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Solutions Manual / Test Bank for Financial Accounting Fundamentals, 8th Edition, By John Wild
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SOLUTIONS MANUAL for Financial Accounting Fundamentals, 8th Edition, By John WildSolutions Manual / Test Bank for Financial
Accounting Fundamentals, 8th Edition, By
John Wild
Test Bank Page 1
, SOLUTIONS MANUAL for Financial Accounting Fundamentals, 8th Edition, By John Wild
Financial Accounting Fundamentals, 8e (Wild)
Chapter 1 Accounting in Business
1) Accounting is an information and measurement system that identifies, records, and
communicates relevant, reliable, and comparable information about an organization's business
activities.
Answer: TRUE
Difficulty: 1 Easy
Topic: Importance of Accounting
Learning Objective: 01-C1 Explain the purpose and importance of accounting.
Bloom's: Remember
AACSB: Communication
Accessible/AICPA: Keyboard Navigation
2) Recordkeeping, or bookkeeping, is the recording of transactions and events, either manually
or electronically. This is just one part of accounting.
Answer: TRUE
Difficulty: 1 Easy
Topic: Importance of Accounting
Learning Objective: 01-C1 Explain the purpose and importance of accounting.
Bloom's: Remember
AACSB: Communication
Accessible/AICPA: Keyboard Navigation
3) An accounting system captures relevant data about transactions and then classifies, records,
and reports data.
Answer: TRUE
Difficulty: 1 Easy
Topic: Importance of Accounting
Test Bank Page 2
, SOLUTIONS MANUAL for Financial Accounting Fundamentals, 8th Edition, By John Wild
Learning Objective: 01-C1 Explain the purpose and importance of accounting.
Bloom's: Remember
AACSB: Communication
Accessible/AICPA: Keyboard Navigation
4) Financial accounting is the area of accounting aimed at serving external users by providing
them with general-purpose financial statements.
Answer: TRUE
Difficulty: 1 Easy
Topic: Users of Accounting Information
Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting.
Bloom's: Remember
AACSB: Communication
Accessible/AICPA: Keyboard Navigation
5) Internal operating activities include research and development, distribution, and human
resources.
Answer: TRUE
Difficulty: 1 Easy
Topic: Users of Accounting Information
Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting.
Bloom's: Remember
AACSB: Communication
Accessible/AICPA: Keyboard Navigation
6) The primary objective of managerial accounting is to provide general purpose financial
statements to help external users analyze and interpret an organization's activities.
Answer: FALSE
Difficulty: 1 Easy
Topic: Users of Accounting Information
Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting.
Test Bank Page 3
, SOLUTIONS MANUAL for Financial Accounting Fundamentals, 8th Edition, By John Wild
Bloom's: Remember
AACSB: Communication
Accessible/AICPA: Keyboard Navigation
7) External auditors examine financial statements to verify that they are prepared according to
generally accepted accounting principles.
Answer: TRUE
Difficulty: 1 Easy
Topic: Users of Accounting Information
Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting.
Bloom's: Remember
AACSB: Communication
Accessible/AICPA: Keyboard Navigation
8) External users include lenders, shareholders, customers, and regulators.
Answer: TRUE
Difficulty: 2 Medium
Topic: Users of Accounting Information
Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting.
Bloom's: Understand
AACSB: Communication
Accessible/AICPA: Keyboard Navigation
2
Test Bank Page 4
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