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  3. Financial Accounting Fundamentals, 8th Edition
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Test bank for financial accounting fundamentals 8th edition by john wild
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Test bank for financial accounting fundamentals 8th edition by john wildTest bank for financial accounting fundamentals 8th edition by john wildTest bank for financial accounting fundamentals 8th edition by john wildTest bank for financial accounting fundamentals 8th edition by john wildTest bank f...

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  • October 31, 2024
  • 33
  • 2024/2025
  • Exam (elaborations)
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TESTBANKltI




FinancialAccountingFundamentals,8thEdition
ltI ltI ltI ltI




ByJohnWild,Chapter1-13
ltI ltI ltI ltI ltI ltI

,Chapter1:AccountinginBusiness
ltI ltI ltI ltI




Chapter2:AccountingforBusinessTransactions
ltI ltI ltI ltI ltI l l t I I Chapter3:AdjustingAccountsfor
ltI ltI ltI ltI




FinancialStatements Chapter4:AccountingforMerchandisingOperations
ltI ltI l l tI I ltI ltI ltI ltI ltI l l t I I Chapter

5:InventoriesandCostofSales
ltI ltI ltI ltI ltI ltI




Chapter6:Cash,Fraud,andInternalControl
ltI ltI ltI ltI ltI ltI l l t I I Chapter7:Accountingfor ltI ltI ltI




Receivables
ltI l l t I I Chapter8:AccountingforLong-TermAssets ltI ltI ltI ltI ltI l l t I I Chapter

9:AccountingforCurrentLiabilities
ltI ltI ltI ltI ltI




Chapter10:AccountingforLong-TermLiabilities
ltI ltI ltI ltI ltI l l t I I Chapter11:Corporate ltI ltI




ReportingandAnalysis
ltI ltI ltI l l t I I Chapter12:ReportingCashFlows ltI ltI ltI ltI




Chapter13:AnalysisofFinancialStatements
ltI ltI ltI ltI ltI

, Answers are at the End of Each Chapter
lltII lltII lltII lltII lltII lltII lltII




Chapter1:AccountinginBusiness
ltI ltI ltI ltI




Student name: ltI lltII




TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
lltII ltI lltII lltII lltI lltII lltII lltII ltII lltI lltII lltII lltII lltII lltII




1) Accountingisaninformationandmeasurement systemthat identifies,records, ltI ltI ltI ltI ltI ltI ltI ltI ltI




l andcommunicatesanorganization'sbusinessactivities.
l t I I ltI ltI ltI ltI




⊚ true lltII lltII l l t I I




⊚ lltII lltII l l t I I false
2) Accountingincludestheanalysisandinterpretation ofinformation. ltI ltI ltI ltI ltI ltI ltI




⊚ lltII lltII l l t I I true


⊚ false lltII lltII l l t I I




3) Financialaccountingfocuses onthe needs of external users, whogetaccounting
informationfrom general-purpose financial statements.
ltI ltI ltI ltI ltI ltI ltI ltI ltI ltI ltI

l l t I I l l t I I lltII l l t I I




⊚ lltII lltII l l t I I true


⊚ false lltII lltII l l t I I




4) Internalusers ofaccounting information do not directlymanage theorganizationand
ltI ltI ltI ltI ltI ltI ltI ltI ltI ltI ltI

havelimitedaccesstoitsaccountinginformation. ltI ltI ltI ltI ltI




⊚ lltII lltII l l t I I true


⊚ lltII lltII l l t I I false
5) Auditorsverifytheeffectiveness ofinternal controls. ltI ltI ltI ltI ltI ltI




⊚ lltII lltII l l t I I true


⊚ false lltII lltII l l t I I




6) Externalauditors examinefinancialstatements toverifythat theyarepreparedaccording
togenerallyacceptedaccountingprinciples.
ltI ltI ltI ltI ltI ltI ltI ltI ltI ltI ltI

ltI ltI ltI




⊚ lltII lltII l l t I I true


⊚ lltII lltII l l t I I false
7) Externalusersincludelenders,shareholders,customers,andregulators.
ltI ltI ltI ltI ltI ltI ltI




⊚ lltII lltII l l t I I true


⊚ lltII lltII l l t I I false

, 8) Internalusersincludelenders,shareholders,brokersandnonexecutiveemployees.
ltI ltI ltI ltI ltI ltI ltI ltI




⊚ lltII lltII l l t I I true


⊚ lltII lltII l l t I I false
9) Opportunitiesinaccountingincludeauditing,consulting, marketresearch, andtaxplanning. ltI ltI ltI ltI ltI ltI ltI ltI ltI ltI




⊚ lltII lltII l l t I I true


⊚ false lltII lltII l l t I I




10) The fraud triangleshows that three factors that push a person to commit fraud
areopportunity,pressure,andrationalization.
ltI ltI ltI lltII ltI ltI ltI ltI ltI lltII ltI ltI ltI

ltI ltI ltI




⊚ lltII lltII l l t I I true


⊚ false lltII lltII l l t I I




11) Internalcontrols areprocedures toprotectassets,ensurereliableaccounting,
promoteefficiency,andupholdcompanypolicies.
ltI ltI ltI ltI ltI ltI ltI ltI ltI

ltI ltI ltI ltI




⊚ lltII lltII l l t I I true


⊚ lltII lltII l l t I I false
12) Apartnership is a business owned by two or more people.
ltI ltI ltI lltII lltII lltII ltI ltI lltII lltI




⊚ lltII lltII l l t I I true


⊚ lltII lltII l l t I I false
13) Ownersofacorporation arecalledshareholders orstockholders.
ltI ltI ltI ltI ltI ltI ltI ltI




⊚ lltII lltII l l t I I true


⊚ lltII lltII l l t I I false
14) Ina partnership,the ownersarecalled stockholders.
ltI ltI ltI ltI ltI ltI ltI




⊚ lltII lltII l l t I I true


⊚ lltII lltII l l t I I false
15) The balancesheet shows a company's net income or loss over a period of time.
ltI ltI ltI ltI ltI lltII ltI lltII ltI ltI ltI ltI ltI ltI




⊚ lltII lltII l l t I I true


⊚ false lltII lltII l l t I I




16) The FinancialAccounting Standards Board (FASB) isgiven the task of setting generally
ltI ltI ltII ltI ltI ltI ltI ltI ltI ltI ltI ltI



acceptedaccountingprinciples (GAAP)fromtheSecuritiesandExchangeCommission.
ltI ltI ltI ltI ltI ltI ltI ltI ltI




⊚ lltII lltII


true
lltII




⊚ lltII lltII




lltII false

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