Financial Accounting Fundamentals, 8th Edition
v v v v
ByJohnWild,Chapter1-13
v v v v v v
,Chapterv1:vAccountingvinvBusiness
Chapterv2:vAccountingvforvBusinessvTransactions v Chapterv3:vAdjustingvAccountsvfor
FinancialvStatements v Chapterv4:vAccountingvforvMerchandisingvOperations v Chapter
v
5:vInventoriesvandvCostvofvSales
v
Chapterv6:vCash,vFraud,vandvInternalvControl v Chapterv7:vAccountingvfor
Receivables v Chapterv8:vAccountingvforvLong-TermvAssets v Chapterv9:
v
AccountingvforvCurrentvLiabilities
v
Chapterv10:vAccountingvforvLong-TermvLiabilities v Chapterv11:vCorporate
Reportingva ndvAnalysis v Chapterv12:vReportingvCashvFlows
v
Chapterv13:vAnalysisvofvFinancialvStatements
, Answers vare vat vthe vEnd vof vEach vChapter
Chapterv1:vAccountingvinvBusiness
Student vname: v
TRUE/FALSE v- vWrite v'T' vif vthe vstatement vis vtrue vand v'F' vif vthe vstatement vis vfalse.
1) Accounting vis van vinformation vand vmeasurement vsystem vthat videntifies, vrecords,
v andcommunicates van vorganization's vbusiness vactivities.
⊚ v v v true
⊚ v v vfalse
2) Accounting vincludes vthe vanalysis vand vinterpretation vof vinformation.
⊚ v v v true
⊚ v v vfalse
3) Financial vaccounting vfocuses von vthe vneeds vof vexternal vusers, vwho vget vaccounting
informationfrom v general-purpose v financial v vstatements.
⊚ v v v true
⊚ v v vfalse
4) Internal vusers vof vaccounting vinformation vdo vnot vdirectly vmanage vthe vorganization vand
havelimited vaccess vto vits vaccounting vinformation.
⊚ v v v true
⊚ v v vfalse
5) Auditors vverify vthe veffectiveness vof vinternal vcontrols.
⊚ v v v true
⊚ v v vfalse
6) External vauditors vexamine vfinancial vstatements vto vverify vthat vthey vare vprepared
vaccording
togenerallyvacceptedvaccountingvprinciples.
⊚ v v v true
⊚ v v vfalse
7) External vusers vinclude vlenders, vshareholders, vcustomers, vand vregulators.
⊚ v v v true
⊚ v v vfalse
, 8) Internal vusers vinclude vlenders, vshareholders, vbrokers vand vnonexecutive vemployees.
⊚ v v v true
⊚ v v vfalse
9) Opportunities vin vaccounting vinclude vauditing, vconsulting, vmarket vresearch, vand vtax vplanning.
⊚ v v v true
⊚ v v vfalse
10) The vfraud vtriangle vshows vthat vthree vfactors vthat vpush va vperson vto vcommit vfraud
areopportunity,vpressure,vand vrationalization.
⊚ v v v true
⊚ v v vfalse
11) Internal vcontrols vare vprocedures vto vprotect vassets, vensure vreliable vaccounting,
promoteefficiency, vand vupholdvcompany vpolicies.
⊚ v v v true
⊚ v v vfalse
12) A vpartnership vis va vbusiness vowned vby vtwo vor vmore vpeople.
⊚ v v v true
⊚ v v vfalse
13) Owners vof va vcorporation vare vcalled vshareholders vor vstockholders.
⊚ v v v true
⊚ v v vfalse
14) In va vpartnership, vthe vowners vare vcalled vstockholders.
⊚ v v v true
⊚ v v vfalse
15) The vbalance vsheet vshows va vcompany's vnet vincome vor vloss vover va vperiod vof vtime.
⊚ v v v true
⊚ v v vfalse
16) The vFinancial vAccounting vStandards vBoard v(FASB) vis vgiven vthe vtask vof vsetting vgenerally
accepted vaccounting vprinciples v(GAAP) vfrom vthe vSecurities vand vExchange vCommission.
⊚vv
v true
⊚vv
v false
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