100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Financial Accounting Fundamentals Wild 7th Edition- Test Bank $23.19   Add to cart
Quickly navigate to
Preview
  2.  
  3. Accounting - Test Bank
  4.  
  5. Accounting - Test Bank
  6.  
  7. Accounting - Test Bank

Exam (elaborations)

Financial Accounting Fundamentals Wild 7th Edition- Test Bank
 17 views  0 purchase
  • Course
  • Accounting - Test Bank
  • Institution
  • Accounting - Test Bank

Financial Accounting Fundamentals, 7e (Wild) Chapter 1 Accounting in Business 1) Accounting is an information and measurement system that identifies, records, and communicates an organization's business activities. Answer: TRUE Difficulty: 1 Easy Topic: Importance of Accounting Learning Object...

[Show more]

Preview 4 out of 1716  pages

Document information

  • September 16, 2023
  • 1716
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • complete test bank
  • all chapters included
  • financial accounting fundamentals wild 7th edition

Written for

  • Accounting - Test Bank
  • Accounting - Test Bank
  • Accounting - Test Bank
All documents for this subject (74)

Seller

avatar-seller
ExamsExpert

Reviews received

Content preview

,Financial Accounting Fundamentals, 7e (Wild)
Chapter 1 Accounting in Business

1) Accounting is an information and measurement system that identifies, records, and
communicates 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/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making

2) Recordkeeping, or bookkeeping, is the recording of transactions and events, either manually
or electronically. This is just one part of accounting.

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

3) An accounting system captures relevant data about transactions and then classifies, records,
and reports data.

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

4) Financial accounting is the area of accounting aimed at serving 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/Accessibility: Communication/Keyboard Navigation
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.

,5) Internal users of accounting information do not directly run the organization and have limited
access to its accounting information.

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/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making

6) Auditors verify the effectiveness of internal controls.

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/Accessibility: Communication/Keyboard Navigation
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/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making

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/Accessibility: Communication/Keyboard Navigation
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.

, 9) Regulators often 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/Accessibility: Communication/Keyboard Navigation
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/Accessibility: Communication/Keyboard Navigation
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/Accessibility: Communication/Keyboard Navigation
AICPA: BB Industry; FN Decision Making

12) Ethics is defined as maximizing personal wealth, regardless the cost.

Answer: FALSE
Difficulty: 2 Medium
Topic: Ethics
Learning Objective: 01-C3 Explain why ethics are crucial to accounting.
Bloom's: Understand
AACSB/Accessibility: Ethics/Keyboard Navigation
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.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

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 ExamsExpert. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $23.19. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81531 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$23.19
  • (0)
  Add to cart