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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.
(Fundamental Accounting Principles, 25e John Wild, Ken Shaw, Kermit Larson) (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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