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63) Neither U.S. GAAP nor IFRS require the use of accrual basis accounting. Answer: FALSE Difficulty: 2 Medium Topic: Financial Statements Learning Objective: 02-P3 Prepare financial statements from business transactions. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Global; FN Reporting 64) The amount of net income is added on the statement of owner's equity. Answer: TRUE Difficulty: 2 Medium Topic: Financial Statements Learning Objective: 02-P3 Prepare financial statements from business transactions. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Global; FN Reporting 65) The accounting process begins with: A) Analysis of business transactions and source documents. B) Preparing financial statements and other reports. C) Analysis of prepared financial statements. D) Presentation of financial information to decision-makers. E) Preparation of the trial balance. Answer: A Difficulty: 2 Medium Topic: Analyzing and Recording Process Learning Objective: 02-C1 Explain the steps in processing transactions and the role of source documents. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Industry; FN Decision Making

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Test Bank for Fundamental Accounting Principles 24th Edition Wild  

Fundamental Accounting Principles 24th Edition Wild Test Bank 2019 (9781259916960) (1259916960). Instant test bank download. Download from h...

Test Bank for Fundamental Accounting Principles 24th Edition Wild  

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