k RRRR
Accounting Tools for Business Decisions Making, 8e
Paul Kimmel, Jerry Weygandt, Jill Mitchell (Test
Bank All Chapters, 100% Original Verified, A
+ Grade)
,Accounting Tools for Business Decisions Making, 8e Paul Kimmel, Jerry
k k k k k k k k k
Weygandt, Jill Mitchell (Test Bank All Chapters, 100% Original Verified, A
k k k k k k k k k k k
+ Grade) k
CHAPTER 1 k
INTRODUCTION TO FINANCIAL STATEMENTS k k k
CHAPTER LEARNING OBJECTIVES k k
1. Identify the forms of business organization and the uses of accounting information. A
k k k k k k k k k k k k
sole proprietorship is a business owned by one person. A partnership is a business owned by
k k k k k k k k k k k k k k k k
two or more people associated as partners. A corporation is a separate legal entity for which
k k k k k k k k k k k k k k k k
evidence of ownership is provided by shares of stock. Internal users are managers who need
k k k k k k k k k k k k k k k
accounting information to plan, organize, and run business operations. The primary external
k k k k k k k k k k k k
users are investors and creditors. Investors (stockholders) use accounting information to
k k k k k k k k k k k
decide whether to buy, hold, or sell shares of a company‘s stock. Creditors (suppliers and
k k k k k k k k k k k k k k k
bankers) use accounting information to assess the risk of granting credit or loaning money to a
k k k k k k k k k k k k k k k k
business. Other groups who have an indirect interest in a business are taxing authorities,
k k k k k k k k k k k k k k
customers, labor unions, and regulatory agencies.
k k k k k k
2. Explain the three principal types of business activity. Financing activities involve collecting
k k k k k k k k k k k
the necessary funds to support the business. Investing activities involve acquiring the
k k k k k k k k k k k k
resources necessary to run the business. Operating activities involve putting the resources of
k k k k k k k k k k k k k
the business into action to generate a profit.
k k k k k k k k
3. Describe the four financial statements and how they are prepared. An income statement
k k k k k k k k k k k k
presents the revenues and expenses of a company for a specific period of time. A retained
k k k k k k k k k k k k k k k k
earnings statement summarizes the changes in retained earnings that have occurred for a
k k k k k k k k k k k k k
specific period of time. A balance sheet reports the assets, liabilities, and stockholders‘ equity of
k k k k k k k k k k k k k k k
a business at a specific date. A statement of cash flows summarizes information concerning
k k k k k k k k k k k k k k
the cash inflows (receipts) and outflows (payments) for a specific period of time. Assets are
k k k k k k k k k k k k k k k
resources owned by a business. Liabilities are the debts and obligations of the business.
k k k k k k k k k k k k k k
Liabilities represent claims of creditors on the assets of the business. Stockholders‘ equity
k k k k k k k k k k k k k
represents the claims of owners on the assets of the business. Stockholders‘ equity is
k k k k k k k k k k k k k k
subdivided into two parts: common stock and retained earnings. The basic accounting equation
k k k k k k k k k k k k k
is Assets = Liabilities + Stockholders‘ Equity. Within the annual report, the management
k k k k k k k k k k k k k
discussion and analysis provides management‘s interpretation of the company‘s results and
k k k k k k k k k k k
financial position as well as a discussion of plans for the future. Notes to the financial
k k k k k k k k k k k k k k k k
statements provide additional explanation or detail to make the financial statements more
k k k k k k k k k k k k
informative. The auditor‘s report expresses an opinion as to whether the financial statements
k k k k k k k k k k k k k
present fairly the company‘s results of operations and financial position.
k k k k k k k k k k
*4. Explain the career opportunities in accounting. Accounting offers many different jobs in
k k k k k k k k k k k k
fields such as public and private accounting, governmental, and forensic accounting.
k k k k k k k k k k k
Accounting is a popular major because there are many different types of jobs, with unlimited
k k k k k k k k k k k k k k k
potential for career advancement
k k k k
.
,1-2 Test Bank for Kimmel, Financial Accounting: Tools for Business Decision Making, 10e
k k k k k k k k k k k
Difficulties:
Easy: 143 k
Medium: 101 k
Hard: 12 k
Question List by Section k k k
Business Organization and Accounting Information Uses:
k k k k k
Forms of Business Organization; 47, 48, 202, 246
k k k k k k k k
Sole Proprietorship: 5, 44, 49, 58, 59
k k k k k k
Partnership: 1, 4, 46, 56 k k k k
Corporation: 2, 3, 45, 50, 51, 52, 53, 55, 57, 233, 245 k k k k k k k k k k k
Hybrid Forms of Organization: 60, 61 k k k k k
Users and Uses of Financial Information: 6, 7, 11, 74, 87
k k k k k k k k k k
Internal Users: 62, 63, 64, 75, 77, 82, 234 k k k k k k k k
External Users: 8, 9, 10, 12, 65, 76, 78, 79, 80, 81, 83, 84, 85, 86, 88, 89
k k k k k k k k k k k k k k k k k
Data Analytics: 66, 67, 68, 69, 70, 235, 236
k k k k k k k k
Ethics in Financial Reporting: 71, 72, 73, 237, 255
k k k k k k k k
The Three Types of Business Activity: 97
k k k k k k k
Financing Activities: 13, 15, 18, 90, 91, 93, 94, 95, 96, 97, 102, 109, 117, 118, 119, 238
k k k k k k k k k k k k k k k k k
Investing Activities: 14, 16, 98, 99, 115, 116k k k k k k k
Operating Activities: 17, 19, 20, 100, 101, 103, 104, 105, 106, 107, 108, 110, 111, 112, 113,
k k k k k k k k k k k k k k k k
114
The Four Financial Statements:
k k k
Income Statement: 21, 22, 23, 24,127, 128, 132, 133, 134, 138, 142, 143
k k k k k k k k k k k k
Retained Earnings Statement: 120, 122, 123, 124, 125, 126, 129, 130, 131, 135, 137, 139, 140,
k k k k k k k k k k k k k k k
141, 144, 145, 146, 147, 148, 149, 150, 154, 164, 169, 178, 181, 252
k k k k k k k k k k k k k
Balance Sheet: 25, 27, 28, 29, 30, 31, 32, 33, 34, 35, 136, 151, 152, 153, 163, 165, 166, 168,
k k k k k k k k k k k k k k k k k k k
170, 173, 177, 179, 180, 182, 185, 186, 187, 188, 199, 200, 201, 207, 208, 213, 214, 215, 216,
k k k k k k k k k k k k k k k k k k
217, 218, 219, 220, 221, 222, 225, 229, 239, 240, 241, 253
k k k k k k k k k k k
Statement of Cash Flows: 26, 121, 171, 174, 183, 242, 249 k k k k k k k k k k
Interrelationships of Statements: 155, 156, 157, 158, 159, 160, 161, 162, 167, 175, 176, 184, k k k k k k k k k k k k k k
250, 251, 256
k k
Elements of an Annual Report: 36, 41, 192, 196, 197
k k k k k k k k k
Management Discussion and Analysis: 40, 191 k k k k k
Notes to the Financial Statements: 37, 42, 190, 193, 194, 198, 254
k k k k k k k k k k k
Auditor‘s Report: 38, 39, 195 k k k k
.
, Introduction to Financial Statements k k k 1-3
TRUE-FALSE STATEMENTS k
1. A business organized as a separate legal entity and owned by
k k k k k k k k k k
kstockholders is a partnership. k k k
Ans: kF, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kPartnership, kBloom: kK, kDifficulty: kEasy, kMin: k1, kAACSB:
k None, kAICPA kBC: kProcess kand kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
2. Corporate stockholders have no personal liability for the debts of the corporation.
k k k k k k k k k k k
Ans: kT, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kCorporation, kBloom: kK, kDifficulty: kEasy, kMin: k1, kAACSB:
k None, kAICPA kBC: kProcess kand kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
3. The liability of corporate stockholders is limited to the amount of their investment.
k k k k k k k k k k k k
Ans: kT, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kCorporation, kBloom: kK, kDifficulty: kEasy, kMin: k1, kAACSB:
k None, kAICPA kBC: kProcess kand kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
4. The majority of U.S. business is transacted by partnerships.
k k k k k k k k
Ans: kF, kLO: k1, kBloom: kK, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kPartnerships, kDifficulty: kEasy, kMin: k1, kAACSB:
k None, kAICPA kBC: kProcess kand kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
5. Sole proprietorships in the United States generate more revenue than the other two forms of
k k k k k k k k k k k k k k
business enterprise.
k k
Ans: kF, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kSole kProprietorship, kBloom: kK, kDifficulty: kEasy, kMin: k1,
k AACSB: kNone, kAICPA kBC: kProcess kand kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
6. Owners of business firms are the only people who need accounting information.
k k k k k k k k k k k
Ans: kF, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kUsers kand kUses kof kFinancial kInformation, kBloom: kK,
k Difficulty: kEasy, k Min: k1, kAACSB: kNone, kAICPA kBC: kProcess kand kResource kManagement kPerspectives, kAICPA kAC: kReporting, kAICPA kPC:
k None, kIMA: kReporting
7. Some users of accounting information are internal to the company while others
k k k k k k k k k k k
are external.
k k
Ans: kT, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kUsers kand kUses kof kFinancial kInformation, kBloom: kK,
k Difficulty: kEasy, k Min: k1, kAACSB: kNone, kAICPA kBC: kProcess kand kResource kManagement kPerspectives, kAICPA kAC: kReporting, kAICPA kPC:
k None, kIMA: kReporting
8. Management of a business enterprise is the major external user of
k k k k k k k k k k
kaccounting information. k
Ans: kF, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kExternal kUsers, kBloom: kK, kDifficulty: kEasy, kMin: k1,
kAACSB: k None, kAICPA kBC: kProcess k and kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
9. External users of accounting information include managers who plan, organize, and run a
k k k k k k k k k k k k
business.
k
Ans: kF, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kExternal kUsers, kBloom: kK, kDifficulty: kEasy, kMin: k1,
kAACSB: k None, kAICPA kBC: kProcess k and kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
10. The accounting information needs and questions of external users vary considerably.
k k k k k k k k k k
Ans: kT, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kExternal kUsers, kBloom: kK, kDifficulty: kEasy, kMin: k1,
kAACSB: k None, kAICPA kBC: kProcess k and kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
11. Accounting communicates financial information about a business to both internal
k k k k k k k k k
and external users.
k k k
Ans: kT, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kUsers kand kUses kof kFinancial kInformation, kBloom: kK,
k Difficulty: kEasy, k Min: k1, kAACSB: kNone, kAICPA kBC: kProcess kand kResource kManagement kPerspectives, kAICPA kAC: kReporting, kAICPA kPC:
k None, kIMA: kReporting
12. Two primary external users of accounting information are investors and creditors.
k k k k k k k k k k
Ans: kT, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kExternal kUsers, kBloom: kK, kDifficulty: kEasy, kMin: k1,
kAACSB: k None, kAICPA kBC: kProcess k and kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
.
Accounting Tools for Business Decisions Making, 8e
Paul Kimmel, Jerry Weygandt, Jill Mitchell (Test
Bank All Chapters, 100% Original Verified, A
+ Grade)
,Accounting Tools for Business Decisions Making, 8e Paul Kimmel, Jerry
k k k k k k k k k
Weygandt, Jill Mitchell (Test Bank All Chapters, 100% Original Verified, A
k k k k k k k k k k k
+ Grade) k
CHAPTER 1 k
INTRODUCTION TO FINANCIAL STATEMENTS k k k
CHAPTER LEARNING OBJECTIVES k k
1. Identify the forms of business organization and the uses of accounting information. A
k k k k k k k k k k k k
sole proprietorship is a business owned by one person. A partnership is a business owned by
k k k k k k k k k k k k k k k k
two or more people associated as partners. A corporation is a separate legal entity for which
k k k k k k k k k k k k k k k k
evidence of ownership is provided by shares of stock. Internal users are managers who need
k k k k k k k k k k k k k k k
accounting information to plan, organize, and run business operations. The primary external
k k k k k k k k k k k k
users are investors and creditors. Investors (stockholders) use accounting information to
k k k k k k k k k k k
decide whether to buy, hold, or sell shares of a company‘s stock. Creditors (suppliers and
k k k k k k k k k k k k k k k
bankers) use accounting information to assess the risk of granting credit or loaning money to a
k k k k k k k k k k k k k k k k
business. Other groups who have an indirect interest in a business are taxing authorities,
k k k k k k k k k k k k k k
customers, labor unions, and regulatory agencies.
k k k k k k
2. Explain the three principal types of business activity. Financing activities involve collecting
k k k k k k k k k k k
the necessary funds to support the business. Investing activities involve acquiring the
k k k k k k k k k k k k
resources necessary to run the business. Operating activities involve putting the resources of
k k k k k k k k k k k k k
the business into action to generate a profit.
k k k k k k k k
3. Describe the four financial statements and how they are prepared. An income statement
k k k k k k k k k k k k
presents the revenues and expenses of a company for a specific period of time. A retained
k k k k k k k k k k k k k k k k
earnings statement summarizes the changes in retained earnings that have occurred for a
k k k k k k k k k k k k k
specific period of time. A balance sheet reports the assets, liabilities, and stockholders‘ equity of
k k k k k k k k k k k k k k k
a business at a specific date. A statement of cash flows summarizes information concerning
k k k k k k k k k k k k k k
the cash inflows (receipts) and outflows (payments) for a specific period of time. Assets are
k k k k k k k k k k k k k k k
resources owned by a business. Liabilities are the debts and obligations of the business.
k k k k k k k k k k k k k k
Liabilities represent claims of creditors on the assets of the business. Stockholders‘ equity
k k k k k k k k k k k k k
represents the claims of owners on the assets of the business. Stockholders‘ equity is
k k k k k k k k k k k k k k
subdivided into two parts: common stock and retained earnings. The basic accounting equation
k k k k k k k k k k k k k
is Assets = Liabilities + Stockholders‘ Equity. Within the annual report, the management
k k k k k k k k k k k k k
discussion and analysis provides management‘s interpretation of the company‘s results and
k k k k k k k k k k k
financial position as well as a discussion of plans for the future. Notes to the financial
k k k k k k k k k k k k k k k k
statements provide additional explanation or detail to make the financial statements more
k k k k k k k k k k k k
informative. The auditor‘s report expresses an opinion as to whether the financial statements
k k k k k k k k k k k k k
present fairly the company‘s results of operations and financial position.
k k k k k k k k k k
*4. Explain the career opportunities in accounting. Accounting offers many different jobs in
k k k k k k k k k k k k
fields such as public and private accounting, governmental, and forensic accounting.
k k k k k k k k k k k
Accounting is a popular major because there are many different types of jobs, with unlimited
k k k k k k k k k k k k k k k
potential for career advancement
k k k k
.
,1-2 Test Bank for Kimmel, Financial Accounting: Tools for Business Decision Making, 10e
k k k k k k k k k k k
Difficulties:
Easy: 143 k
Medium: 101 k
Hard: 12 k
Question List by Section k k k
Business Organization and Accounting Information Uses:
k k k k k
Forms of Business Organization; 47, 48, 202, 246
k k k k k k k k
Sole Proprietorship: 5, 44, 49, 58, 59
k k k k k k
Partnership: 1, 4, 46, 56 k k k k
Corporation: 2, 3, 45, 50, 51, 52, 53, 55, 57, 233, 245 k k k k k k k k k k k
Hybrid Forms of Organization: 60, 61 k k k k k
Users and Uses of Financial Information: 6, 7, 11, 74, 87
k k k k k k k k k k
Internal Users: 62, 63, 64, 75, 77, 82, 234 k k k k k k k k
External Users: 8, 9, 10, 12, 65, 76, 78, 79, 80, 81, 83, 84, 85, 86, 88, 89
k k k k k k k k k k k k k k k k k
Data Analytics: 66, 67, 68, 69, 70, 235, 236
k k k k k k k k
Ethics in Financial Reporting: 71, 72, 73, 237, 255
k k k k k k k k
The Three Types of Business Activity: 97
k k k k k k k
Financing Activities: 13, 15, 18, 90, 91, 93, 94, 95, 96, 97, 102, 109, 117, 118, 119, 238
k k k k k k k k k k k k k k k k k
Investing Activities: 14, 16, 98, 99, 115, 116k k k k k k k
Operating Activities: 17, 19, 20, 100, 101, 103, 104, 105, 106, 107, 108, 110, 111, 112, 113,
k k k k k k k k k k k k k k k k
114
The Four Financial Statements:
k k k
Income Statement: 21, 22, 23, 24,127, 128, 132, 133, 134, 138, 142, 143
k k k k k k k k k k k k
Retained Earnings Statement: 120, 122, 123, 124, 125, 126, 129, 130, 131, 135, 137, 139, 140,
k k k k k k k k k k k k k k k
141, 144, 145, 146, 147, 148, 149, 150, 154, 164, 169, 178, 181, 252
k k k k k k k k k k k k k
Balance Sheet: 25, 27, 28, 29, 30, 31, 32, 33, 34, 35, 136, 151, 152, 153, 163, 165, 166, 168,
k k k k k k k k k k k k k k k k k k k
170, 173, 177, 179, 180, 182, 185, 186, 187, 188, 199, 200, 201, 207, 208, 213, 214, 215, 216,
k k k k k k k k k k k k k k k k k k
217, 218, 219, 220, 221, 222, 225, 229, 239, 240, 241, 253
k k k k k k k k k k k
Statement of Cash Flows: 26, 121, 171, 174, 183, 242, 249 k k k k k k k k k k
Interrelationships of Statements: 155, 156, 157, 158, 159, 160, 161, 162, 167, 175, 176, 184, k k k k k k k k k k k k k k
250, 251, 256
k k
Elements of an Annual Report: 36, 41, 192, 196, 197
k k k k k k k k k
Management Discussion and Analysis: 40, 191 k k k k k
Notes to the Financial Statements: 37, 42, 190, 193, 194, 198, 254
k k k k k k k k k k k
Auditor‘s Report: 38, 39, 195 k k k k
.
, Introduction to Financial Statements k k k 1-3
TRUE-FALSE STATEMENTS k
1. A business organized as a separate legal entity and owned by
k k k k k k k k k k
kstockholders is a partnership. k k k
Ans: kF, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kPartnership, kBloom: kK, kDifficulty: kEasy, kMin: k1, kAACSB:
k None, kAICPA kBC: kProcess kand kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
2. Corporate stockholders have no personal liability for the debts of the corporation.
k k k k k k k k k k k
Ans: kT, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kCorporation, kBloom: kK, kDifficulty: kEasy, kMin: k1, kAACSB:
k None, kAICPA kBC: kProcess kand kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
3. The liability of corporate stockholders is limited to the amount of their investment.
k k k k k k k k k k k k
Ans: kT, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kCorporation, kBloom: kK, kDifficulty: kEasy, kMin: k1, kAACSB:
k None, kAICPA kBC: kProcess kand kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
4. The majority of U.S. business is transacted by partnerships.
k k k k k k k k
Ans: kF, kLO: k1, kBloom: kK, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kPartnerships, kDifficulty: kEasy, kMin: k1, kAACSB:
k None, kAICPA kBC: kProcess kand kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
5. Sole proprietorships in the United States generate more revenue than the other two forms of
k k k k k k k k k k k k k k
business enterprise.
k k
Ans: kF, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kSole kProprietorship, kBloom: kK, kDifficulty: kEasy, kMin: k1,
k AACSB: kNone, kAICPA kBC: kProcess kand kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
6. Owners of business firms are the only people who need accounting information.
k k k k k k k k k k k
Ans: kF, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kUsers kand kUses kof kFinancial kInformation, kBloom: kK,
k Difficulty: kEasy, k Min: k1, kAACSB: kNone, kAICPA kBC: kProcess kand kResource kManagement kPerspectives, kAICPA kAC: kReporting, kAICPA kPC:
k None, kIMA: kReporting
7. Some users of accounting information are internal to the company while others
k k k k k k k k k k k
are external.
k k
Ans: kT, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kUsers kand kUses kof kFinancial kInformation, kBloom: kK,
k Difficulty: kEasy, k Min: k1, kAACSB: kNone, kAICPA kBC: kProcess kand kResource kManagement kPerspectives, kAICPA kAC: kReporting, kAICPA kPC:
k None, kIMA: kReporting
8. Management of a business enterprise is the major external user of
k k k k k k k k k k
kaccounting information. k
Ans: kF, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kExternal kUsers, kBloom: kK, kDifficulty: kEasy, kMin: k1,
kAACSB: k None, kAICPA kBC: kProcess k and kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
9. External users of accounting information include managers who plan, organize, and run a
k k k k k k k k k k k k
business.
k
Ans: kF, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kExternal kUsers, kBloom: kK, kDifficulty: kEasy, kMin: k1,
kAACSB: k None, kAICPA kBC: kProcess k and kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
10. The accounting information needs and questions of external users vary considerably.
k k k k k k k k k k
Ans: kT, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kExternal kUsers, kBloom: kK, kDifficulty: kEasy, kMin: k1,
kAACSB: k None, kAICPA kBC: kProcess k and kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
11. Accounting communicates financial information about a business to both internal
k k k k k k k k k
and external users.
k k k
Ans: kT, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kUsers kand kUses kof kFinancial kInformation, kBloom: kK,
k Difficulty: kEasy, k Min: k1, kAACSB: kNone, kAICPA kBC: kProcess kand kResource kManagement kPerspectives, kAICPA kAC: kReporting, kAICPA kPC:
k None, kIMA: kReporting
12. Two primary external users of accounting information are investors and creditors.
k k k k k k k k k k
Ans: kT, kLO: k1, kSection: kBusiness kOrganization kand kAccounting kInformation kUses, kSubsection: kExternal kUsers, kBloom: kK, kDifficulty: kEasy, kMin: k1,
kAACSB: k None, kAICPA kBC: kProcess k and kResource k Management kPerspectives, kAICPA kAC: kReporting, kAICPA kPC: kNone, kIMA: kReporting
.
