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Fundamentals of Financial Accounting 5Th Canadian Edition By Fred Phillips -Test Bank
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SOLUTION MANUAL FOR Fundamentals of Financial Accounting 6CE Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh A+
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,Chapter 01 - Business Decisions and Financial AccountingChapter 01
Business Decisions and Financial Accounting
True / False Questions
1. Building a new warehouse is an operating activity.
TRUE
Blooms: Understand
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-02 Describe the purpose; structure; and content of the four basic financial statements.
Topic: 01-15 The Statement of Cash Flows
2. The payment of dividends is a financing activity.
TRUE
Blooms: Understand
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-02 Describe the purpose; structure; and content of the four basic financial statements.
Topic: 01-15 The Statement of Cash Flows
3. Daily activities involved in running a business such as buying supplies and paying wages
are operating activities.
TRUE
Blooms: Understand
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-02 Describe the purpose; structure; and content of the four basic financial statements.
Topic: 01-15 The Statement of Cash Flows
1-1
,Chapter 01 - Business Decisions and Financial Accounting
4. Financing activities include borrowing and obtaining money by issuing shares of ownership
(called stock certificates).
TRUE
Blooms: Understand
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-02 Describe the purpose; structure; and content of the four basic financial statements.
Topic: 01-15 The Statement of Cash Flows
5. Shareholders are creditors of a company.
FALSE
Blooms: Understand
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Describe various organizational forms and business decision makers.
Topic: 01-10 Shareholders' Equity
6. All corporations acquire financing by issuing shares of ownership (called stock certificates)
for sale on public stock exchanges.
FALSE
Blooms: Understand
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Describe various organizational forms and business decision makers.
Topic: 01-04 Corporation
7. You paid $10,000 to buy 1% of the stock in a corporation that has now gone bankrupt. The
company owes $10 million dollars to creditors. As a result of the bankruptcy, you will lose
$100,000.
FALSE
Blooms: Understand
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Describe various organizational forms and business decision makers.
Topic: 01-04 Corporation
1-2
, Chapter 01 - Business Decisions and Financial Accounting
1-3
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