Test Bank for Survey of Accounting, 7th Edition by Edmonds & Olds, ISBN: 9781264442973, All 16 Chapters Covered, Verified Latest Edition Test Bank for Survey of Accounting, 7th Edition by Edmonds & Olds, ISBN: 9781264442973, All 16 Chapters Covered, Verified Latest Edition Test bank and solution ma...
TEST BANK
Survey of Accounting, 7th Edition
by Edmonds & Olds Complete 16 Chapters
1
,TABLE OF CONTENTS v v v
Chapter 1 An Introduction to Accounting
v v v v v
Chapter 2 Accounting for Accruals and Deferrals
v v v v v v
Chapter 3 Accounting for Merchandising Businesses
v v v v v
Chapter 4 Internal Controls, Accounting for Cash, and Ethics
v v v v v v v v
Chapter 5 Accounting for Receivables and Inventory Cost Flow
v v v v v v v v
Chapter 6 Accounting for Long-Term Operational Assets
v v v v v v
Chapter 7 Accounting for Liabilities
v v v v
Chapter 8 Proprietorships, Partnerships, and Corporations
v v v v v
Chapter 9 Financial Statement Analysis
v v v v
Chapter 10 An Introduction to Management Accounting
v v v v v v
Chapter 11 Cost Behavior, Operating Leverage, and Profitability Analysis
v v v v v v v v
Chapter 12 Cost Accumulation, Tracing, and Allocation
v v v v v v
Chapter 13 Relevant Information for Special Decisions
v v v v v v
Chapter 14 Planning for Profit and Cost Control
v v v v v v v
Chapter 15 Performance Evaluation
v v v
Chapter 16 Planning for Capital Investments
v v v v v v
2
,Chap 01 7e Edmon
v v v
ds
Answers are at the end of each chapter
v v v v v v v
1) Whichvofvthevfollowingvgroupsvhasvthevprimaryvresponsibilityvforvestablishingvgen
erallyvacceptedvaccountingvprinciplesvforvbusinessventitiesvinvthevUnitedvStates?
A) SecuritiesvandvExchangevCommission
B) U.S.vCongress
C) InternationalvAccountingvStandardsvBoard
D) FinancialvAccountingvStandardsvBoard
2) ThevHeritagevCompanyvisvavmanufacturervofvofficevfurniture.vWhichvtermvbestvdes
cribesvHeritage'svrolevinvsociety?
A) Business
B) Regulatoryvagency
C) Consumer
D) Resourcevowner
3) Whichvresourcevprovidersvlendvfinancialvresourcesvtovavbusinessvwithvthevexpect
ationvofvrepaymentvwithvinterest?
A) Consumers
B) Creditors
C) Investors
D) Owners
4) Whichvtypevofvaccountingvinformationvisvintendedvtovsatisfyvthevneedsvofvexternalvu
sersvofvaccountingvinformation?
A) Costvaccounting
B) Managerialvaccounting
C) Taxvaccounting
D) Financialvaccounting
5) Whichvofvthevfollowingvisvfalsevregardingvmanagerialvaccountingvinformation?
A) Itvisvoftenvusedvbyvinvestors.
B) Itvisvmorevdetailedvthanvfinancialvaccountingvinformation.
C) Itvcanvincludevnonfinancialvinformation.
D) Itvfocusesvonvdivisionalvrathervthanvoverallvprofitability.
3
, 6) FinancialvaccountingvstandardsvarevknownvcollectivelyvasvGAAP.vWhatvdoesvthatvac
ronymvstandvfor?
A) GenerallyvAcceptedvAccountingvPrinciples
B) GenerallyvAppliedvAccountingvProcedures
C) GovernmentallyvApprovedvAccountingvPractices
D) GenerallyvAuthorizedvAuditingvPrinciples
7) InternationalvaccountingvstandardsvarevformulatedvbyvthevIASB.vWhatvdoesvthatva
cronymvstandvfor?
A) InternationallyvAcceptedvStandardsvBoard
B) InternationalvAccountingvStandardsvBoard
C) InternationalvAccountabilityvStandardsvBureau
D) InternationalvAccountingvandvSustainabilityvBoard
8) JackvHenryvborrowedv$800,000vfromvWaltvBankvtovopenvavnewvbikevstorevcalledvWoo
denvWheels.vJackvtransferredv$650,000vofvthevcashvthatvhevborrowedvtovthevstorevonv
thevfirstvdayvofvthevyear.vHowvmanyvreportingventitiesvexistvinvthisvscenario?
A) Onevreportingventity
B) Twovreportingventities
C) Threevreportingventities
D) Fourvreportingventities
4
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