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Test Bank for Financial Accounting 17th Edition By Jan Williams, Sue Haka et al (All Chapters, 100% Original Verified, A+ Grade) $24.49   Add to cart
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Test Bank for Financial Accounting 17th Edition By Jan Williams, Sue Haka et al (All Chapters, 100% Original Verified, A+ Grade)
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This Is Original 17th Edition of Test Bank From Original Author. All Other Files in the market are fake/old Edition. Other Sellers Have changed old Edition Number to new But Test Bank is old Edition. Test Bank for Financial Accounting 17th Edition By Jan Williams, Sue Haka et al (All Chapters, ...

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  • June 26, 2024
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Test Bank For Financial Accounting 17th Edition By Jan Williams Sue Haka et al (All Chapters, 100% Original Verified, A+ Grade) 1 Copyright © 2018 McGraw -Hill Financial Accounting, 17e (Williams) Chapter 1 Accounting: Information for Decision Making 1) Managerial accounting information is designed primarily to assist investors and creditors in
deciding how to allocate scarce resources.
Answer: FALSE Difficulty: 1 Easy Topic: Accounting Information: A Means to an End Learning Objecti: 01 -01 Discuss accounting as the language of business and the role of accounting information in making economic decisions. Bloom's: Remember AACSB: Reflective Thinking Accessibility: Keyboard Navigation 2) All internal control systems need to be monitored.
Answer: TRUE Difficulty: 2 Medium Topic: Accounting Systems Learning Objecti: 01 -02 Discuss the significance of accounting systems in generating reliable accounting information and understand the five components of internal control. Bloom's: Understand AACSB: Reflective Thinking Accessibility: Keyboard Navigation 3) Management accounting information is oriented toward the future while financial
accounting information is historical in nature.
Answer: TRUE Difficulty: 2 Medium Topic: Financial Accounting Information Learning Objecti: 01 -03 Explain the importance of financial accounting information for external parties—primarily investors and creditors —in terms of the objectives and the characteristics of that information.; 01 -04 Explain the importance of accounting information for internal parties—primarily management —in terms of the objectives and the characteristics of that information. Bloom's: Understand AACSB: Reflective Thinking Accessibility: Keyboard Navigation 2 Copyright © 2018 McGraw -Hill 4) Return on investment is the same as return of investment.
Answer: FALSE Difficulty: 1 Easy Topic: Financial Accounting Information Learning Objecti: 01 -03 Explain the importance of financial accounting information for external parties—primarily investors and creditors —in terms of the objectives and the characteristics of that information. Bloom's: Remember AACSB: Analytical Thinking Accessibility: Keyboard Navigation 5) The IRS tax return is one of the primary financial statements.
Answer: FALSE Difficulty: 1 Easy Topic: Financial Accounting Information Learning Objecti: 01 -03 Explain the importance of financial accounting information for external parties—primarily investors and creditors —in terms of the objectives and the characteristics of that information. Bloom's: Remember AACSB: Reflective Thinking Accessibility: Keyboard Navigation 6) External users of accounting information have a financial interest in an entity but are not
involved with the day -to-day operations of the enterprise.
Answer: TRUE Difficulty: 2 Medium Topic: Financial Accounting Information Learning Objecti: 01 -03 Explain the importance of financial accounting information for external parties—primarily investors and creditors —in terms of the objectives and the characteristics of that information. Bloom's: Remember AACSB: Reflective Thinking Accessibility: Keyboard Navigation 3 Copyright © 2018 McGraw -Hill 7) The tailoring of an accounting report to meet the needs of a specific decision maker is more characteristic of financial accounting reports than of management accounting reports. Answer: FALSE Difficulty: 2 Medium Topic: Financial Accounting Information Learning Objecti: 01 -03 Explain the importance of financial accounting information for external parties—primarily investors and creditors —in terms of the objectives and the characteristics of that information.; 01-04 Explain the importance of accounting information for internal parties—primarily management —in terms of the objectives and the characteristics of that information. Bloom's: Understand AACSB: Analytical Thinking; Communication Accessibility: Keyboard Navigation 8) The annual financial statements of large corporations such as Microsoft or PepsiCo need not be audited by independent certified public accountants, since these firms maintain large accounting departments as part of their organizations. Answer: FALSE Difficulty: 1 Easy Topic: Financial Accounting Information Learning Objecti: 01 -03 Explain the importance of financial accounting information for external parties—primarily investors and creditors —in terms of the objectives and the characteristics of that information. Bloom's: Understand AACSB: Communication Accessibility: Keyboard Navigation 9) The statement of financial position and the income statement are one and the same. Answer: FALSE Difficulty: 1 Easy Topic: Financial Accounting Information Learning Objecti: 01 -03 Explain the importance of financial accounting information for external parties—primarily investors and creditors —in terms of the objectives and the characteristics of that information. Bloom's: Remember AACSB: Communication Accessibility: Keyboard Navigation

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