TEST BANK Survey of Accounting, 7th Edition by Edmonds & Olds | All Chapters ( 1-16) | Complete Guide A+ TABLENOFNCONTENTSN ChapterN1NAnNIntroductionNtoNAccounting ChapterN2NAccountingNforNAccrualsNandNDeferrals ChapterN3NAccountingNforNMerchandisingNBusinesses ChapterN4NInternalNControls,NAccounti...
1) Which’of’the’following’groups’has’the’primary’responsibility’for’establishing’gener
ally’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
2) The’Heritage’Company’is’a’manufacturer’of’office’furniture.’Which’term’best’descri
bes’Heritage's’role’in’society?
A) Business
B) Regulatory’agency
C) Consumer
D) Resource’owner
3) Which’resource’providers’lend’financial’resources’to’a’business’with’the’expectati
on’of’repayment’with’interest?
A) Consumers
B) Creditors
C) Investors
D) Owners
4) Which’type’of’accounting’information’is’intended’to’satisfy’the’needs’of’external’user
s’of’accounting’information?
A) Cost’accounting
B) Managerial’accounting
C) Tax’accounting
D) Financial’accounting
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’acr
onym’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’acr
onym’stand’for?
A) Internationally’Accepted’Standards’Board
B) International’Accounting’Standards’Board
C) International’Accountability’Standards’Bureau
D) International’Accounting’and’Sustainability’Board
8) Jack’Henry’borrowed’$800,000’from’Walt’Bank’to’open’a’new’bike’store’called’Wood
en’Wheels.’Jack’transferred’$650,000’of’the’cash’that’he’borrowed’to’the’store’on’the’f
irst’day’of’the’year.’How’many’reporting’entities’exist’in’this’scenario?
A) One’reporting’entity
B) Two’reporting’entities
C) Three’reporting’entities
D) Four’reporting’entities
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