Test Bank For Financial Accounting Fundamentals, 8th Edition By John Wild.

TESTBANK
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FinancialAccountingFundamentals,8thEdition
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ByJohnWild,Chapter1-13
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,Chapter1:AccountinginBusiness
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Chapter2:AccountingforBusinessTransactions Chapter3:AdjustingAccountsfor
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FinancialStatements Chapter4:AccountingforMerchandisingOperations Chapter5:
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InventoriesandCostofSales
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Chapter6:Cash,Fraud,andInternalControl Chapter7:Accountingfor
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Receivables Chapter8:AccountingforLong-TermAssets Chapter9:
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AccountingforCurrentLiabilities
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Chapter10:AccountingforLong-TermLiabilities Chapter11:CorporateReporting
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andAnalysis Chapter12:ReportingCashFlows
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Chapter13:AnalysisofFinancialStatements
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, Answers are at the End of Each Chapter
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Chapter1:AccountinginBusiness
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Student name:
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TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
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1) Accountingisaninformationandmeasurementsystemthatidentifies,records,
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andcommunicatesanorganization'sbusinessactivities.
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2) Accountingincludestheanalysisandinterpretation ofinformation.
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3) Financialaccountingfocuses onthe needs of external users,whogetaccounting
informationfrom general-purpose financial statements.
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4) Internalusers ofaccountinginformation donot directlymanagetheorganizationand
havelimitedaccesstoitsaccountinginformation.
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5) Auditorsverifytheeffectivenessofinternal controls.
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6) Externalauditorsexaminefinancialstatements toverifythattheyarepreparedaccording
togenerallyacceptedaccountingprinciples.
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7) Externalusersincludelenders,shareholders,customers,andregulators.
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, 8) Internalusersincludelenders,shareholders,brokersandnonexecutiveemployees.
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9) Opportunitiesinaccountingincludeauditing,consulting,marketresearch, andtaxplanning.
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10) Thefraud triangleshows that three factors thatpush a person to commit fraud
areopportunity,pressure,andrationalization.
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11) Internalcontrols areprocedurestoprotectassets,ensurereliableaccounting,
promoteefficiency,andupholdcompanypolicies.
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12) Apartnership isa business owned bytwo or more people.
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13) Ownersofacorporation arecalledshareholders orstockholders.
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⊚ false
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14) Ina partnership,theownersarecalledstockholders.
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⊚ true
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⊚ false
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15) Thebalancesheetshows a company's netincome or loss over a period of time.
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⊚ true
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16) TheFinancialAccounting Standards Board(FASB) isgiven thetask of setting generally
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acceptedaccountingprinciples(GAAP)fromtheSecuritiesandExchangeCommission.
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