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Financial Accounting Fundamentals Wild 7th Edition- Test Bank
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Financial Accounting Fundamentals, 7e (Wild) Chapter 1 Accounting in Business 1) Accounting is an information and measurement system that identifies, records, and communicates an organization's business activities. Answer: TRUE Difficulty: 1 Easy Topic: Importance of Accounting Learning Object...

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  • September 16, 2023
  • 1716
  • 2022/2023
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,Financial Accounting Fundamentals, 7e (Wild)
Chapter 1 Accounting in Business

1) Accounting is an information and measurement system that identifies, records, and
communicates an organization's business activities.

Answer: TRUE
Difficulty: 1 Easy
Topic: Importance of Accounting
Learning Objective: 01-C1 Explain the purpose and importance of accounting.
Bloom's: Remember
AACSB/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making

2) Recordkeeping, or bookkeeping, is the recording of transactions and events, either manually
or electronically. This is just one part of accounting.

Answer: TRUE
Difficulty: 1 Easy
Topic: Importance of Accounting
Learning Objective: 01-C1 Explain the purpose and importance of accounting.
Bloom's: Remember
AACSB/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making

3) An accounting system captures relevant data about transactions and then classifies, records,
and reports data.

Answer: TRUE
Difficulty: 1 Easy
Topic: Importance of Accounting
Learning Objective: 01-C1 Explain the purpose and importance of accounting.
Bloom's: Remember
AACSB/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making

4) Financial accounting is the area of accounting aimed at serving external users by providing
them with general-purpose financial statements.

Answer: TRUE
Difficulty: 1 Easy
Topic: Users of Accounting Information
Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting.
Bloom's: Remember
AACSB/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making

1
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.

,5) Internal users of accounting information do not directly run the organization and have limited
access to its accounting information.

Answer: FALSE
Difficulty: 1 Easy
Topic: Users of Accounting Information
Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting.
Bloom's: Remember
AACSB/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making

6) Auditors verify the effectiveness of internal controls.

Answer: TRUE
Difficulty: 1 Easy
Topic: Users of Accounting Information
Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting.
Bloom's: Remember
AACSB/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making

7) External auditors examine financial statements to verify that they are prepared according to
generally accepted accounting principles.

Answer: TRUE
Difficulty: 1 Easy
Topic: Users of Accounting Information
Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting.
Bloom's: Remember
AACSB/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making

8) External users include lenders, shareholders, customers, and regulators.

Answer: TRUE
Difficulty: 2 Medium
Topic: Users of Accounting Information
Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting.
Bloom's: Understand
AACSB/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making




2
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.

, 9) Regulators often have legal authority over certain activities of organizations.

Answer: TRUE
Difficulty: 1 Easy
Topic: Users of Accounting Information
Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting.
Bloom's: Remember
AACSB/Accessibility: Communication/Keyboard Navigation
AICPA: BB Legal; FN Decision Making

10) Internal users include lenders, shareholders, brokers and nonexecutive employees.

Answer: FALSE
Difficulty: 2 Medium
Topic: Users of Accounting Information
Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting.
Bloom's: Understand
AACSB/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making

11) Opportunities in accounting include auditing, consulting, market research, and tax planning.

Answer: TRUE
Difficulty: 2 Medium
Topic: Users of Accounting Information
Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting.
Bloom's: Understand
AACSB/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making

12) Ethics is defined as maximizing personal wealth, regardless the cost.

Answer: FALSE
Difficulty: 2 Medium
Topic: Ethics
Learning Objective: 01-C3 Explain why ethics are crucial to accounting.
Bloom's: Understand
AACSB/Accessibility: Ethics/Keyboard Navigation
AICPA: BB Industry; FN Decision Making




3
Copyright © 2019 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written consent of McGraw-Hill Education.

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