Test bank for Financial Accounting, 6th Edition By David Spiceland, Wayne Thomas and Don Herrmann
0 view 0 purchase
Module
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...
Test Bank Financial Accounting, 5th Edition By Spiceland Latest 2024 || Complete Guide A+
Test Bank Financial Accounting, 5th Edition By Spiceland Latest 2024 || Complete Guide A+
Test Bank Financial Accounting, 5th Edition By Spiceland Latest 2024 || Complete Guide A+
All for this textbook (23)
Written for
Financial Accounting, 6th Edition
Financial Accounting, 6th Edition
Seller
Follow
STUVATE
Reviews received
Content preview
TESTBANK l
Financial Accounting, 6th Edition
ll ll l
Chapters 1 – 12 Complete
ll ll ll ll
By David Spiceland, Wayne Thomas and Don Herrmann
ll ll ll ll ll ll ll
,TABLEOFCONTENTS l l ll
Chapter 1:A Framework for Financial Accounting Chapter 2:The
l l l l l l l l l l
Accounting Cycle: During the Period Chapter 3: The Accounting Cycle:
l l l l l l l l l l l
End of the Period Chapter 4: Cash and Internal Controls
ll l l l l l l l l l l
Chapter 5: Receivables and Sales
l l l l
Chapter 6: Inventory and Cost of Goods Sold Chapter7: Long-Term
l l ll l l ll l l l l l
Assets
l
Chapter8: Current Liabilities Chapter9: Long-
l l l ll l l l l
Term Liabilities Chapter10:Stockholders’Equity
l l l l l l
l l Chapter 11: Statement of Cash Flows
l l l ll l
Chapter12:FinancialStatementAnalysis
l l l l
,Chapter 1 A Framework for Financial Accounting
ll l l ll ll ll ll
1) Accounting is a system of maintaining records of a company's operations and communicating
l ll ll ll l ll l ll ll l ll ll
that information to decision makers.
l l ll ll ll ll
Answer: TRUE l
Difficulty:1Easy
ll l l
Topic: Defining Accounting
l l l
Learning Objective: 01-01 Describe the two primary functions of financial accounting.Bloom's:
l l l l ll l l l l l ll
l Rememberl
AACSB: Reflective Thinking l ll
AICPA: BB Critical Thinking
l l l l l ll
2) Accounting information is used by investors to decide whether to invest in a company's stock.
l ll l ll ll l l ll ll ll l ll ll l
Answer: TRUE l
Difficulty:1Easy
ll l l
Topic: Defining Accounting
l l l
Learning Objective: 01-01 Describe the two primary functions of financial accounting.Bloom's:
l l l l ll l l l l l ll
l Rememberl
AACSB: Reflective Thinking l ll
AICPA: BB Critical Thinking
l l l l l ll
3) Accounting information is used by creditors to decide whether to invest in a company's stock.
l ll l ll ll l l ll l ll ll ll l l
Answer: FALSE l l
Explanation: Creditors lend money to a company. ll ll ll ll ll ll
Difficulty: 1 Easy
l l ll ll
Topic: Defining Accounting
l l l
Learning Objective: 01-01 Describe the two primary functions of financial accounting.Bloom's:
l l l l ll l l l l l ll
l Rememberl
AACSB: Reflective Thinking l ll
AICPA: BB Critical Thinking
l l l l l ll
4) The primary functions of financial accounting are to measure business activities of a company
ll ll ll ll ll ll ll ll ll ll ll ll ll
and to communicate those measurements to internal parties for decision-making purposes.
l l ll ll l ll ll ll ll l ll ll
Answer: FALSE l l
Explanation: Financial accounting primarily serves to provide information to external parties.
ll ll ll ll ll ll ll ll ll ll
lDifficulty: 2 Medium
l l l
Topic: Defining Accounting
l l l
Learning Objective: 01-01 Describe the two primary functions of financial accounting.Bloom's:
l l l l ll l l ll l l ll
l Understand
l
AACSB: Reflective Thinking l ll
AICPA: BB Critical Thinking
l l l l l ll
, 5) Financing activities are transactions involving external sources of funding.
l ll l ll ll ll l l
Answer: TRUE l
Difficulty:1Easy
ll l l
Topic: Measuring Business Activities
l l l l
Learning Objective: 01-02 Understand the business activities that financial accountingmeasures.
l l l l l l l ll l l
l Bloom's: Remember AACSB:
l ll l l ll
ReflectiveThinkingAICPA: FN l l l
Measurement
l
6) Investing activities include the purchase and sale of long-term resources.
l ll l ll l l l l l
Answer: TRUE l
Difficulty:1Easy
ll l l
Topic: Measuring Business Activities
l l l l
Learning Objective: 01-02 Understand the business activities that financial accountingmeasures.
l l l l l l l ll l l
l Bloom's: Remember AACSB:
l ll l l ll
ReflectiveThinkingAICPA: FN l l l
Measurement
l
7) Operating activities include transactions that relate to the primary operations of the company.
l ll ll ll ll ll ll ll ll l l ll
Answer: TRUE l
Difficulty:1Easy
ll l l
Topic: Measuring Business Activities
l l l l
Learning Objective: 01-02 Understand the business activities that financial accountingmeasures.
l l l l l l l ll l l
l Bloom's: Remember AACSB:
l ll l l ll
ReflectiveThinkingAICPA: FN l l l
Measurement
l
8) A corporation is an entity that is legally separate from its owners.
ll ll l ll ll ll l ll ll ll ll
Answer: TRUE l
Difficulty:1Easy
ll l l
Topic: Measuring Business Activities
l l l l
Learning Objective: 01-02 Understand the business activities that financial accountingmeasures.
l l l l l l l ll l l
l Bloom's: Remember AACSB:
l ll l l ll
Reflective ThinkingAICPA: BB l l l
Critical Thinking
l ll
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card for the summaries. There is no membership needed.
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 STUVATE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.37. You're not tied to anything after your purchase.