100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Financial Accounting The Impact on Decision Makers 10th Edition by Gary A. Porter - Test Bank £20.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. Financial Accounting
  4.  
  5. Financial Accounting
  6.  
  7. Financial Accounting

Exam (elaborations)

Financial Accounting The Impact on Decision Makers 10th Edition by Gary A. Porter - Test Bank
 0 purchase

Financial Accounting The Impact on Decision Makers 10th Edition by Gary A. Porter - Test Bank

Preview 4 out of 1102  pages

Document information

  • January 11, 2024
  • 1102
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

All documents for this subject (776)

Seller

avatar-seller
evileye251

Reviews received

Content preview

,Chapter 1: Accounting as a Form of Communication

True / False

1. An auto repair company is not an example of a manufacturer.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 4-5
LEARNING OBJECTIVES: FACC.PONO.13.01-01 - LO: 01-01
KEYWORDS: Bloom's: Applying

2. A department store is an example of a manufacturer.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 4-5
LEARNING OBJECTIVES: FACC.PONO.13.01-01 - LO: 01-01
KEYWORDS: Bloom's: Applying

3. The FASB is an external user that has the authority of the law to obtain certain accounting information.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 6-7
LEARNING OBJECTIVES: FACC.PONO.13.01-02 - LO: 01-02
KEYWORDS: Bloom's: Remembering

4. A partnership is a business owned by two or more individuals.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 6-7
LEARNING OBJECTIVES: FACC.PONO.13.01-02 - LO: 01-02
KEYWORDS: Bloom's: Remembering




© 2017 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

,Chapter 1: Accounting as a Form of Communication

5. Business entities and non-business entities are both organized to earn a profit.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 6-7
LEARNING OBJECTIVES: FACC.PONO.13.01-02 - LO: 01-02
KEYWORDS: Bloom's: Remembering

6. Someone to whom a company has a debt is known as a creditor.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 8-10
LEARNING OBJECTIVES: FACC.PONO.13.01-03 - LO: 01-03
KEYWORDS: Bloom's: Remembering

7. Assets can be tangible or intangible in nature.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 8-10
LEARNING OBJECTIVES: FACC.PONO.13.01-03 - LO: 01-03
KEYWORDS: Bloom's: Remembering

8. An asset is a future economic benefit to a business.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 8-10
LEARNING OBJECTIVES: FACC.PONO.13.01-03 - LO: 01-03
KEYWORDS: Bloom's: Remembering

9. An expense is an inflow of assets resulting from the sale of goods and services.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 8-10
LEARNING OBJECTIVES: FACC.PONO.13.01-03 - LO: 01-03
KEYWORDS: Bloom's: Remembering
© 2017 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

, Chapter 1: Accounting as a Form of Communication

10. Capital stock indicates the owners’ ownership to a corporation.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 8-10
LEARNING OBJECTIVES: FACC.PONO.13.01-03 - LO: 01-03
KEYWORDS: Bloom's: Remembering

11. Management accounting is the branch of accounting concerned with communication with internal management.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: p. 12
LEARNING OBJECTIVES: FACC.PONO.13.01-04 - LO: 01-04
KEYWORDS: Bloom's: Remembering

12. External users of accounting information include present and potential stockholders, bankers and other creditors, and
management.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 11-12
LEARNING OBJECTIVES: FACC.PONO.13.01-04 - LO: 01-04
KEYWORDS: Bloom's: Remembering

13. Bondholders are external users of company’s accounting information.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 11-12
LEARNING OBJECTIVES: FACC.PONO.13.01-04 - LO: 01-04
KEYWORDS: Bloom's: Remembering




© 2017 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller evileye251. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £20.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69411 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling
£20.49
  • (0)
Add to cart
Added