115 questions and answers from all chapters

TEST BANK

Financial and Managerial Accounting 9th Edition John J. Wild, Ken W. Shaw

ISBN 1260728773 / 978-1260728774

Publisher McGraw Hill

• 115 questions and answers from all chapters
• 55 core concepts explained briefly
• trends and developments 2025 and onward
• 25 more common test questions (multiple choice, NO answers but from the book)

PS this test bank is (in my opinion) for beginners/first year students. Not for seasoned professionals. The questions are basic and logical. 1 / 3

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115 questions – answers separately at the end

Part 1: Introduction to Accounting

1.What is the primary purpose of accounting?

2.Define financial accounting.

3.Who are the main users of managerial accounting information?

4.What is the accounting equation?

5.What are assets?

6.What are liabilities?

7.What is equity?

8.List the four primary financial statements.

9.What is GAAP?

10.What is the role of FASB in accounting?

Part 2: Accounting for Business Transactions

11.What is a transaction in accounting?

12.Explain the double-entry accounting system.

13.What is a journal in accounting?

14.What is the purpose of a ledger?

15.Define debit and credit.

16.How are revenues recorded in the accounting equation?

17.What is the trial balance?

18.Why is it important to ensure debits equal credits?

19.What is the normal balance of an asset account?

20.How is a prepaid expense recorded?

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