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TU S
Financial Accounting
VI U
13th Edition
T
A_V
TEST BANK
MIA
E_DA
C. William Thomas, Wendy M. Tietz
CPO
Comprehensive Test Bank for Instructors
PNR
and Students
||| ||| || ||| || | || ||| | || ||| |
NOO
9780136899037
VIESS
© C. William Thomas & Wendy M. Tietz. All rights
reserved. Reproduction or distribution without
DE?U
permission is prohibited.
R?
© MEDGEEK
,TU S
TABLE OF CONTENTS
Test Bank – Financial Accounting (13th Edition)
Authors: C. William Thomas and Wendy M. Tietz
ISBN: 9780136899037
VI U
PART I: THE ACCOUNTING CYCLE
T
Chapter 1: The Financial Statements
A_V
Chapter 2: Transaction Analysis
Chapter 3: Accrual Accounting and Income
PART II: ASSETS AND INTERNAL CONTROLS
MIA
Chapter 4: Internal Control and Cash
Chapter 5: Receivables and Revenue
Chapter 6: Inventory and Cost of Goods Sold
Chapter 7: Plant Assets, Natural Resources, and Intangibles
E_DA
PART III: LIABILITIES AND STOCKHOLDERS' EQUITY
Chapter 8: Current and Contingent Liabilities
Chapter 9: Long-Term Liabilities
CPO
Chapter 10: Stockholders' Equity
PART IV: ANALYSIS AND REPORTING
PNR
Chapter 11: The Statement of Cash Flows
Chapter 12: Financial Statement Analysis
NOO
VIESS
DE?U
R?
,TU S
Full Test Bank for Financial Accounting 13th Edition C. William Thomas, Wendy M Tietz
Financial Accounting, 13e (Thomas/Tietz)
Chapter 1 The Financial Statements
VI U
Learning Objective 1-1
T
1) Accounting is an information system that measures business activities.
A_V
Answer: TRUE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
MIA
2) Bookkeeping is a mechanical part of accounting.
Answer: TRUE
Diff: 1
E_DA
LO: 1-1
AACSB: Reflective Thinking
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
3) Accounting is often called the language of business.
CPO
Answer: TRUE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
PNR
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
4) Accounting produces financial statements, which report information about a business.
Answer: TRUE
NOO
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
AICPA Bus Persp: Legal/Regulatory
VIESS
AICPA Functional: Measurement, Reporting
5) The accounting process begins and ends with people making decisions.
Answer: TRUE
Diff: 1
LO: 1-1
DE?U
AACSB: Reflective Thinking
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
R?
1
Copyright © 2022 Pearson Education, Inc.
,TU S
6) Accounting information is used by investors and creditors, but not by regulatory bodies.
Answer: FALSE
Explanation: It is used by individuals, investors, creditors, nonprofits, and regulatory bodies.
Diff: 1
LO: 1-1
VI U
AACSB: Reflective Thinking
AICPA Bus Persp: Industry Sector, Legal/Regulatory
AICPA Functional: Measurement, Reporting
T
7) Since Habitat for Humanity is not concerned about making a profit, the entity does not need to use
A_V
accounting information.
Answer: FALSE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
MIA
AICPA Bus Persp: Industry Sector, Legal/Regulatory
AICPA Functional: Measurement, Reporting
8) The business records of a sole proprietorship should include the proprietor's personal finances.
E_DA
Answer: FALSE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
CPO
9) A partnership is a taxpaying entity.
Answer: FALSE
Diff: 1
LO: 1-1
PNR
AACSB: Reflective Thinking
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
NOO
10) Stockholders have no personal obligation for the corporation's debts.
Answer: TRUE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
VIESS
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
DE?U
11) Accounting:
A) measures business activities.
B) processes data into reports and communicates the data to decision makers.
C) is often called the language of business.
D) is all of the above.
Answer: D
Diff: 2
LO: 1-1
R?
2
Copyright © 2022 Pearson Education, Inc.
TU S
Financial Accounting
VI U
13th Edition
T
A_V
TEST BANK
MIA
E_DA
C. William Thomas, Wendy M. Tietz
CPO
Comprehensive Test Bank for Instructors
PNR
and Students
||| ||| || ||| || | || ||| | || ||| |
NOO
9780136899037
VIESS
© C. William Thomas & Wendy M. Tietz. All rights
reserved. Reproduction or distribution without
DE?U
permission is prohibited.
R?
© MEDGEEK
,TU S
TABLE OF CONTENTS
Test Bank – Financial Accounting (13th Edition)
Authors: C. William Thomas and Wendy M. Tietz
ISBN: 9780136899037
VI U
PART I: THE ACCOUNTING CYCLE
T
Chapter 1: The Financial Statements
A_V
Chapter 2: Transaction Analysis
Chapter 3: Accrual Accounting and Income
PART II: ASSETS AND INTERNAL CONTROLS
MIA
Chapter 4: Internal Control and Cash
Chapter 5: Receivables and Revenue
Chapter 6: Inventory and Cost of Goods Sold
Chapter 7: Plant Assets, Natural Resources, and Intangibles
E_DA
PART III: LIABILITIES AND STOCKHOLDERS' EQUITY
Chapter 8: Current and Contingent Liabilities
Chapter 9: Long-Term Liabilities
CPO
Chapter 10: Stockholders' Equity
PART IV: ANALYSIS AND REPORTING
PNR
Chapter 11: The Statement of Cash Flows
Chapter 12: Financial Statement Analysis
NOO
VIESS
DE?U
R?
,TU S
Full Test Bank for Financial Accounting 13th Edition C. William Thomas, Wendy M Tietz
Financial Accounting, 13e (Thomas/Tietz)
Chapter 1 The Financial Statements
VI U
Learning Objective 1-1
T
1) Accounting is an information system that measures business activities.
A_V
Answer: TRUE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
MIA
2) Bookkeeping is a mechanical part of accounting.
Answer: TRUE
Diff: 1
E_DA
LO: 1-1
AACSB: Reflective Thinking
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
3) Accounting is often called the language of business.
CPO
Answer: TRUE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
PNR
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
4) Accounting produces financial statements, which report information about a business.
Answer: TRUE
NOO
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
AICPA Bus Persp: Legal/Regulatory
VIESS
AICPA Functional: Measurement, Reporting
5) The accounting process begins and ends with people making decisions.
Answer: TRUE
Diff: 1
LO: 1-1
DE?U
AACSB: Reflective Thinking
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
R?
1
Copyright © 2022 Pearson Education, Inc.
,TU S
6) Accounting information is used by investors and creditors, but not by regulatory bodies.
Answer: FALSE
Explanation: It is used by individuals, investors, creditors, nonprofits, and regulatory bodies.
Diff: 1
LO: 1-1
VI U
AACSB: Reflective Thinking
AICPA Bus Persp: Industry Sector, Legal/Regulatory
AICPA Functional: Measurement, Reporting
T
7) Since Habitat for Humanity is not concerned about making a profit, the entity does not need to use
A_V
accounting information.
Answer: FALSE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
MIA
AICPA Bus Persp: Industry Sector, Legal/Regulatory
AICPA Functional: Measurement, Reporting
8) The business records of a sole proprietorship should include the proprietor's personal finances.
E_DA
Answer: FALSE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
CPO
9) A partnership is a taxpaying entity.
Answer: FALSE
Diff: 1
LO: 1-1
PNR
AACSB: Reflective Thinking
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
NOO
10) Stockholders have no personal obligation for the corporation's debts.
Answer: TRUE
Diff: 1
LO: 1-1
AACSB: Reflective Thinking
VIESS
AICPA Bus Persp: Legal/Regulatory
AICPA Functional: Measurement
DE?U
11) Accounting:
A) measures business activities.
B) processes data into reports and communicates the data to decision makers.
C) is often called the language of business.
D) is all of the above.
Answer: D
Diff: 2
LO: 1-1
R?
2
Copyright © 2022 Pearson Education, Inc.
