100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Introduction to Financial Accounting International Edition 8th Edition Curtis L Norton Gary A Porter - Test Bank $22.67
Add to cart
Quickly navigate to
Preview
  2.  
  3. Accounting - Test Bank
  4.  
  5. Accounting - Test Bank
  6.  
  7. Accounting - Test Bank

Exam (elaborations)

Introduction to Financial Accounting International Edition 8th Edition Curtis L Norton Gary A Porter - Test Bank
 15 views  0 purchase
  • Course
  • Accounting - Test Bank
  • Institution
  • Accounting - Test Bank

Chapter 1: Accounting as a Form of Communication MULTIPLE CHOICE 1. Trailways Busline is an example of a a. producer b. supplier c. retailer d. service provider ANS: D REF: pp. 4-5 STA: AICPA: FN-Reporting | ACBSP: APC-03-Business Forms KEY: Bloom's: Application PTS: 1 OBJ: LO: 01-01 2...

[Show more]

Preview 4 out of 941  pages

Document information

  • September 16, 2023
  • 941
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • complete test bank
  • all chapters included
  • introduction to financial accounting international

Written for

  • Accounting - Test Bank
  • Accounting - Test Bank
  • Accounting - Test Bank
All documents for this subject (74)

Seller

avatar-seller
ExamsExpert

Reviews received

Content preview

,Chapter 1: Accounting as a Form of Communication


MULTIPLE CHOICE
1. Trailways Busline is an example of a
a. producer
b. supplier
c. retailer
d. service provider
ANS: D PTS: 1 DIF: Difficulty: Easy
REF: pp. 4-5 OBJ: LO: 01-01 NAT: BUSPROG: Communication
STA: AICPA: FN-Reporting | ACBSP: APC-03-Business Forms
KEY: Bloom's: Application
2. All of the following are examples of manufacturers except:
a. Whirlpool
b. Boeing
c. Amazon.com
d. Ford
ANS: C PTS: 1 DIF: Difficulty: Easy
REF: pp. 4-5 OBJ: LO: 01-01 NAT: BUSPROG: Communication
STA: AICPA: FN-Reporting | ACBSP: APC-03-Business Forms
KEY: Bloom's: Application
3. The three forms of business entities are:
a. Government, cooperatives, and philanthropic organizations
b. Financing, investing, and operating
c. Sole proprietorships, partnerships, and corporations
d. Wholesaler, manufacturer, and retailer
ANS: C PTS: 1 DIF: Difficulty: Easy
REF: pp. 6-7 OBJ: LO: 01-02 NAT: BUSPROG: Communication
STA: AICPA: FN-Reporting | ACBSP: APC-03-Business Forms
KEY: Bloom's: Knowledge
4. Which of the following statements would be true if you own stock in a company?
a. You are an owner of the retained earnings and capital stock of the company.
b. You have a claim to the assets of the business
c. You have the right to receive interest on an annual basis.
d. You have the right to a portion of the company’s revenues each accounting period.
ANS: B PTS: 1 DIF: Difficulty: Moderate
REF: pp. 6-7 OBJ: LO: 01-02 NAT: BUSPROG: Communication
STA: AICPA: FN-Reporting | ACBSP: APC-03-Business Forms
KEY: Bloom's: Comprehension




© 2013 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different
from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.

,5. Which of the following statements best describes the term “revenues”?
a. Revenues represent an outflow of assets resulting from the sale of goods or services.
b. Revenues represent assets received from the sale of products or services.
c. Revenues represent assets used or consumed in the sale of products or services.
d. Revenues represent the dollar amount of bonds sold to the public.
ANS: B PTS: 1 DIF: Difficulty: Moderate
REF: pp. 8-10 OBJ: LO: 01-03 NAT: BUSPROG: Analytic
STA: AICPA: FN-Reporting |ACBSP: APC-02-GAAP KEY: Bloom's: Comprehension
6. Which one of the following events involves a liability for a business?
a. Loans to be repaid to banks
b. Inventories purchased for cash
c. Amounts invested by the owners
d. Stock sold to the general public
ANS: A PTS: 1 DIF: Difficulty: Moderate
REF: pp. 8-10 OBJ: LO: 01-03 NAT: BUSPROG: Analytic
STA: AICPA: FN-Measurement | ACBSP: APC-02-GAAP KEY: Bloom's: Comprehension
7. Which of the following best describes the term “expenses”?
a. The amount of total profits earned by a business since it began operations.
b. The amount of interest or claim that the owners have in the business.
c. The future economic resources of a business entity.
d. The outflow of assets resulting from the sale of goods and services.
ANS: D PTS: 1 DIF: Difficulty: Easy
REF: pp. 8-10 OBJ: LO: 01-03 NAT: BUSPROG: Communication
STA: AICPA: FN-Reporting | ACBSP: APC-02-GAAP KEY: Bloom's: Comprehension
8. The inflow of assets resulting from the sale of products and services is called a(n)
a. asset
b. liability
c. revenue
d. expense
ANS: C PTS: 1 DIF: Difficulty: Easy
REF: p. 10 OBJ: LO: 01-03 NAT: BUSPROG: Analytic
STA: AICPA: FN-Measurement | ACBSP: APC-09-Financial Statements
KEY: Bloom's: Knowledge
9. The costs of doing business through the sale of goods and services are called
a. Net income
b. Expenses
c. Revenues
d. Dividends
ANS: B PTS: 1 DIF: Difficulty: Easy
REF: pp. 8-10 OBJ: LO: 01-03 NAT: BUSPROG: Communication
STA: AICPA: FN-Reporting |ACBSP: APC-09-Financial Statements
KEY: Bloom's: Knowledge




© 2013 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different
from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.

, 10. Which of the following best describes the term “assets”?
a. The amount of total profits earned by a business since it began operations.
b. The amount of interest or claim that the owners have in the business.
c. The economic resources of a business entity.
d. The cumulative profits earned by a business less any dividends distributed.
ANS: C PTS: 1 DIF: Difficulty: Easy
REF: pp. 8-10 OBJ: LO: 01-03 NAT: BUSPROG: Communication
STA: AICPA: FN-Reporting |ACBSP: APC-09-Financial Statements
KEY: Bloom's: Comprehension
11. Which one of the following business decisions will least likely require financial information?
a. The National Bank is reviewing the loan application from Petra’s Restaurant.
b. Petra’s Restaurant is attempting to sell its stock to the public.
c. The labor union representing Winn’s Fitness Spa employees is negotiating a pay raise as
part of a new labor agreement.
d. Petra’s Restaurant management is deciding whether to wash its catering vans today or
tomorrow.
ANS: D PTS: 1 DIF: Difficulty: Moderate
REF: pp. 11-12 OBJ: LO: 01-04 NAT: BUSPROG: Analytic
STA: AICPA: FN-Reporting | ACBSP: APC-01-Purpose KEY: Bloom's: Application
12. Which of the following would be internal users of accounting information?
a. Customers and vendors
b. Employees and managers
c. Government and banks
d. Employees and customers
ANS: B PTS: 1 DIF: Difficulty: Easy
REF: p. 13 OBJ: LO: 01-04 NAT: BUSPROG: Communication
STA: AICPA: FN-Reporting | ACBSP: APC-03-Business Forms
KEY: Bloom's: Comprehension
13. Which of the following would be classified as external users of financial statements?
a. Stockholders and management of the company
b. The controller of the company and a company's stockholders
c. The company's marketing managers
d. The creditors and stockholders of the company
ANS: D PTS: 1 DIF: Difficulty: Easy
REF: pp. 11-12 OBJ: LO: 01-04 NAT: BUSPROG: Communication
STA: AICPA: FN-Reporting | ACBSP: APC-03-Business Forms
KEY: Bloom's: Comprehension
14. Which one of the following is not an external user of financial information?
a. Company management
b. Internal Revenue Service
c. Creditors
d. Stockholders
ANS: A PTS: 1 DIF: Difficulty: Easy
REF: pp. 11-12 OBJ: LO: 01-04 NAT: BUSPROG: Communication
STA: AICPA: FN-Reporting | ACBSP: APC-01-Purpose KEY: Bloom's: Comprehension




© 2013 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different
from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamsExpert. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $22.67. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

52510 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$22.67
  • (0)
Add to cart
Added