ACCOUNTING Test-Bank

Introductory Financial Accounting for Business, 1e (Edmonds) Chapter3 AccountingforDeferrals Indicate how each event affects the financial statements model. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts. Increase = I Decrease = D Not Affected = NA (Note that "Not Affected" means that the event does not affect that element of the financial statements or that the event causes an increase in that element, which is offset b...

Chapter 1: Accounting as a Form of Communication MULTIPLE CHOICE 1. Trailways Busline is an example of a a. producer b. supplier c. retailer d. service provider ANS: D REF: pp. 4-5 STA: AICPA: FN-Reporting | ACBSP: APC-03-Business Forms KEY: Bloom's: Application PTS: 1 OBJ: LO: 01-01 2. All of the following are examples of manufacturers except: a. Whirlpool b. Boeing c. A d. Ford DIF: Difficulty: Easy NAT: BUSPROG: Communication a. Government, cooperatives, and philanthropic o...

CHAPTER 3: REVIEW OF A COMPANY’S ACCOUNTING SYSTEM TB_Ch03_Wahlen_Intermediate_2e_Update 1. The primary purpose of an accounting system is to record, organize. summarize, and report useful information to external financial statement users and stakeholders, as well as to company management, who make operating, investing and financing decisions. a. True b. False ANSWER: POINTS: DIFFICULTY: LEARNING OBJECTIVES: NATIONAL STANDARDS: LOCAL STANDARDS: KEYWORDS: True 1 Easy ACCT.WHAL.16.3.1 ...

Intermediate Accounting, 10e (Spiceland) Chapter 2 Review of the Accounting Process 1) Owners' equity can be expressed as assets minus liabilities. Answer: TRUE Difficulty: 1 Easy Topic: Accounting equation Learning Objective: 02-01 Understand routine economic events-transactions-and determine their effects on a company's financial position and on specific accounts. Bloom's: Remember AACSB: Reflective Thinking AICPA/Accessibility: BB Critical Thinking / Keyboard Navigation 2) Debits ...

Chapter 01 Environment and Theoretical Structure of Financial Accounting True / False Questions 1. The primary function of financial accounting is to provide relevant financial information to parties external to business enterprises. True False 2. Accrual accounting attempts to measure revenues and expenses that occurred during accounting periods so they equal net operating cash flow. True False 3. The FASB is currently the public-sector organization responsible for setting accounting stan...

Chapter 1—Financial Reporting MULTIPLE CHOICE 1. The following is NOT a major component of the financial statements: a. auditor’s opinion b. annual report c. explanatory notes d. balance sheet ANS: B PTS: 1 TOP: AICPA FN-Reporting DIF: Easy OBJ: LO 1 MSC: AACSB Reflective Thinking 2. The following are users of accounting information: a. stakeholders b. creditors c. investors d. all of the above ANS: D PTS: 1 TOP: AICPA FN-Reporting 3. Interested parties receive information ab...

Fundamentals of Financial Accounting, 6e (Phillips) Chapter 1 Business Decisions and Financial Accounting 1) Stockholders are owners of a corporation. Answer: TRUE Explanation: Stockholders are the owners of a corporation. Difficulty: 1 Easy Topic: Accounting for Business Decisions Learning Objective: 01-01 Describe various organizational forms and business decision makers. Bloom's: Understand AACSB: Analytical Thinking Accessibility: Keyboard Navigation 2) All corporations acquire fin...

AACSB: Knowledge Application AICPA: BB Critical Thinking AICPA: FN Measurement Feedback: Share of net income: $225,000 × 40% = $90,000 Fair value of 40% acquired: $150,000 + $300,000 = $450,000. Book value of 40% acquired: $1,100,000 x 40% = $440,000 $450,000 - $440,000 = $10,000 attributable to database Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Page 1-20 $10,000 / 4 = $2,500 $...

Fundamental Managerial Accounting Concepts, 9e (Edmonds) Chapter 1 Management Accounting and Corporate Governance 1) Ashley Bradshaw is the manager of one department in a large store. In this capacity, which of the following kinds of information would she be interested in? A) Economic data B) Financial data C) Nonfinancial data D) Financial, economic, and nonfinancial data 2) All of the following are features of managerial accounting except: A) information is provided primarily to insider...

Fundamental Financial Accounting Concepts, 10e (Edmonds) Chapter 1 An Introduction to Accounting Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts. (Note that "No Effect" means that the event does not effect that element of the financial statements or that the event causes an increase in that element is offset by a decrease in that same element.) Increase ...