Tentamen (uitwerkingen)

Accounting Principles 14th Edition;9781119707110, by Jerry J. Weygandt, Paul D. Kimmel-Test Bank

0 keer verkocht

Vak
Accounting Principles 14th Edition

Instelling
Accounting Principles 14th Edition

Boek
Accounting Principles

Test Bank for Accounting Principles 14th Edition (Kimmel Jill E. Mitchell, 2024), All Chapters Covered, Complete Guide A+. CHAPTER 1 ACCOUNTING IN ACTION CHAPTER LEARNING OBJECTIVES 1. Identify the activities and users associated with accounting. Accounting is an information system that identifies,...

[Meer zien]

Voorbeeld 4 van de 1934 pagina's

Bekijk voorbeeld

Geupload op 16 april 2024
Aantal pagina's 1934
Geschreven in 2024/2025
Type Tentamen (uitwerkingen)
Bevat Vragen en antwoorden

accounting
principles
14th edition
paul d kimmel
test bank

Titel boek:Accounting Principles

Auteur(s):Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell

Uitgave:2020
ISBN:9781119707110
Druk:Onbekend

Instelling Accounting Principles 14th Edition
Vak Accounting Principles 14th Edition

Volgen

SACREDHEART

Lid sinds 1 jaar 29 documenten verkocht

€19,71

In winkelwagen

Op verlanglijstje

100% tevredenheidsgarantie
Direct beschikbaar na je betaling
Lees online óf als PDF
Geen vaste maandelijkse kosten

sdfghjklkjhgfdsfghjkiyutrertyuiouytrertyiyutrdfghjkkjhgfdfgjkjhgfdfghjkkjhgfdghjkhgf
d

Test Bank for Accounting Principles 14th Edition by
Jerry J. Weygandt, Paul D. Kimmel

CHAPTER 1: ACCOUNTING IN ACTION

CHAPTER LEARNING OBJECTIVES
1. Identify the activities and users associated with accounting. Accounting is an information
system that identifies, records, and communicates the economic events of an organization to
interested users. The major users and uses of accounting are as follows: (a) Management
uses accounting information to plan, organize, and run the business. (b) Investors (owners)
decide whether to buy, hold, or sell their financial interests on the basis of accounting data. (c)
Creditors (suppliers and bankers) evaluate the risks of granting credit or lending money on
the basis of accounting information. Other groups that use accounting information are taxing
authorities, regulatory agencies, customers, and labor unions.
2. Explain the building blocks of accounting: ethics, principles, and assumptions. Ethics
are the standards of conduct by which actions are judged as right or wrong. Effective financial
reporting depends on sound ethical behavior.
Generally accepted accounting principles are a common set of standards used by
accountants. The primary accounting standard-setting body in the United States is the
Financial Accounting Standards Board.

3. State the accounting equation, and define its components. The basic accounting
equation is:
Assets = Liabilities + Owner's Equity
Assets are resources a business owns. Liabilities are creditorship claims on total assets.
Owner's equity is the ownership claim on total assets.
The expanded accounting equation is:
Assets = Liabilities + Owner's Capital − Owner's Drawings + Revenues −
Expenses
Investments by owners (assets the owner puts into the business) are recorded in a category
called owner‘s capital. Owner‘s drawings are the withdrawal of assets by the owner for
personal use. Revenues are the gross increase in owner‘s equity from business activities for
the purpose of earning income. Expenses are the costs of assets consumed or services used
in the process of earning revenue. Owner‘s equity is increased by an owner‘s investments
and by revenues from business operations. Owner‘s equity is decreased by an owner‘s
withdrawals of assets and by expenses.
4. Analyze the effects of business transactions on the accounting equation. Each business
transaction must have a dual effect on the accounting equation. For example, if an individual
asset increases, there must be a corresponding (1) decrease in another asset, or (2) increase
in a specific liability, or (3) increase in owner's equity.
5. Describe the four financial statements and how they are prepared. An income statement
presents the revenues and expenses, and resulting net income or net loss for a specific
period of time. An owner's equity statement summarizes the changes in owner's equity for a
specific period of time. A balance sheet reports the assets, liabilities, and owner's equity at a
specific date. A statement of cash flows summarizes information about the cash inflows
(receipts) and outflows (payments) for a specific period of time.

,6. Explain the career opportunities in accounting. Accounting offers many different jobs in
a

fields such as public and private accounting, governmental, and forensic accounting.
Accounting is a popular major because there are many different types of jobs, with unlimited
potential for career advancement.

, sdfghjklkjhgfdsfghjkiyutrertyuiouytrertyiyutrdfghjkkjhgfdfgjkjhgfdfghjkkjhgfdghjkhgf
d

TRUE-FALSE STATEMENTS
1. Owners of business firms are the only people who need accounting information.

Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Reporting, AICPA PC: None, IMA:
Reporting

2. Transactions that can be measured in dollars and cents are recorded in the financial
information system.

Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and
Interpretation, AICPA PC: None, IMA: Reporting

3. The hiring of a new company president is an economic event recorded by the financial
information system.

Ans: F, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and
Interpretation, AICPA PC: None, IMA: Reporting

4. Management of a business enterprise is the major external user of information.

Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and
Interpretation, AICPA PC: None, IMA: Reporting

5. Accounting communicates financial information about a business enterprise to both
internal and external users.

Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and
Interpretation, AICPA PC: None, IMA: Reporting

6. Accounting information is used only by external users with a financial interest in a
business enterprise.

Ans: F, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and
Interpretation, AICPA PC: None, IMA: Reporting

7. Financial statements are the major means of communicating accounting information to
interested parties.

Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and
Interpretation, AICPA PC: None, IMA: Reporting

8. Bookkeeping and accounting are one and the same because the bookkeeping function
includes the accounting process.

Ans: F, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and
Interpretation, AICPA PC: None, IMA: Reporting

9. The origins of accounting are attributed to Luca Pacioli, a famous mathematician.

Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and
Interpretation, AICPA PC: None, IMA: Reporting

, 10. The study of accounting is not useful for a business career unless your career objective is
to become an accountant.

Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and
Interpretation, AICPA PC: None, IMA: Reporting

11. A working knowledge of accounting is not relevant to a lawyer or an architect.

Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and
Interpretation, AICPA PC: None, IMA: Reporting

12. Identifying is the process of keeping a chronological diary of events measured in dollars
and cents.

Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and
Interpretation, AICPA PC: None, IMA: Reporting

13. Management consulting includes examining the financial statements of companies and
expressing an opinion as to the fairness of their presentation.

Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and
Interpretation, AICPA PC: None, IMA: Reporting

14. A partnership must have more than one owner.

Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and
Interpretation, AICPA PC: None, IMA: Reporting

Dit zijn jouw voordelen als je samenvattingen koopt bij Stuvia:

Bewezen kwaliteit door reviews

Studenten hebben al meer dan 850.000 samenvattingen beoordeeld. Zo weet jij zeker dat je de beste keuze maakt!

In een paar klikken geregeld

Geen gedoe — betaal gewoon eenmalig met iDeal, Bancontact of creditcard en je bent klaar. Geen abonnement nodig.

Focus op de essentie

Studenten maken samenvattingen voor studenten. Dat betekent: actuele inhoud waar jij écht wat aan hebt. Geen overbodige details!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper SACREDHEART. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor €19,71. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 69411 samenvattingen verkocht

Opgericht in 2010, al 15 jaar dé plek om samenvattingen te kopen

Start met verkopen

Tentamen (uitwerkingen)

Accounting Principles 14th Edition;9781119707110, by Jerry J. Weygandt, Paul D. Kimmel-Test Bank

Document informatie

Onderwerpen

Gekoppeld boek

Geschreven voor

Verkoper

Ontvangen beoordelingen

Voorbeeld van de inhoud