⊚ false



3) Financialmaccountingmfocusesmonmthemneedsmof mexternalmusers,mwhomget maccounti
ngminformationmfrommgeneral-purposemfinancialmstatements.
3) m

⊚ true
⊚ false



4) Internalmusersmof maccountingminformationmdomnotmdirectlymmanagemthemorganizationma
nd mhavemlimited maccessmtomitsmaccountingminformation.
4) m

⊚ true
⊚ false



5) Auditorsmverifymthemeffectivenessmof minternalmcontrols
. 5) m


⊚ true
⊚ false



6) Externalmauditorsmexaminemfinancialmstatementsmtomverifymthat mtheymaremprepared maccordi
ngmtomgenerallymaccepted maccountingmprinciples.
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,DOWNLOAD THE Test Bank for Financial Accounting Fundamentals 8th Editi
m m m m m m m m m

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Financial Accounting Fundamentals 8th Edition by Wild
m m m m m m



CH01
6) m

⊚ true
⊚ false



7) Externalmusersmincludemlenders,mshareholders,mcustomers,mand mregulators
. 7) m


⊚ true
⊚ false



8) Internalmusersmincludemlenders,mshareholders,mbrokersmand mnonexecutivememployees.
8) m

⊚ true
⊚ false



9) Opportunitiesminmaccountingmincludemauditing,mconsulting,mmarket mresearch,mand mta
xmplanning.
9) m

⊚ true
⊚ false



10) Themfraud mtrianglemshowsmthat mthreemfactorsmthat mpushmampersonmtomcommit mfraud m
aremopportunity,mpressure,mand mrationalization.
10) m

⊚ true
⊚ false



11) Internalmcontrolsmaremproceduresmtomprotect massets,mensuremreliablemaccounting,mpromo
temefficiency,mand muphold mcompanympolicies.
11) m

⊚ true
⊚ false

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,DOWNLOAD THE Test Bank for Financial Accounting Fundamentals 8th Editi
m m m m m m m m m

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Financial Accounting Fundamentals 8th Edition by Wild
m m m m m m



CH01

12) A mpartnershipmismambusinessmowned mbymtwomormmorempeople.
12) m

⊚ true
⊚ false



13) Ownersmof mamcorporationmaremcalled mshareholdersmormstockholder
s. 13) m


⊚ true
⊚ false



14) Inmampartnership,mthemownersmaremcalled mstockholders. 14) m


⊚ true
⊚ false



15) Thembalancemsheet mshowsmamcompany'smnet mincomemormlossmoverm amperiod mof mtime.

15) m

⊚ true
⊚ false



16) ThemFinancialmAccountingmStandardsmBoard m(FASB)mismgivenmthemtaskmof msettingmgeneral
lymaccepted maccountingmprinciplesm(GAAP)mfrommthemSecuritiesmand mExchangemCommission.
16) m

⊚ true
⊚ false



17) Thembusinessmentitymassumptionmmeansmthat maccountingminformationmpresumesmthat mt
hembusinessmwillmcontinuemoperatingminstead mof mbeingmclosed mormsold.
17) m

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, DOWNLOAD THE Test Bank for Financial Accounting Fundamentals 8th Editi
m m m m m m m m m

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Financial Accounting Fundamentals 8th Edition by Wild
m m m m m m



CH01
⊚ true
⊚ false



18) GAAPmwantsminformationmtomhavemrelevancemand mfaithfulmrepresentatio
n.
18) m


⊚ true
⊚ false



19) Thembusinessmentitymassumptionmmeansmthat mambusinessmismaccounted mformseparatelymfro
mmothermbusinessmentitiesmand mitsmowner(s).

19) m

⊚ true
⊚ false



20) Revenuesmshould mnot mbemrecognized minmthemaccountingmrecordsmwhenmearned,mbut mrath
ermwhenmcashmismreceived.

20) m

⊚ true
⊚ false



21) Specificmaccountingmprinciplesmarembasicmassumptions,mconcepts,mand mguidelinesmf
ormpreparingmfinancialmstatementsmand marisemout mof mlong-used maccountingmpractice.
21) m

⊚ true
⊚ false



22) A msolemproprietorshipmismambusinessmwithmmultiplemowner
s. 22) m




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