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Test Bank for Financial Accounting, 6th Edition by Jay S. Rich
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Test Bank for Financial Accounting 6e 6th Edition by Jay S. Rich. Full Chapters test bank are included with answers. 1. Accounting and the Financial Statements. 1s. Reading a Company’s Annual Report (Form 10-K). 2. The Accounting Information System. 3. Accrual Accounting. Making the Connec...

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  • March 24, 2024
  • 791
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial
  • accounting
  • 6th
  • edition
  • jay
  • rich
  • multiple choice
  • mcqs
  • question bank
  • quiz bank
  • tests
  • 6e
  • test bank
  • practice quizzes
  • exam bank

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  • ACCT442
  • ACCT442

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Test Bank Financial Accounting, 6th Edition Rich

Chap 01 6e Rich

Indicate whether the statement is true or false.
1. A company with healthy cash flows from operating activities is in a good position to repay its debts.
a. True
b. False

ANSWER: True

2. Dividend payments appear on the retained earnings statement.
a. True
b. False

ANSWER: True
3. Contributed capital is the residual interest that remains after deducting liabilities from stockholders' equity.
a. True
b. False

ANSWER: False
4. Creditors use accounting information to evaluate whether to loan money to a company.
a. True
b. False

ANSWER: True
5. The three main business activities are financing, operating, and investing.
a. True
b. False

ANSWER: True
6. Internal users of accounting information include present creditors and management.
a. True
b. False

ANSWER: False
7. Current assets include cash, inventory, equipment, supplies, and accounts receivable.
a. True
b. False

ANSWER: False




Page 1

, Chap 01 6e Rich

8. The income statement provides information at one specific point in time, while the other basic financial
statements provide information on activities that occur over a period of time.
a. True
b. False

ANSWER: False
9. The classifications in the balance sheet are to help users determine how a company obtained its resources.
a. True
b. False

ANSWER: True
10. One primary purpose of the classified balance sheet is to help users evaluate the working capital of a company.
a. True
b. False

ANSWER: True
11. When an entity's stock issuances exceed its expenses for a period of time, the entity will report net income.
a. True
b. False

ANSWER: False
12. Stockholders' equity is composed of contributed capital and retained earnings.
a. True
b. False

ANSWER: True
13. The amount of earnings distributed to stockholders can be found on the income statement as an expense.
a. True
b. False

ANSWER: False
14. The owners of a sole proprietorship, a partnership, and corporations have limited liability.
a. True
b. False

ANSWER: False
15. The purpose of financial reporting is to provide economic information to investors, creditors, and other financial
statement users.
a. True
b. False

ANSWER: True
Page 2

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