Test Bank for Financial Accounting for Managers: 2024 Release by Wayne Thomas
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Course
Financial ACCT
Institution
Financial ACCT
Test Bank for Financial Accounting for Managers: 2024 Release 1s 1st Edition Evergreen Release by Wayne Thomas, Michael Drake, Jake Thornock and David Spiceland. Full Chapters (Chap 1 to 12 and Appx C,D) are included with answers. Latest edition
1 A Framework for Financial Accounting
2 The Fin...
Appendix D: International Financial Reporting Standards
,Chapter 01 2024 Release Thomas
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Accounting is a system of maintaining records of a company's operations and communicating
that information to decision makers.
1) ______
⊚ true
⊚ false
2) Accounting information is used by investors to decide whether to invest in a company's
stock.
2) ______
⊚ true
⊚ false
3) Accounting information is used by creditors to decide whether to invest in a company's stock.
3) ______
⊚ true
⊚ false
4) The functions of financial accounting are to measure business activities of a company and
then communicate those measurements to internal users for decision-making purposes.
4) ______
⊚ true
⊚ false
5) Financing activities include transactions the company has with investors and creditors.
5) ______
⊚ true
⊚ false
1
, 6) Investing activities include transactions involving the purchase and sale of resources that are
expected to benefit the company for several years.
6) ______
⊚ true
⊚ false
7) Operating activities include transactions that relate to the primary operations of the company,
such as providing products and services to customers and the associated costs.
7) ______
⊚ true
⊚ false
8) A corporation is an entity that is legally separate from its owners.
8) ______
⊚ true
⊚ false
9) Cash, inventory for sale to customers, supplies, and buildings are examples of liabilities.
9) ______
⊚ true
⊚ false
10) Amounts owed to suppliers, employees, the government in the form of taxes, and utility
companies are examples of liabilities.
10) ______
⊚ true
⊚ false
11) If total assets of a company equal $12,000 and total stockholders' equity equals $4,000, then
total liabilities equal $8,000.
11) ______
⊚ true
⊚ false
2
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