100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
Test Bank Accounting 9th Edition Australian Edition by Tracie Miller-Nobles, Brenda Mattison, Ella Mae Matsumura. Isbn. 9781488617362.R466,86
Add to cart
Test Bank Accounting 9th Edition Australian Edition by Tracie Miller-Nobles, Brenda Mattison, Ella Mae Matsumura. Isbn. 9781488617362.
1 view 0 purchase
Course
Managerial Accounting
Institution
Managerial Accounting
Test Bank Accounting 9th Edition Australian Edition by Tracie Miller-Nobles, Brenda Mattison, Ella Mae Matsumura. Isbn. 9781488617362.
Accounting Ninth Australian Edition Test Bank / Miller-Nobles 9th Edition Test Bank For Accounting / Accounting 9e Test Bank.
Test Bank For Accounting 9th Edition...
TEST BANK Test Bank Accounting 9th Australian
Edition by Tracie Miller-Nobles
Chapter 1: The Role of Accounting in Decision Making
Multiple choice:
Choose the alternative(s) that best completes the statement or answers the
question.
1. Users of management accounting information are most likely to be:
A. business managers.
B. potential investors.
C. customers.
D. creditors.
Answer: A
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 1 Explain why accounting is important
A-Head: Why is accounting important?
2. Which of the following are likely to be users of financial accounting information?
A. Taxing authorities
B. Potential investors
C. Creditors
D. All of the above
Answer: D
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 1 Explain why accounting is important
A-Head: Why is accounting important?
True/False: Write 'T' if the statement is true and 'F' if the statement is false.
3. Accounting is the information system that measures business activity, processes the
data into reports and communicates the results to decision makers.
A. True
B. False
Answer: True
Difficulty: Basic
,AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 1 Explain why accounting is important
A-Head: Why is accounting important?
4. Outside investors would ordinarily use financial accounting information to decide
whether or not to invest in a business.
A. True
B. False
Answer: True
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 1 Explain why accounting is important
A-Head: Why is accounting important?
5. Management accounting focuses on information for decision makers outside of the
business, such as outside investors and lenders.
A. True
B. False
Answer: False
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 1 Explain why accounting is important
A-Head: Why is accounting important?
6. Accounting is 'the language of business'.
A. True
B. False
Answer: True
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 1 Explain why accounting is important
A-Head: Why is accounting important?
7. An investor is someone who lends money to a business.
A. True
B. False
Answer: False
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
,Learning Objective: 1 Explain why accounting is important
A-Head: Why is accounting important?
8. A creditor is a party that has an ownership interest in a business.
A. True
B. False
Answer: False
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 1 Explain why accounting is important
A-Head: Why is accounting important?
9. Different users of financial statements (investors, creditors, tax authorities, etc.) all
focus on the same parts of the financial statements for the information they need.
A. True
B. False
Answer: False
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 1 Explain why accounting is important
A-Head: Why is accounting important?
Short answer: Write the word or phrase that best completes each statement
or answers the question.
10. How would you describe management accounting?
Answer: Management accounting focuses on information for internal decision making.
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 1 Explain why accounting is important
A-Head: Why is accounting important?
Multiple choice: Choose the alternative(s) that best completes the statement
or answers the question.
11. The owners' claims to the assets of the business are called:
, A. owners' equity.
B. expenses.
C. revenues.
D. liabilities.
Answer: A
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 2 Describe the accounting equation, and define assets, liabilities and
equity
A-Head: What is the accounting equation?
12. Which of the following is the CORRECT accounting equation?
A. Assets + Revenue = Liabilities + Expenses
B. Assets = Liabilities + Owners' equity
C. Assets + Revenue = Owners' equity
D. Assets + Liabilities = Owners' equity
Answer: B
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 2 Describe the accounting equation, and define assets, liabilities and
equity
A-Head: What is the accounting equation?
13. A debt that a business owes to an outside party is called:
A. revenue.
B. a liability.
C. an asset.
D. owners' equity.
Answer: B
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 2 Describe the accounting equation, and define assets, liabilities and
equity
A-Head: What is the accounting equation?
14. The economic resources of a business such as furniture, building and land are its:
A. assets.
B. revenues.
C. liabilities.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller docusity. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R466,86. You're not tied to anything after your purchase.
