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Financial Accounting Information for Decisions John Wild 9th Edition- Test Bank £20.49
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Financial Accounting Information for Decisions John Wild 9th Edition- Test Bank
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Financial Accounting Information for Decisions John Wild 9th Edition- Test Bank

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  • January 11, 2024
  • 1807
  • 2022/2023
  • Exam (elaborations)
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,Financial Accounting, 9e (Wild)
Chapter 1 Introducing Financial Statements

1) Accounting is an information and measurement system that identifies, records, and
communicates relevant, reliable, and comparable information about 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: Communication
AICPA: BB Industry; FN Decision Making

2) Recordkeeping, or bookkeeping, is the recording of transactions and events, either manually
or electronically.

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

3) Accounting is an information and measurement system that identifies, records, and
communicates information about 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: Communication
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.

,4) Financial accounting serves 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: Communication
AICPA: BB Industry; FN Decision Making
5) External users of accounting information do not directly run the organization and have limited
access to its accounting information.

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: Communication
AICPA: BB Industry; FN Decision Making

6) The primary objective of managerial accounting is to provide general purpose financial
statements to help external users analyze and interpret an organization's activities.

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: Communication
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: Communication
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.

, 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: Communication
AICPA: BB Industry; FN Decision Making

9) Regulators 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: Communication
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: Communication
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: Communication
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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