Exam (elaborations)
Solutions Manual / Test Bank for Financial Accounting Fundamentals, 8th Edition, By John Wild
- Course
- Institution
Solutions Manual / Test Bank for Financial Accounting Fundamentals, 8th Edition, By John Wild
[Show more]
Seller
Follow
a_plus_work
Reviews received
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller a_plus_work. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
Recently viewed by you
