Test Bank for Survey of Accounting 7e 7th Edition by Thomas Edmonds, Christopher Edmonds, Philip Olds, Frances McNair and Bor-Yi Tsay. Chapter 1 An Introduction to Accounting Chapter 2 Accounting for Accruals and Deferrals Chapter 3 Accounting for Merchandising Businesses Chapter 4 Internal Control...
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Survey of Accounting
Authors: Christopher Edmonds, Mark Edmonds and Jennifer Edmonds
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Chap 01 7e Edmonds
1) Which of the following groups has the primary responsibility for establishing generally
accepted accounting principles for business entities in the United States?
A) Securities and Exchange Commission
B) U.S. Congress
C) International Accounting Standards Board
D) Financial Accounting Standards Board
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2) The Heritage Company is a manufacturer of office furniture. Which term best describes
Heritage's role in society?
A) Business
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B) Regulatory agency
C) Consumer
D) Resource owner
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3) Which resource providers lend financial resources to a business with the expectation of
repayment with interest?
A) Consumers
B) Creditors
C) Investors
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D) Owners
4) Which type of accounting information is intended to satisfy the needs of external users of
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accounting information?
A) Cost accounting
B) Managerial accounting
C) Tax accounting
D) Financial accounting
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5) Which of the following is false regarding managerial accounting information?
A) It is often used by investors.
B) It is more detailed than financial accounting information.
C) It can include nonfinancial information.
D) It focuses on divisional rather than overall profitability.
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, 6) Financial accounting standards are known collectively as GAAP. What does that acronym
stand for?
A) Generally Accepted Accounting Principles
B) Generally Applied Accounting Procedures
C) Governmentally Approved Accounting Practices
D) Generally Authorized Auditing Principles
7) International accounting standards are formulated by the IASB. What does that acronym
stand for?
A) Internationally Accepted Standards Board
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B) International Accounting Standards Board
C) International Accountability Standards Bureau
D) International Accounting and Sustainability Board
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8) Jack Henry borrowed $800,000 from Walt Bank to open a new bike store called Wooden
Wheels. Jack transferred $650,000 of the cash that he borrowed to the store on the first day
of the year. How many reporting entities exist in this scenario?
A) One reporting entity
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B) Two reporting entities
C) Three reporting entities
D) Four reporting entities
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