Fundamental Accounting Principles 19th Edition Test Bank

Fundamental Accounting Principles 19th Edition Test Bank is an essential resource to help you tackle your upcoming exams with confidence. This guide includes key questions and answers to boost your exam preparation.

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Chapter 1 TestbankStudent: ___________________________________________________________________________1.Accounting is an information and measurement system that identifies, records, and communicatesrelevant, reliable, and comparable formation about an organization's business activities.TrueFalse2.Bookkeeping is the same as accounting.TrueFalse3.Bookkeeping is the recording of transactions and events and is only part of accounting.TrueFalse4.An accounting information system communicates data to help businesses make better decisions.TrueFalse5.Managerial accounting is the area of accounting that provides internal reports to assist the decisionmaking needs of internal users.TrueFalse6.Internal operating activities include research and development, distribution, and human resources.TrueFalse7.The primary objective of financial accounting is to provide general purpose financial statements to helpexternal users analyze and interpret an organization's activities.TrueFalse8.External auditors examine financial statements to verify that they are prepared according to generallyaccepted accounting principles.TrueFalse9.External users include lenders, shareholders, customers, and regulators.TrueFalse10. Regulators often have legal authority over certain activities of organizations.TrueFalse11. Internal users include lenders, shareholders, brokers and managers.TrueFalse12. Opportunities in accounting include auditing, consulting, market research, and tax planning.TrueFalse13. Identifying the proper ethical path is easy.TrueFalse14. The Sarbanes-Oxley Act (SOX) requires each issuer of securities to disclose whether is has adopted acode of ethics for its senior financial officers and the contents of that code.TrueFalse15. Good ethics are good business.TrueFalse16. The Sarbanes-Oxley Act (SOX) does not require public companies to apply both accounting oversightand stringent internal controls.TrueFalse

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Fundamental Accounting Principles b...

Fundamental Accounting Principles 19th Edition Test Bank

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