Full download please contact or qidiantiku.com
1. Award: 1.00 point
Which of the following groups has the primary responsibility for establishing generally accepted accounting principles for business entities in the United
States?
Securities and Exchange Commission
U.S. Congress
International Accounting Standards Board
Financial Accounting Standards Board
The Financial Accounting Standards Board is a privately funded group charged with establishing accounting standards for the U.S. It is not a branch of the U.S.
government.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Identify the ways accounting benefits
society.
2. Award: 1.00 point
The Heritage Company is a manufacturer of office furniture. Which term best describes Heritage's role in society?
Business
Regulatory agency
Consumer
Resource owner
Businesses transform basic resources provided by resource owners into goods and services that consumers demand. Regulatory agencies set policies that
affect the way that businesses operate.
References
Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Identify the ways accounting benefits
society.
3. Award: 1.00 point
Which resource providers lend financial resources to a business with the expectation of repayment with interest?
Consumers
Creditors
Investors
Owners
Businesses borrow money from creditors, and repay the amount borrowed, plus, when applicable, an additional fee known as interest. Investors, in contrast,
provide financial resources in exchange for ownership interest in the business.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Identify the ways accounting benefits
society.
Full download please contact or qidiantiku.com
,4. Full download
Award: 1.00 point please contact or qidiantiku.com
Which type of accounting information is intended to satisfy the needs of external users of accounting information?
Cost accounting
Managerial accounting
Tax accounting
Financial accounting
Financial accounting is intended to satisfy the needs of external users of accounting information. Managerial accounting, including cost accounting, is intended
for the needs of internal users, or managers, of a business. Tax accounting is specifically intended for tax regulatory agencies.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Identify the ways accounting benefits
society.
5. Award: 1.00 point
Which of the following is false regarding managerial accounting information?
It is often used by investors.
It is more detailed than financial accounting information.
It can include nonfinancial information.
It focuses on divisional rather than overall profitability.
Managerial accounting provides information primarily for internal users, or managers, of businesses. Managers require more detailed information about a
business than do external users, and sometimes that information is nonfinancial in nature. Managerial accounting information focuses on divisional rather than
overall profitability and is not typically made available to external users, such as investors.
References
Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Identify the ways accounting benefits
society.
6. Award: 1.00 point
Financial accounting standards are known collectively as GAAP. What does that acronym stand for?
Generally Accepted Accounting Principles
Generally Applied Accounting Procedures
Governmentally Approved Accounting Practices
Generally Authorized Auditing Principles
Generally Accepted Accounting Principles (referred to as GAAP) are established by the Financial Accounting Standards Board.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Identify the ways accounting benefits
society.
Full download please contact or qidiantiku.com
, 7. Full download
Award: 1.00 point please contact or qidiantiku.com
International accounting standards are formulated by the IASB. What does that acronym stand for?
Internationally Accepted Standards Board
International Accounting Standards Board
International Accountability Standards Bureau
International Accounting and Sustainability Board
The International Accounting Standards Board establishes accounting standards for most countries outside of the U.S.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Identify the ways accounting benefits
society.
8. Award: 1.00 point
Jack Henry borrowed $800,000 from Walt Bank to open a new bike store called Wooden Wheels. Jack transferred $650,000 of the cash that he borrowed to
the store on the first day of the year. How many reporting entities exist in this scenario?
One reporting entity
Two reporting entities
Three reporting entities
Four reporting entities
The three reporting entities are Jack Henry, Walt Bank, and Wooden Wheels. A separate set of accounting records would be kept for each entity.
References
Multiple Choice Difficulty: 2 Medium Learning Objective: 01-02 Identify reporting entities.
9. Award: 1.00 point
Jack Henry borrowed $800,000 from Walt Bank to open a new bike store called Wooden Wheels. Jack transferred $650,000 of the cash he borrowed to
Wooden Wheels on the first day of the year. Which of the following appropriately reflects the cash transactions between these reporting entities?
Option Jack Henry Wooden Wheels Walt Bank
A. $ 150,000 increase $ 650,000 increase $ 800,000 decrease
B. $ 800,000 increase $ 650,000 increase $ 150,000 decrease
C. $ 800,000 decrease $ 800,000 increase $ 650,000 decrease
D. $ 650,000 increase $ 150,000 increase $ 800,000 decrease
Option A
Option B
Option C
Option D
Jack Henry’s cash increase of $150,000 is calculated by subtracting the $650,000 in cash he transferred to Wooden Wheels from the $800,000 in cash he
borrowed from Walt Bank. Wooden Wheels will report an increase in cash of $650,000 from the transfer of cash from Jack Henry. Finally, Walt Bank will report
a decrease in cash of $800,000 due to the loan it provided Jack Henry.
References
Multiple Choice Difficulty: 2 Medium Learning Objective: 01-02 Identify reporting entities.
Full download please contact or qidiantiku.com
1. Award: 1.00 point
Which of the following groups has the primary responsibility for establishing generally accepted accounting principles for business entities in the United
States?
Securities and Exchange Commission
U.S. Congress
International Accounting Standards Board
Financial Accounting Standards Board
The Financial Accounting Standards Board is a privately funded group charged with establishing accounting standards for the U.S. It is not a branch of the U.S.
government.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Identify the ways accounting benefits
society.
2. Award: 1.00 point
The Heritage Company is a manufacturer of office furniture. Which term best describes Heritage's role in society?
Business
Regulatory agency
Consumer
Resource owner
Businesses transform basic resources provided by resource owners into goods and services that consumers demand. Regulatory agencies set policies that
affect the way that businesses operate.
References
Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Identify the ways accounting benefits
society.
3. Award: 1.00 point
Which resource providers lend financial resources to a business with the expectation of repayment with interest?
Consumers
Creditors
Investors
Owners
Businesses borrow money from creditors, and repay the amount borrowed, plus, when applicable, an additional fee known as interest. Investors, in contrast,
provide financial resources in exchange for ownership interest in the business.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Identify the ways accounting benefits
society.
Full download please contact or qidiantiku.com
,4. Full download
Award: 1.00 point please contact or qidiantiku.com
Which type of accounting information is intended to satisfy the needs of external users of accounting information?
Cost accounting
Managerial accounting
Tax accounting
Financial accounting
Financial accounting is intended to satisfy the needs of external users of accounting information. Managerial accounting, including cost accounting, is intended
for the needs of internal users, or managers, of a business. Tax accounting is specifically intended for tax regulatory agencies.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Identify the ways accounting benefits
society.
5. Award: 1.00 point
Which of the following is false regarding managerial accounting information?
It is often used by investors.
It is more detailed than financial accounting information.
It can include nonfinancial information.
It focuses on divisional rather than overall profitability.
Managerial accounting provides information primarily for internal users, or managers, of businesses. Managers require more detailed information about a
business than do external users, and sometimes that information is nonfinancial in nature. Managerial accounting information focuses on divisional rather than
overall profitability and is not typically made available to external users, such as investors.
References
Multiple Choice Difficulty: 2 Medium Learning Objective: 01-01 Identify the ways accounting benefits
society.
6. Award: 1.00 point
Financial accounting standards are known collectively as GAAP. What does that acronym stand for?
Generally Accepted Accounting Principles
Generally Applied Accounting Procedures
Governmentally Approved Accounting Practices
Generally Authorized Auditing Principles
Generally Accepted Accounting Principles (referred to as GAAP) are established by the Financial Accounting Standards Board.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Identify the ways accounting benefits
society.
Full download please contact or qidiantiku.com
, 7. Full download
Award: 1.00 point please contact or qidiantiku.com
International accounting standards are formulated by the IASB. What does that acronym stand for?
Internationally Accepted Standards Board
International Accounting Standards Board
International Accountability Standards Bureau
International Accounting and Sustainability Board
The International Accounting Standards Board establishes accounting standards for most countries outside of the U.S.
References
Multiple Choice Difficulty: 1 Easy Learning Objective: 01-01 Identify the ways accounting benefits
society.
8. Award: 1.00 point
Jack Henry borrowed $800,000 from Walt Bank to open a new bike store called Wooden Wheels. Jack transferred $650,000 of the cash that he borrowed to
the store on the first day of the year. How many reporting entities exist in this scenario?
One reporting entity
Two reporting entities
Three reporting entities
Four reporting entities
The three reporting entities are Jack Henry, Walt Bank, and Wooden Wheels. A separate set of accounting records would be kept for each entity.
References
Multiple Choice Difficulty: 2 Medium Learning Objective: 01-02 Identify reporting entities.
9. Award: 1.00 point
Jack Henry borrowed $800,000 from Walt Bank to open a new bike store called Wooden Wheels. Jack transferred $650,000 of the cash he borrowed to
Wooden Wheels on the first day of the year. Which of the following appropriately reflects the cash transactions between these reporting entities?
Option Jack Henry Wooden Wheels Walt Bank
A. $ 150,000 increase $ 650,000 increase $ 800,000 decrease
B. $ 800,000 increase $ 650,000 increase $ 150,000 decrease
C. $ 800,000 decrease $ 800,000 increase $ 650,000 decrease
D. $ 650,000 increase $ 150,000 increase $ 800,000 decrease
Option A
Option B
Option C
Option D
Jack Henry’s cash increase of $150,000 is calculated by subtracting the $650,000 in cash he transferred to Wooden Wheels from the $800,000 in cash he
borrowed from Walt Bank. Wooden Wheels will report an increase in cash of $650,000 from the transfer of cash from Jack Henry. Finally, Walt Bank will report
a decrease in cash of $800,000 due to the loan it provided Jack Henry.
References
Multiple Choice Difficulty: 2 Medium Learning Objective: 01-02 Identify reporting entities.
Full download please contact or qidiantiku.com
