Full Test Bank for Financial Accounting 13th Edition C. William Thomas, Wendy M Tietz Financial Accounting, 13e (Thomas/Tietz) Chapter 1 The Financial Statements Learning Objective 1-1 1) Accounting is an information system that measures business activities. Answer: TRUE Diff: 1 LO: 1-1 AACSB: Reflective Thinking AICPA Bus Persp: Legal/Regulatory AICPA Functional: Measurement
2) Bookkeeping is a mechanical part of accounting. Answer: TRUE Diff: 1 LO: 1-1 AACSB: Reflective Thinking AICPA Bus Persp: Legal/Regulatory AICPA Functional: Measurement
3) Accounting is often called the language of business. Answer: TRUE Diff: 1 LO: 1-1 AACSB: Reflective Thinking AICPA Bus Persp: Legal/Regulatory AICPA Functional: Measurement
4) Accounting produces financial statements, which report information about a business. Answer: TRUE Diff: 1 LO: 1-1 AACSB: Reflective Thinking AICPA Bus Persp: Legal/Regulatory AICPA Functional: Measurement, Reporting
5) The accounting process begins and ends with people making decisions. Answer: TRUE Diff: 1 LO: 1-1 AACSB: Reflective Thinking AICPA Bus Persp: Legal/Regulatory AICPA Functional: Measurement
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