Test Bank for Fundamental Financial Accounting Concepts, 2024 Release by Thomas Edmonds
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Course
Fundamental Financial Accounting Concepts 2024
Institution
Fundamental Financial Accounting Concepts 2024
Test Bank for Fundamental Financial Accounting Concepts, 2024 Release Evergreen 11e 11th Edition by Thomas Edmonds, Christopher Edmonds, Philip Olds. All chapters (Chap 1 to 13) are included with complete answers.
1 An Introduction to Accounting
2 Accounting for Accruals
3 Accounting f...
Complete Answers Included ✅
Chapter 01 2024 Release Edmonds
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) In a market, creditors are resource providers.
⊚ true
⊚ false
Question Details
AICPA : FN Measurement
AICPA : BB Resource Management
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Identify the ways accounting benefits society.
Topic : Role of Accounting in Society
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-170 (Static) In a market, creditors are
resource...
2) In a market, a company that manufactures cars would be referred to as business.
⊚ true
⊚ false
Question Details
AICPA : FN Measurement
AICPA : BB Industry
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Identify the ways accounting benefits society.
Topic : Role of Accounting in Society
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-171 (Static) In a market, a company that
manufactures...
1
,3) The value created by a business is created by its assets.
⊚ true
⊚ false
Question Details
AICPA : FN Measurement
AICPA : BB Resource Management
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-01 Identify the ways accounting benefits society.
Topic : Role of Accounting in Society
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-172 (Static) The value created by a
business may be...
4) The stockholders of a business have a priority claim to its assets in the event of liquidation.
⊚ true
⊚ false
Question Details
AICPA : FN Measurement
AICPA : BB Resource Management
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-05 Interpret information shown in an accounting equation.
Topic : Interpreting Information Shown in the Accounting Equation
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-173 (Static) The stockholders of a business
have a priority...
2
,5) The types of resources needed by a business are financial, physical, and labor resources.
⊚ true
⊚ false
Question Details
AICPA : FN Measurement
AICPA : BB Resource Management
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Identify the ways accounting benefits society.
Topic : Role of Accounting in Society
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-174 (Static) The types of resources needed
by a business...
6) Financial accounting information is usually less detailed than managerial accounting
information.
⊚ true
⊚ false
Question Details
AICPA : FN Measurement
AICPA : BB Industry
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Understand
Business Competency : Reflective Thinking
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-01 Identify the ways accounting benefits society.
Topic : Role of Accounting in Society
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-175 (Static) Financial accounting
information is usually...
3
, 7) The Financial Accounting Standards Board is a privately funded organization with authority
for establishing accounting standards for businesses in the US.
⊚ true
⊚ false
Question Details
AICPA : BB Critical Thinking
AICPA : FN Measurement
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Understand
Business Competency : Reflective Thinking
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-01 Identify the ways accounting benefits society.
Topic : Role of Accounting in Society
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-176 (Static) The Financial Accounting
Standards Board is...
8) A business and the person who owns the business are separate reporting entities.
⊚ true
⊚ false
Question Details
AICPA : BB Critical Thinking
AICPA : FN Measurement
Accessibility : Screen Reader/Keyboard/CC
Bloom's : Remember
Business Competency : Reflective Thinking
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-02 Identify reporting entities.
Topic : Reporting Entities
Type : Static
Source : Chapter 01 Test Bank - Algorithmic and Static > TB TF Qu. 01-177 (Static) A business and the person who
owns the...
4
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