Accounting Test Bank

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...

Fundamentals of Cost Accounting, 6e (Lanen) Chapter 1 Cost Accounting: Information for Decision Making 1) The value chain comprises activities from research and development through the production process but does not include activities related to the distribution of products or services. Answer: FALSE Explanation: The value chain comprises activities from research and development (R&D) through the production process and including distribution and customer service. Difficulty: 1 Easy Topic:...

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 ...

Chapter 01 - An Introduction to Accounting Chapter 01 An Introduction to Accounting Answer Key Short Answer Questions 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. 1. Walker Co. issued common stock for $150,000 cash. Answer: (I) (N) (I) (N) (N) (N) (I) Learning Objective: 01-02 Level of Learning: 2 Medium Topic Area: Recording Business Events Unde...

g Principles Learning Objective: 01-C4 Explain generally accepted accounting principles and define and apply several accounting principles. Bloom's: Understand AACSB/Accessibility: Communication / Keyboard Navigation AICPA: BB Legal; FN Reporting 107) A partnership: A) Is also called a sole proprietorship. B) Has unlimited liability for its partners. C) Has to have a written agreement in order to be legal. D) Is a legal organization separate from its owners. E) Has owners called shareh...

Chapter 01 Accounting in Business MULTIPLE CHOICE QUESTIONS 1) Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. A) True B) False Answer: A Explanation: Diff: 1 Topic: Importance of Accounting Learning Objective: 01-C1 Explain the purpose and importance of accounting. Bloom's: Remember AACSB: Communication AICPA: BB Industry; FN Decision Making 2) ...

Chapter 1—Accounting and the Financial Statements TRUE/FALSE 1. There are more corporations than sole proprietorships and partnerships in the United States. ANS: F PTS: 1 DIF: Easy OBJ: 1-1 NAT: AICPAFN-Reporting|AACSBCommunication|ACBSP-APC-01-Purpose 2. The three main business activities are financing, operating, and investing. ANS: T PTS: 1 DIF: Easy OBJ: 1-2 NAT: AICPAFN-Reporting|AACSBCommunication|ACBSP-APC-03-BusinessForms 3. Internal users of accounting information include pres...

Chapter 1: Accounting as a Form of Communication True / False 1. An auto repair company is not an example of a manufacturer. a. True b. False ANSWER: DIFFICULTY: REFERENCES: LEARNING OBJECTIVES: KEYWORDS: True Easy pp. 4-5 FACC.PONO.13.01-01 - LO: 01-01 Bloom's: Applying 2. A department store is an example of a manufacturer. a. True b. False ANSWER: DIFFICULTY: REFERENCES: LEARNING OBJECTIVES: KEYWORDS: False Easy pp. 4-5 FACC.PONO.13.01-01 - LO: 01-01 Bloom's: Applying 3. Th...