Financial Accounting > TEST BANK > Financial Accounting For Undergraduates 4th Edition By James S. Wallace, Karen K. Nelson, Theodore E (All)
Financial Accounting For Undergraduates 4th Edition By James S. Wallace, Karen K. Nelson, Theodore E. Christensen TEST BANK
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Chapter 1: Financial Accounting and Business Decisions True / False Topic: Managerial Accounting LO: 3 1. A major function of managerial accounting is to provide general purpose financial stat... ements for parties outside the organization. Answer: False Rationale: A major function of managerial accounting is to provide management with accounting data for decisions related to a firm’s operations. Providing general purpose financial statements for parties outside an organization is a function of financial accounting. Topic: Ethics LO: 3 2. It is unusual for U.S. businesses to develop written codes of ethics to guide their employees. Answer: False Rationale: It is now commonplace for businesses to develop written codes of ethics to help guide the behavior of their employees. Topic: Ethics LO: 3 3. An emphasis on short-term profits may contribute to ethical breakdowns within a business. Answer: True Rationale: A criticism of U.S. business practices is that they are too “bottom-line” (that is, short-term profit) oriented. This orientation can lead to unethical actions by management to increase reported short-term profits. [Show More]
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