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1.
Award: 8.69 points
2.
Award: 8.69 points
Accounting is an information and measurement system that identifies, records, and communicates an organization's business activities.True False References True / False Difficulty: 1 EasyLearning Objective: 01-C1 Explain the importance of accounting and identify its users.Accounting includes the analysis and interpretation of information.True False References True / False Difficulty: 1 EasyLearning Objective: 01-C1 Explain the importance of accounting and identify its users.
(Principles of Financial Accounting (Chapters 1-17), 25e John Wild, Ken Shaw) (Test Bank, For Complete File, Download link at the end of this File) 1 / 4
3.
Award: 8.69 points
4.
Award: 8.69 points
Financial accounting focuses on the needs of external users, who get accounting information from general-purpose financial statements.True False References True / False Difficulty: 1 Easy Learning Objective: 01-C1 Explain the importance of accounting and identify its users.Internal users of accounting information do not directly manage the organization and have limited access to its accounting information.True False References True / False Difficulty: 1 Easy Learning Objective: 01-C1 Explain the importance of accounting and identify its users.
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5.
Award: 8.69 points
6.
Award: 8.69 points
Auditors verify the effectiveness of internal controls.True False References True / False Difficulty: 1 Easy Learning Objective: 01-C2 Describe the importance of ethics and GAAP.External auditors examine financial statements to verify that they are prepared according to generally accepted accounting principles.True False References True / False Difficulty: 1 Easy Learning Objective: 01-C1 Explain the importance of accounting and identify its users.
3 / 4
7.
Award: 8.69 points
8.
Award: 8.69 points
External users include lenders, shareholders, customers, and regulators.True False References True / False Difficulty: 2 Medium Learning Objective: 01-C1 Explain the importance of accounting and identify its users.Internal users include lenders, shareholders, brokers and nonexecutive employees.True False References True / False Difficulty: 2 Medium Learning Objective: 01-C1 Explain the importance of accounting and identify its users.
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