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 OM OM OM
Chapter 1 An Introduction to Accounting
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Chapter 2 Accounting for Accruals and Deferrals
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Chapter 3 Accounting for Merchandising Businesses
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Chapter 4 Internal Controls, Accounting for Cash, and Ethics
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Chapter 5 Accounting for Receivables and Inventory Cost Flow
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Chapter 6 Accounting for Long-Term Operational Assets
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Chapter 7 Accounting for Liabilities
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Chapter 8 Proprietorships, Partnerships, and Corporations
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Chapter 9 Financial Statement Analysis
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Chapter 10 An Introduction to Management Accounting
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Chapter 11 Cost Behavior, Operating Leverage, and Profitability Analysis
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Chapter 12 Cost Accumulation, Tracing, and Allocation
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Chapter 13 Relevant Information for Special Decisions
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Chapter 14 Planning for Profit and Cost Control
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Chapter 15 Performance Evaluation
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Chapter 16 Planning for Capital Investments
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2
,Chap 01 7e Edmon
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ds
Answers are at the end of each chapter OM OM OM OM OM OM OM
1) Which of the following groups has the primary responsibility for establishing ge
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nerallyaccepted accounting principles for business entities in the United States
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?
A) Securities and Exchange Commission OM OM OM
B) U.S. Congress OM
C) International Accounting Standards Board OM OM OM
D) Financial Accounting Standards Board OM OM OM
2) The Heritage Company is a manufacturer of office furniture. Which term best d
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escribesHeritage's role in society?
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A) Business
B) Regulatory agency OM
C) Consumer
D) Resource owner OM
3) Which resource providers lend financial resources to a business with the expec
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tation ofrepayment with interest?
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A) Consumers
B) Creditors
C) Investors
D) Owners
4) Which type of accounting information is intended to satisfy the needs of external
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users ofaccounting information?
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A) Cost accounting OM
B) Managerial accounting OM
C) Tax accounting OM
D) Financial accounting OM
5) Which of the following is false regarding managerial accounting information?
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A) It is often used by investors.
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B) It is more detailed than financial accounting information.
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C) It can include nonfinancial information.
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D) It focuses on divisional rather than overall profitability.
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3
, 6) Financial accounting standards are known collectively as GAAP. What does that
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acronymstand for?O
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A) Generally Accepted Accounting Principles OM OM OM
B) Generally Applied Accounting Procedures OM OM OM
C) Governmentally Approved Accounting Practices OM OM OM
D) Generally Authorized Auditing Principles OM OM OM
7) International accounting standards are formulated by the IASB. What does that
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acronymstand for?O
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A) Internationally Accepted Standards Board OM OM OM
B) International Accounting Standards Board OM OM OM
C) International Accountability Standards Bureau OM OM OM
D) International Accounting and Sustainability Board OM OM OM OM
8) Jack Henry borrowed $800,000 from Walt Bank to open a new bike store called W
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ooden Wheels. Jack transferred $650,000 of the cash that he borrowed to the stor
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e on the first dayof the year. How many reporting entities exist in this scenario?
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A) One reporting entityOM OM
B) Two reporting entities
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C) Three reporting entities OM OM
D) Four reporting entities
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4
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