Solution Manual For Financial Accounting Fundamentals

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1) Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. Answer:... TRUE Difficulty: 1 Easy Topic: Importance of Accounting Learning Objective: 01-C1 Explain the purpose and importance of accounting. Bloom's: Remember AACSB: Communication Accessible/AICPA: Keyboard Navigation 2) Recordkeeping, or bookkeeping, is the recording of transactions and events, either manually or electronically. This is just one part of accounting. Answer: TRUE Difficulty: 1 Easy Topic: Importance of Accounting Learning Objective: 01-C1 Explain the purpose and importance of accounting. Bloom's: Remember AACSB: Communication Accessible/AICPA: Keyboard Navigation 3) An accounting system captures relevant data about transactions and then classifies, records, and reports data. Answer: TRUE Difficulty: 1 Easy Topic: Importance of Accounting Learning Objective: 01-C1 Explain the purpose and importance of accounting. Bloom's: Remember AACSB: Communication Accessible/AICPA: Keyboard Navigation 4) Financial accounting is the area of accounting aimed at serving external users by providing them with general-purpose financial statements. Answer: TRUE Difficulty: 1 Easy Topic: Users of Accounting Information Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting. Bloom's: Remember AACSB: Communication Accessible/AICPA: Keyboard Navigation [Show More]

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