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Test Bank for Financial Accounting, 7th Canadian Edition by Robert Libby

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Test Bank for Financial Accounting 7ce 7th Canadian Edition by Robert Libby, Patricia Libby, Daniel G. Short ISBN-13: 5954 Full chapters test bank PDF Chapter 1 Financial Statements and Business Decisions Chapter 2 Investing and Financing Decisions and the Accounting System Chapter 3 Ope...

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  • July 16, 2022
  • 1095
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers

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Chapter 01 - Financial Statements and Business Decisions


Chapter 01
Financial Statements and Business Decisions




True / False Questions


1. Accounting is a system that collects and processes financial information about an
organization and reports that information to decision makers.
TRUE


Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Easy
Learning Objective: 01-01 Recognize both the information conveyed in each of the four basic financial statements and describe how the
information is used by different decision makers (investors, creditors, and managers).
Topic: 01-01 The Four Basic Financial Statements: An Overview



2. External users of accounting information include the managers who plan, organize, and run
a business.
FALSE


Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-01 Recognize both the information conveyed in each of the four basic financial statements and describe how the
information is used by different decision makers (investors, creditors, and managers).
Topic: 01-01 The Four Basic Financial Statements: An Overview



3. In accounting and reporting for a business entity, the accounting and reporting for the
business must be kept separate from other economic affairs of its owners.
TRUE


Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Easy
Learning Objective: 01-01 Recognize both the information conveyed in each of the four basic financial statements and describe how the
information is used by different decision makers (investors, creditors, and managers).
Topic: 01-01 The Four Basic Financial Statements: An Overview




1-1

, Chapter 01 - Financial Statements and Business Decisions




4. Accounting communicates financial information about a business to both internal and
external users.
TRUE


Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Easy
Learning Objective: 01-01 Recognize both the information conveyed in each of the four basic financial statements and describe how the
information is used by different decision makers (investors, creditors, and managers).
Topic: 01-01 The Four Basic Financial Statements: An Overview



5. A statement of financial position should be dated for a period (such as "For the year ended
December 31, 20X1"), whereas a statement of earnings should be dated at a point in time
(such as "At December 31, 20X1").
FALSE


Accessibility: Keyboard Navigation
Blooms: Understand
Difficulty: Medium
Learning Objective: 01-01 Recognize both the information conveyed in each of the four basic financial statements and describe how the
information is used by different decision makers (investors, creditors, and managers).
Topic: 01-01 The Four Basic Financial Statements: An Overview



6. Expenses are the cost of assets consumed or services used in the process of generating
revenue.
TRUE


Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: Medium
Learning Objective: 01-01 Recognize both the information conveyed in each of the four basic financial statements and describe how the
information is used by different decision makers (investors, creditors, and managers).
Topic: 01-06 The Statement of Earnings




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