Test Bank for Survey of Accounting, 7th Edition by Thomas Edmonds AND VERYFIED ANSWERS INCLUDEDTest Bank for Survey of Accounting, 7th Edition by Thomas Edmonds AND VERYFIED ANSWERS INCLUDEDTest Bank for Survey of Accounting, 7th Edition by Thomas Edmonds AND VERYFIED ANSWERS INCLUDEDTest Bank for ...
Test Bank for Survey of Accounting, 7th Edition by Thomas
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Edmonds and verified answers included
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AnswershyIncluded ✅
Chaphy01hy7ehyEdmon
ds
1) Whichhyofhythehyfollowinghygroupshyhashythehyprimaryhyresponsibilityhyforhyestablishinghyge
nerallyhyacceptedhyaccountinghyprincipleshyforhybusinesshyentitieshyinhythehyUnitedhyStates?
A) SecuritieshyandhyExchangehyCommission
B) U.S.hyCongress
C) InternationalhyAccountinghyStandardshyBoard
D) FinancialhyAccountinghyStandardshyBoard
2) ThehyHeritagehyCompanyhyishyahymanufacturerhyofhyofficehyfurniture.hyWhichhytermhybesthyd
escribeshH
y eritage'shyrolehyinhysociety?
A) Business
B) Regulatoryhyagency
C) Consumer
D) Resourcehyowner
3) Whichhyresourcehyprovidershylendhyfinancialhyresourceshytohyahybusinesshywithhythehyexpect
ationhyofhyrepaymenthywithhyinterest?
A) Consumers
B) Creditors
C) Investors
D) Owners
4) Whichhytypehyofhyaccountinghyinformationhyishyintendedhytohysatisfyhythehyneedshyofhyexternalh
yusershyofhyaccountinghyinformation?
A) Costhyaccounting
B) Managerialhyaccounting
C) Taxhyaccounting
D) Financialhyaccounting
5) Whichhyofhythehyfollowinghyishyfalsehyregardinghymanagerialhyaccountinghyinformation?
A) Ithyishyoftenhyusedhybyhyinvestors.
B) Ithyishymorehydetailedhythanhyfinancialhyaccountinghyinformation.
C) Ithycanhyincludehynonfinancialhyinformation.
1
,6) FinancialhyaccountinghystandardshyarehyknownhycollectivelyhyashyGAAP.hyWhathydoeshythathya
cronymhsy tandhyfor?
A) GenerallyhyAcceptedhyAccountinghyPrinciples
B) GenerallyhyAppliedhyAccountinghyProcedures
C) GovernmentallyhyApprovedhyAccountinghyPractices
D) GenerallyhyAuthorizedhyAuditinghyPrinciples
7) InternationalhyaccountinghystandardshyarehyformulatedhybyhythehyIASB.hyWhathydoeshythathya
cronymhsy tandhyfor?
A) InternationallyhyAcceptedhyStandardshyBoard
B) InternationalhyAccountinghyStandardshyBoard
C) InternationalhyAccountabilityhyStandardshyBureau
D) InternationalhyAccountinghyandhySustainabilityhyBoard
8) JackhyHenryhyborrowedhy$800,000hyfromhyWalthyBankhytohyopenhyahynewhybikehystorehycalledhy
WoodenhyWheels.hyJackhytransferredhy$650,000hyofhythehycashhythathyhehyborrowedhytohythehysto
rehyonhythehyfirsthydayhyofhythehyyear.hyHowhymanyhyreportinghyentitieshyexisthyinhythishyscenario?
A) Onehyreportinghyentity
B) Twohyreportinghyentities
C) Threehyreportinghyentities
D) Fourhyreportinghyentities
3
, 9) JackhyHenryhyborrowedhy$800,000hyfromhyWalthyBankhytohyopenhyahynewhybikehystorehycalledhyW
oodenhyWheels.hyJackhytransferredhy$650,000hyofhythehycashhyhehyborrowedhytohyWoodenhyWhee
lshyonhythehyfirsthydayhyofhythehyyear.hyWhichhyofhythehyfollowinghyappropriatelyhyreflectshythehyca
shhytransactionshybetweenhythesehyreportinghyentities?
Option JackhyHenry WoodenhyWheels WalthyBank
A. $ 150,000hyincrease $hy650,000 $hy800,000
increase decrease
B. $ 800,000hyincrease $hy650,000 $hy150,000
increase decrease
C. $ 800,000hydecrease $hy800,000 $hy650,000
increase decrease
D. $ 650,000hyincrease $hy150,000 $hy800,000
increase decrease
A) OptionhyA
B) OptionhyB
C) OptionhyC
D) OptionhyD
10) EllenhyGatsbyhyandhyherhysiblings,hyBenhyandhySarah,hystartedhyGatsbyhyCompanyhywhenhyth
eyhyeachhiynvestedhy$100,000hyinhythehycompany.hyAfterhythehyinvestmentshytherehywillhybe
A) onehyreportinghyentity.
B) twohyreportinghyentities.
C) threehyreportinghyentities.
D) fourhyreportinghyentities.
11) JohnhyHamiltonhyborrowedhy$528,000hyfromhyStonehyCreekhyBankhytohyopenhyahynewhyrestauranth
calledhySauce-It-
y
Up.hyJohnhytransferredhy$475,200hyofhythehycashhyhehyborrowedhytohythehyrestauranthyonhythehyfirsthy
dayhyofhythehyyear.hyHowhymanyhyreportinghyentitieshyexisthyinhythishyscenario?
A) Twohyreportinghyentities
B) Threehyreportinghyentities
C) Onehyreportinghyentity
D) Fourhyreportinghyentities
4
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