Exam (elaborations)

Test bank for Financial Accounting, 6th Edition By David Spiceland, Wayne Thomas and Don Herrmann

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Course
Financial Accounting, 6th Edition

Institution
Financial Accounting, 6th Edition

Book
Financial Accounting

Test bank for Financial Accounting, 6th Edition By David Spiceland, Wayne Thomas and Don HerrmannTest bank for Financial Accounting, 6th Edition By David Spiceland, Wayne Thomas and Don HerrmannTest bank for Financial Accounting, 6th Edition By David Spiceland, Wayne Thomas and Don HerrmannTest ban...

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Uploaded on October 31, 2024
Number of pages 31
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

financial accounting
david spiceland
accounting
financial
test bank for financial accounting 6th edition by

Book Title:Financial Accounting

Author(s):David Spiceland, Don Herrmann, Wayne M. Thomas

Edition:2018
ISBN:9781260091625
Edition:Unknown

Exam (elaborations)
Test Bank Financial Accounting, 5th Edition By Spiceland Latest 2024 || Complete Guide A+
Exam (elaborations)
Test Bank Financial Accounting, 5th Edition By Spiceland Latest 2024 || Complete Guide A+
Exam (elaborations)
Test Bank Financial Accounting, 5th Edition By Spiceland Latest 2024 || Complete Guide A+

Institution Financial Accounting, 6th Edition
Course Financial Accounting, 6th Edition

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TESTBANK l

Financial Accounting, 6th Edition
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Chapters 1 – 12 Complete
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By David Spiceland, Wayne Thomas and Don Herrmann
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,TABLEOFCONTENTS l l ll

Chapter 1:A Framework for Financial Accounting Chapter 2:The
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Accounting Cycle: During the Period Chapter 3: The Accounting Cycle:
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End of the Period Chapter 4: Cash and Internal Controls
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Chapter 5: Receivables and Sales
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Chapter 6: Inventory and Cost of Goods Sold Chapter7: Long-Term
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Assets
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Chapter8: Current Liabilities Chapter9: Long-
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Term Liabilities Chapter10:Stockholders’Equity
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l l Chapter 11: Statement of Cash Flows
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Chapter12:FinancialStatementAnalysis
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,Chapter 1 A Framework for Financial Accounting
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1) Accounting is a system of maintaining records of a company's operations and communicating
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that information to decision makers.
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Answer: TRUE l

Difficulty:1Easy
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Topic: Defining Accounting
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Learning Objective: 01-01 Describe the two primary functions of financial accounting.Bloom's:
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l Rememberl

AACSB: Reflective Thinking l ll

AICPA: BB Critical Thinking
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2) Accounting information is used by investors to decide whether to invest in a company's stock.
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Answer: TRUE l

Difficulty:1Easy
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Topic: Defining Accounting
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Learning Objective: 01-01 Describe the two primary functions of financial accounting.Bloom's:
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l Rememberl

AACSB: Reflective Thinking l ll

AICPA: BB Critical Thinking
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3) Accounting information is used by creditors to decide whether to invest in a company's stock.
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Answer: FALSE l l

Explanation: Creditors lend money to a company. ll ll ll ll ll ll

Difficulty: 1 Easy
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Topic: Defining Accounting
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Learning Objective: 01-01 Describe the two primary functions of financial accounting.Bloom's:
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l Rememberl

AACSB: Reflective Thinking l ll

AICPA: BB Critical Thinking
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4) The primary functions of financial accounting are to measure business activities of a company
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and to communicate those measurements to internal parties for decision-making purposes.
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Answer: FALSE l l

Explanation: Financial accounting primarily serves to provide information to external parties.
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lDifficulty: 2 Medium
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Topic: Defining Accounting
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Learning Objective: 01-01 Describe the two primary functions of financial accounting.Bloom's:
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l Understand
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AACSB: Reflective Thinking l ll

AICPA: BB Critical Thinking
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, 5) Financing activities are transactions involving external sources of funding.
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Answer: TRUE l

Difficulty:1Easy
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Topic: Measuring Business Activities
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Learning Objective: 01-02 Understand the business activities that financial accountingmeasures.
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l Bloom's: Remember AACSB:
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ReflectiveThinkingAICPA: FN l l l

Measurement
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6) Investing activities include the purchase and sale of long-term resources.
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Answer: TRUE l

Difficulty:1Easy
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Topic: Measuring Business Activities
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Learning Objective: 01-02 Understand the business activities that financial accountingmeasures.
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l Bloom's: Remember AACSB:
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ReflectiveThinkingAICPA: FN l l l

Measurement
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7) Operating activities include transactions that relate to the primary operations of the company.
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Answer: TRUE l

Difficulty:1Easy
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Topic: Measuring Business Activities
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Learning Objective: 01-02 Understand the business activities that financial accountingmeasures.
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l Bloom's: Remember AACSB:
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ReflectiveThinkingAICPA: FN l l l

Measurement
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8) A corporation is an entity that is legally separate from its owners.
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Answer: TRUE l

Difficulty:1Easy
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Topic: Measuring Business Activities
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Learning Objective: 01-02 Understand the business activities that financial accountingmeasures.
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l Bloom's: Remember AACSB:
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Reflective ThinkingAICPA: BB l l l

Critical Thinking
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Exam (elaborations)

Test bank for Financial Accounting, 6th Edition By David Spiceland, Wayne Thomas and Don Herrmann

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