Test bank for financial accounting fundamentals 8th edition by john wildTest bank for financial accounting fundamentals 8th edition by john wildTest bank for financial accounting fundamentals 8th edition by john wildTest bank for financial accounting fundamentals 8th edition by john wildTest bank f...
, Answers are at the End of Each Chapter
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Chapter1:AccountinginBusiness
ltI ltI ltI ltI
Student name: ltI lltII
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
lltII ltI lltII lltII lltI lltII lltII lltII ltII lltI lltII lltII lltII lltII lltII
⊚ lltII lltII l l t I I false
9) Opportunitiesinaccountingincludeauditing,consulting, marketresearch, andtaxplanning. ltI ltI ltI ltI ltI ltI ltI ltI ltI ltI
⊚ lltII lltII l l t I I true
⊚ false lltII lltII l l t I I
10) The fraud triangleshows that three factors that push a person to commit fraud
areopportunity,pressure,andrationalization.
ltI ltI ltI lltII ltI ltI ltI ltI ltI lltII ltI ltI ltI
⊚ lltII lltII l l t I I false
12) Apartnership is a business owned by two or more people.
ltI ltI ltI lltII lltII lltII ltI ltI lltII lltI
⊚ lltII lltII l l t I I true
⊚ lltII lltII l l t I I false
13) Ownersofacorporation arecalledshareholders orstockholders.
ltI ltI ltI ltI ltI ltI ltI ltI
⊚ lltII lltII l l t I I true
⊚ lltII lltII l l t I I false
14) Ina partnership,the ownersarecalled stockholders.
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⊚ lltII lltII l l t I I true
⊚ lltII lltII l l t I I false
15) The balancesheet shows a company's net income or loss over a period of time.
ltI ltI ltI ltI ltI lltII ltI lltII ltI ltI ltI ltI ltI ltI
⊚ lltII lltII l l t I I true
⊚ false lltII lltII l l t I I
16) The FinancialAccounting Standards Board (FASB) isgiven the task of setting generally
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