Survey of Accounting, 7th Edition – Edmonds & Olds – Complete Test Bank (Chapters 1–16)

TEST BANK


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




1

,TABLE OF CONTENTS hp hp hp




Chapter 1 An Introduction to Accounting
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Chapter 2 Accounting for Accruals and Deferrals
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Chapter 3 Accounting for Merchandising Businesses
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Chapter 4 Internal Controls, Accounting for Cash, and Ethics
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Chapter 5 Accounting for Receivables and Inventory Cost Flow
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Chapter 6 Accounting for Long-Term Operational Assets
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Chapter 7 Accounting for Liabilities
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Chapter 8 Proprietorships, Partnerships, and Corporations
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Chapter 9 Financial Statement Analysis
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Chapter 10 An Introduction to Management Accounting
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Chapter 11 Cost Behavior, Operating Leverage, and Profitability Analysis
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Chapter 12 Cost Accumulation, Tracing, and Allocation
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Chapter 13 Relevant Information for Special Decisions
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Chapter 14 Planning for Profit and Cost Control
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Chapter 15 Performance Evaluation
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Chapter 16 Planning for Capital Investments
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2

,Chap 01 7e Edmonds
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Answers are at the end of each chapter hp hp hp hp hp hp hp




1) Which of the following groups has the primary responsibility for establishing generallyaccep
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ted accounting principles for business entities in the United States?
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A) Securities and Exchange Commission hp hp hp




B) U.S. Congress hp




C) International Accounting Standards Board hp hp hp




D) Financial Accounting Standards Board hp hp hp




2) The Heritage Company is a manufacturer of office furniture. Which term best describesHerit
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age's role in society?
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A) Business
B) Regulatory agency hp




C) Consumer
D) Resource owner hp




3) Which resource providers lend financial resources to a business with the expectation ofrep
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ayment with interest? hp hp




A) Consumers
B) Creditors
C) Investors
D) Owners



4) Which type of accounting information is intended to satisfy the needs of external users ofacco
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unting information? hp




A) Cost accounting hp




B) Managerial accounting hp




C) Tax accounting hp




D) Financial accounting hp




5) Which of the following is false regarding managerial accounting information?
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A) It is often used by investors. hp hp hp hp hp




B) It is more detailed than financial accounting information.
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C) It can include nonfinancial information.
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, D) It focuses on divisional rather than overall profitability.
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