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Contemporary Accounting 8th Edition Test Bank

Contemporary Accounting 8th Edition Test Bank helps you understand exam patterns, improve retention, and develop problem-solving skills.

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Chapter 1–Introduction to accountingTRUE/FALSE1.An objective of accounting is to provide information to predict and evaluate the going concern ofan entity.ANS:TPTS:1AACSB:Knowledge, AnalyticalTOP:What is accounting2.Accounting information is always quantitative and objective.ANS:FPTS:1AACSB:Knowledge, AnalyticalTOP:What is accounting3.Stewardship is the term used to refer to management’s role in protecting an entity’s economicresources from theft, fraud and wastage.ANS:TPTS:1AACSB:Knowledge, AnalyticalTOP:For what purpose is accounting used?4.Management is an external user of accounting information.ANS:FPTS:1AACSB:Knowledge, AnalyticalTOP:Who uses accounting information?5.The balance sheet is an example of a management accounting report.ANS:FPTS:1AACSB:Knowledge, AnalyticalTOP:Who uses accounting information?6.The statement of comprehensive income is an example of a financial accounting report.ANS:TPTS:1AACSB:Knowledge, AnalyticalTOP:Who uses accounting information?7.The difference between management accounting and financial accounting is that managementaccounting focuses on external users whereas financial accounting focuses on internal users.ANS:FPTS:1AACSB:Knowledge, AnalyticalTOP:For what purpose is accounting used?8.Management has the responsibility of selecting accounting policies.ANS:TPTS:1AACSB:Knowledge, AnalyticalTOP:Economic consequences of accounting information.9.Where an Accounting Standard exists, accounting policies must comply with the AccountingStandard.ANS:TPTS:1AACSB:Knowledge, AnalyticalTOP:Economic consequences of accounting information.

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Subject
Accounting
Textbook
Contemporary Accounting by Mike Baz...

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