TEST BANK SURVEY OF ACCOUNTING, 7TH EDITION BY EDMONDS & OLDS COMPLETE 16 CHAPTERS

TEST BANK
Survey of Accounting, 7th Edition
by Edmonds & Olds Complete 16 Chapters




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,TABLE OF CONTENTS
o o o




Chaptero1oAnoIntroductionotooAccounting

Chaptero2oAccountingoforoAccrualsoandoDeferrals

Chaptero3oAccountingoforoMerchandisingoBusinesses

Chaptero4oInternaloControls,oAccountingoforoCash,oandoEthics

Chaptero5oAccountingoforoReceivablesoandoInventoryoCostoFlow

Chaptero6oAccountingoforoLong-TermoOperationaloAssets

Chaptero7oAccountingoforoLiabilities

Chaptero8oProprietorships,oPartnerships,oandoCorporations

Chaptero9oFinancialoStatementoAnalysis

Chaptero10oAnoIntroductionotooManagementoAccounting

Chaptero11oCostoBehavior,oOperatingoLeverage,oandoProfitabilityoAnalysis

Chaptero12oCostoAccumulation,oTracing,oandoAllocation

Chaptero13oRelevantoInformationoforoSpecialoDecisions

Chaptero14oPlanningoforoProfitoandoCostoControl

Chaptero15oPerformanceoEvaluation

Chaptero16oPlanningoforoCapitaloInvestmentso



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,Chapo01o7eoEdmon
ds

Answersoareoatotheoendoofoeachochapter

1) Whichoofotheofollowingogroupsohasotheoprimaryoresponsibilityoforoestablishingoge
nerallyoacceptedoaccountingoprinciplesoforobusinessoentitiesoinotheoUnitedoStates
?
A) SecuritiesoandoExchangeoCommission
B) U.S.oCongress
C) InternationaloAccountingoStandardsoBoard
D) FinancialoAccountingoStandardsoBoard



2) TheoHeritageoCompanyoisoaomanufactureroofoofficeofurniture.oWhichotermobestod
escribesoHeritage'soroleoinosociety?
A) Business
B) Regulatoryoagency
C) Consumer
D) Resourceoowner



3) Whichoresourceoprovidersolendofinancialoresourcesotooaobusinessowithotheoexpe
ctationooforepaymentowithointerest?
A) Consumers
B) Creditors
C) Investors
D) Owners



4) Whichotypeoofoaccountingoinformationoisointendedotoosatisfyotheoneedsoofoexternalo
usersoofoaccountingoinformation?
A) Costoaccounting
B) Managerialoaccounting
C) Taxoaccounting
D) Financialoaccounting



5) Whichoofotheofollowingoisofalseoregardingomanagerialoaccountingoinformation?
A) Itoisooftenousedobyoinvestors.
B) Itoisomoreodetailedothanofinancialoaccountingoinformation.
C) Itocanoincludeononfinancialoinformation.
D) Itofocusesoonodivisionaloratherothanooveralloprofitability.
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, 6) FinancialoaccountingostandardsoareoknownocollectivelyoasoGAAP.oWhatodoesothato
acronymostandofor?
A) GenerallyoAcceptedoAccountingoPrinciples
B) GenerallyoAppliedoAccountingoProcedures
C) GovernmentallyoApprovedoAccountingoPractices
D) GenerallyoAuthorizedoAuditingoPrinciples



7) InternationaloaccountingostandardsoareoformulatedobyotheoIASB.oWhatodoesothato
acronymostandofor?
A) InternationallyoAcceptedoStandardsoBoard
B) InternationaloAccountingoStandardsoBoard
C) InternationaloAccountabilityoStandardsoBureau
D) InternationaloAccountingoandoSustainabilityoBoard



8) JackoHenryoborrowedo$800,000ofromoWaltoBankotooopenoaonewobikeostoreocalledoW
oodenoWheels.oJackotransferredo$650,000oofotheocashothatoheoborrowedotootheostor
eoonotheofirstodayoofotheoyear.oHowomanyoreportingoentitiesoexistoinothisoscenario?
A) Oneoreportingoentity
B) Twooreportingoentities
C) Threeoreportingoentities
D) Fouroreportingoentities




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