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Test Bank Solutions for Intermediate Accounting 18th Edition by Kieso, Weygandt
- Course
- 11th generation
- Institution
- City University New York
Test Bank Solutions for Intermediate Accounting 18th Edition by Kieso, Weygandt
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10/15/24, 9:42 AM Test Bank and Solutions For Financial Accounting Information for Decisions,…NOTE : All Chapters Available via Email Only At: testbankzone@gmail.com
Chap 01 11e Wild
1) Accounting is an information and measurement system that identifies, records, and
communicates an organization's business activities.
⊚ true
⊚ false
2) Accounting includes the analysis and interpretation of information.
⊚ true
⊚ false
3) Financial accounting focuses on the needs of external users, who get accounting information
from general-purpose financial statements.
⊚ true
⊚ false
4) Internal users of accounting information do not directly manage the organization and have
limited access to its accounting information.
⊚ true
⊚ false
5) Auditors verify the effectiveness of internal controls.
⊚ true
⊚ false
6) External auditors examine financial statements to verify that they are prepared according to
generally accepted accounting principles.
⊚ true
⊚ false
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,10/15/24, 9:42 AM Test Bank and Solutions For Financial Accounting Information for Decisions,…
NOTE : All Chapters Available via Email Only At: testbankzone@gmail.com
7) External users include lenders, shareholders, customers, and regulators.
⊚ true
⊚ false
8) Internal users include lenders, shareholders, brokers and nonexecutive employees.
⊚ true
⊚ false
9) Opportunities in accounting include auditing, consulting, market research, and tax planning.
⊚ true
⊚ false
10) The fraud triangle shows that three factors that push a person to commit fraud are
opportunity, pressure, and rationalization.
⊚ true
⊚ false
11) Internal controls are procedures to protect assets, ensure reliable accounting, promote
efficiency, and uphold company policies.
⊚ true
⊚ false
12) A partnership is a business owned by two or more people.
⊚ true
⊚ false
13) Owners of a corporation are called shareholders or stockholders.
⊚ true
⊚ false
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