ACCOUNTING Test-Bank

Test Bank For Ethical Obligations and Decision Making in Accounting 5Th Ed By Steven Mintz

Accounting - What the Numbers Mean, 12e (Marshall) Chapter 3 Fundamental Interpretations Made from Financial Statement Data 1) Financial statement ratios support informed judgments and decision making most effectively: A) when viewed for a single year. B) when viewed as a trend of entity data. C) when compared to an industry average for the most recent year. D) when the trend of entity data is compared to the trend of industry data. Answer: D Difficulty: 2 Medium Topic: Illustration of T...

True / False Answers 1. The Object Management Group maintains the standard for Unified Modeling Language (UML) Class diagrams. Answer: True AICPA: Analytic AICPA BB: Leveraging Technology AICPA FN: Leveraging Technology Blooms: Remember Difficulty: 1 Easy Learning Objective: 03-01 Understand the purpose of structure models Source: Original Topic: Structure Models 2. Unified Modeling Language (UML) Class diagrams describe the logical structure of a database system. Answer: True AICPA: Analy...

File: Chapter 04 - Consolidated Financial Statements and Outside Ownership Multiple Choice: [QUESTION] 1. For business combinations involving less than 100 percent ownership, the acquirer recognizes and measures all of the following at the acquisition date except: A) Identifiable assets acquired, at fair value. B) Liabilities assumed, at book value. C) Non-controlling interest, at fair value. D) Goodwill, or a gain from bargain purchase. E) None of these choices is correct. Answer: B L...

Beechy, Trivedi, MacAulay Advanced Financial Accounting, Seventh Edition Chapter 3 Business Combinations 1) Which of the following is not a business combination? A) Statutory amalgamation B) Joint venture C) A company's purchase of 100% of another company's net assets D) A company's purchase of 80% of another company's voting shares Answer: B Page Ref: 86-88 Learning Obj.: 3.1, 3.2 Difficulty: Easy 2) Under IFRS 3, Business Combinations, which method must be used to account for busines...

Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Reference: 03-08 The Bus Company uses a job-order costing system. The following information was recorded for September: Job Number 1 2 3 4 September 1 Inventory $1,000 1,400 500 750 Direct Materials $ 300 250 1,500 4,000 Direct Labour $200 300 150 400 Added During September The direct labou...

Chapter 3 The Balance Sheet and Financial Disclosures True/False Questions 1. The balance sheet reports a company's financial position at a point in time. Answer: True Level of Learning: 1 Easy Learning Objective: 03-01 Topic Area: Balance sheet–Usefulness-Limits-Elements Blooms: Remember AACSB: Reflective thinking AICPA: BB Critical thinking AICPA: FN Measurement 2. A company’s market value is generally less than its book value. Answer: False Level of Learning: 1 Easy Learning...

1. The business entity that converts purchased raw materials into finished goods by using labor, technology, and facilities is a: a. Manufacturer. b. Merchandiser. c. Service business. d. Not-for-profit service agency. ANSWER: a RATIONALE: The business entity that converts purchased raw materials into finished goods by using labor, technology, and facilities is a manufacturer. POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: PRIN.EDWA.16.1 - Introduction ACCREDITIN...

CHAPTER 15(14) – FINANCIAL STATEMENT ANALYSIS 1. Comparable financial statements are designed to compare the financial statements of two or more corporations. a. True b. False ANSWER: DIFFICULTY: LEARNING OBJECTIVES: ACCREDITING STANDARDS: False Easy Bloom’s: Remembering ACCT.WARD.16. ACCT.ACBSP.APC.23 - Financial Statement Analysis ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic 2. In horizontal analysis, the current year is the base year. a. True b. False ANSWER: DIFFICULTY: ...

Chapter 01 Test Bank – Static KEY 1. What type of accounting system is part of an organisation's management information system for internal use only? A. Financial accounting B. Management accounting C.Governmental accounting D. All of the given answers AACSB: Reflective Difficulty: Easy Learning Objective: 1.03 Describe the major differences between management accounting and financial accounting information Topic: Role of Management Accountant in Value Creation AACSB: Reflective Difficu...