78 Accounting Test Banks Bundle Package - Complete Test Banks With Answers

CHAPTER 1 ACCOUNTING IN ACTION CHAPTER LEARNING OBJECTIVES 1. Identify the use and users of accounting and the objective of financial reporting. Accounting is the information system that identifies, records, and communicates the economic events of an organization to a wide variety of inte...

CHAPTER 9 LONG-LIVED ASSETS CHAPTER STUDY OBJECTIVES 1. Calculate the cost of property, plant, and equipment. The cost of property, plant, and equipment includes all costs that are necessary to acquire the asset and make it ready for its intended use. All costs that benefit future periods (that is...

TRUE/FALSE 1. The accounting profession has been regulated by Congress since the 1880s when it became clear that accounting was an important instrument in America for conducting business. ANSWER: F 2. The SEC was created by Congress to replace the AICPA’s standard-setting group. ANSW...

Accounting, Vol. 1, 9e Cdn. Ed. (Horngren et al.) Chapter 2 Recording Business Transactions Objective 2-1 1) The basic summary device of accounting is the account. Answer: TRUE Diff: 1 Learning Outcome: A-03 Analyze and record transactions and their effects on the financial statements ...

Accounting, Vol. 2, 9e Cdn. Ed. (Horngren) Chapter 11 Current Liabilities and Payroll Objective 11-1 1) Accrued interest on a note payable should be credited to interest payable. Answer: TRUE Diff: 1 Type: TF Learning Outcome: A-12 Define and record current and contingent liabilitie...

Chapter 3—Consolidated Statements: Subsequent to Acquisition MULTIPLE CHOICE Scenario 3-1 Pedro purchased 100% of the common stock of the Sanburn Company on January 1, 20X1, for $500,000. On that date, the stockholders' equity of Sanburn Company was $380,000. On the purchase date, invent...

Accounting - What the Numbers Mean, 12e (Marshall) Chapter 3 Fundamental Interpretations Made from Financial Statement Data 1) Financial statement ratios support informed judgments and decision making most effectively: A) when viewed for a single year. B) when viewed as a trend of entity da...

Chapter 03 International Convergence of Financial Reporting Multiple Choice Questions 1. According to Sir Bryan Carsberg, former IASC Secretary-General, what is the most significant cost of accounting diversity? A) The time expended by accountants to create multiple sets of financial sta...

Introduction to Management Accounting, 16e (Horngren) Chapter 3 Measurement of Cost Behavior 3.1 Questions 1) Managers can influence the amount of fixed and variable costs in a firm through decisions about ________. A) product attributes B) capacity level C) amount of high technology e...

CHAPTER 2 A FURTHER LOOK AT FINANCIAL STATEMENTS SUMMARY OF QUESTIONS BY LEARNING OBJECTIVE AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 12. 3 C 23. 5 K 34. 7 K 45. 7 K 2. 1 K 13. 3 C 24. 5 K 35. 7 C 46. 7 K 3. 1 K 14. 3 K 25. 5 ...

Managerial Accounting, 16e (Garrison) Appendix 2A Activity-Based Absorption Costing 1) Feauto Manufacturing Corporation has a traditional costing system in which it applies manufacturing overhead to its products using a predetermined overhead rate based on direct labor-hours (DLHs). The company...

Chapter 03 Product Costing and Cost Accumulation in a Batch Production Environment True / False Questions 1. Manufacturing overhead is a pool of indirect production costs that must somehow be attached to each unit manufactured. True False 2. Electricity costs that were incur...

Chapter 03 Product Costing and Cost Accumulation in a Batch Production Environment True / False Questions 1. Manufacturing overhead is a pool of indirect production costs that must somehow be attached to each unit manufactured. True False 2. Electricity costs that were i...

Chapter 3 Product Costing and Cost Accumulation in a Batch Production Environment Answer Key True / False Questions 1. Product or service cost is a very objective number that anyone could agree on. FALSE AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Measurement Bl...

CHAPTER 1 MANAGERIAL ACCOUNTING SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 C 9. 1 K 17. 2 C 25. 3 C 33. 2 C 2. 1 K 10. 2 K 18. 2 K 26. 3 C 34. 2 K 3. 1 K 11. 2 K 19. 2 K 27. 3 K 35...

1. The Federal Insurance Contributions Act levies a tax upon the gross earnings of self-employed persons. a. True b. False ANSWER: False POINTS: 1 2. FICA includes partnerships in its definition of employer. a. True b. False ANSWER: True POINTS: 1 3. In its defi...

Question Type Difficulty LO1: Direct and indirect costs LO2: DM, DL, Manuf. overhead LO3: Period and product costs LO4: Variable, fixed, and mixed costs LO5: High-low method LO6: Income statement formats LO7: Decision-making cost classifications Professional exam adapted 1 T/F E x 2 T/F E...

True / False 1. Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash basis of accounting. a. True b. False ANSWER: True DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: ACCT.WARD.18.03-01 - 03-01 ACCREDITING STANDARDS: ...

Accounting Information Systems, 14e, Global Edition (Romney/Steinbart) Chapter 3 Systems Documentation Techniques 1 Prepare and use data flow diagrams to understand, evaluate, and document information systems. 1) Graphical representations of information are often supplemented by A) narr...

1. At a plant where car doors are manufactured, all of the following would be classified as direct labor except: a. Machinists. b. Assembly workers. c. Supervisor. d. Painters. ANSWER: c RATIONALE: Maintenance workers, while integral to the manufacturing process as they keep th...

Chapter 1 – Introduction to Business Accounting and the Role of Professional Skills COMPLETION 1. Information explosion, evolving forms of businesses, more complex business activities, increased regulations, globalisation and technological advances are all factors affecting the ______________of...

CHAPTER 1: INTRODUCTION TO COST ACCOUNTING 1. The business entity that converts purchased raw materials into finished goods by using labor, technology, and facilities is a: a. Manufacturer. b. Merchandiser. c. Service business. d. Not-for-profit service agency. ANSWER: RATIONALE: POINTS: DIFF...

Chapter 1 1. The objective of most businesses is to maximize profits. ANSWER: POINTS: DIFFICULTY: LEARNING OBJECTIVES: NATIONAL STANDARDS: STATE STANDARDS: KEYWORDS: True 1 Easy SACC.W ARR.15.01 United States - BUSPORG: Analytic United States - AK - DISC: AICPA: FN-Measurement Bloom's: K...

Appendix A True / False 1. The state of economic development can affect accounting standards. a. True b. False ANSWER: DIFFICULTY: REFERENCES: LEARNING OBJECTIVES: NATIONAL STANDARDS: ACCREDITING STANDARDS: KEYWORDS: True Easy pp. A-2-A-3 FACC.PONO.18.A-01 - LO: A-01 United States - BUSPR...

Conceptual and Case Analysis Frameworks for Financial Reporting Multiple Choice Questions 1. Which of the following would NOT be a reason to obtain a greater understanding of accounting practices in other nations? A. Financial results are disclosed in different currencies. B. One needs to be awa...

Chapter 1 True / False 1. The Fair Labor Standards Act is commonly known as the Federal Wage and Hour Law. a. True b. False ANSWER: POINTS: DIFFICULTY: QUESTION TYPE: HAS VARIABLES: LEARNING OBJECTIVES: ACCREDITINGSTANDARDS: DATE CREATED: DATE MODIFIED: True 1 Easy True / False False ...

Payroll Accounting 2019, 5e (Landin) Chapter 1 Payroll Practices and System Fundamentals 1) Internal payroll reports are used to inform a firm's managers and decision-makers about labor costs. Answer: TRUE Difficulty: 1 Easy Topic: Identify Legislation That Pertains to Payroll and Business Le...

Payroll Accounting 2019, 5e (Landin) Chapter 1 Payroll Practices and System Fundamentals 1) Internal payroll reports are used to inform a firm's managers and decision-makers about labor costs. Answer: TRUE Difficulty: 1 Easy Topic: Identify Legislation That Pertains to Payroll and Business Le...

Managerial Accounting, 16e (Garrison) Chapter 1 Managerial Accounting and Cost Concepts 1) A factory supervisor's salary would be classified as an indirect cost with respect to a unit of product. Answer: TRUE Difficulty: 2 Medium Topic: Cost Classifications for Assigning Costs to Cost Objects ...

Managerial Accounting, 4e (Whitecotton) Chapter 1 Introduction to Managerial Accounting 1) Financial accounting information is generally used exclusively by internal parties such as managers. Answer: FALSE Explanation: Financial accounting information is used by external parties; managerial acco...

Chapter 1 1. The managerial activity of monitoring a plan's implementation and taking corrective action as needed is referred to as decision making. ANSWER: False POINTS: 1 DIFFICULTY: Easy QUESTION TYPETrue / False : a. True b. False HAS VARIABLES:False LEARNING OBJEACCT.MOWE.18.1-1 - LO:...

Chapter 1—Introduction to Managerial Accounting TRUE/FALSE 1. Management accounting information is only used by manufacturing organizations. ANS: F PTS: 1 DIF: Easy OBJ: 1-1 NAT: AACSBAnalytic|AICPABB-Industry|IMA-BusinessApplications|ACBSP-APC-25- Managerial Characteristics/Terminology 2. T...

Managerial Accounting, 7e (Wild) Chapter 1 Managerial Accounting Concepts and Principles 1) Managerial accounting is an activity that helps managers determine costs of products and services, plan future activities, and compare actual to planned results. Answer: TRUE Difficulty: 1 Easy Topic: Pu...

Managerial Accounting for Managers, 5e (Noreen) Chapter 1 Managerial Accounting and Cost Concepts 1) A factory supervisor's salary would be classified as an indirect cost with respect to a unit of product. Answer: TRUE Difficulty: 2 Medium Topic: Cost Classifications for Assigning Costs to Cost...

Chapter 5—Adjusting Entries and the Work Sheet 1. The matching of assets and expenses of a business on a periodic basis is referred to as the matching concept. a. True b. False ANSWER: POINTS: DIFFICULTY: LEARNING OBJECTIVES: ACCREDITING STANDARDS: TOPICS: KEYWORDS: NOTES: False 1 Easy ...

Chapter 01 Accounting: The Language of Business MULTIPLE CHOICE QUESTIONS 1) The purpose of accounting is to provide financial information about an economic or social entity. A) True B) False Answer: A Explanation: Diff: 1 Topic: What is Accounting Learning Objective: 01-01 Define accounting....

Chapter 1 - Introduction to Managerial Accounting 1. The managerial activity of monitoring a plan's implementation and taking corrective action as needed is referred to as decision making. ANSWER: False POINTS: 1 DIFFICULTY: Easy QUESTION TYPETrue / False : a. True b. False HAS VARIABLES:Fa...

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Chapter 1 - Introduction to Accounting and Business True / False 1. A merchandising business buys products from other businesses to sell to customers. a. True b. False ANSWER: DIFFICULTY: LEARNING OBJECTIVES: ACCREDITING STANDARDS: True Easy Bloom's: Remembering ACCT.WARD.18. ACCT.ACBSP.AP...

Chapter 1: Introduction to Business Activities and Overview of Financial Statements and the Reporting Process TRUE/FALSE 1. The activities of a business include establishing goals and strategies, obtaining financing, making investments and conducting operations. ANS: T PTS: 1 DIF: 1 REF: pp. 3-6 ...

Financial Accounting Fundamentals, 7e (Wild) Chapter 1 Accounting in Business 1) Accounting is an information and measurement system that identifies, records, and communicates an organization's business activities. Answer: TRUE Difficulty: 1 Easy Topic: Importance of Accounting Learning Object...

Financial Accounting, 9e (Wild) Chapter 1 Introducing Financial Statements 1) Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. Answer: TRUE Difficulty: 1 Eas...

Financial Accounting, 10e (Libby) Chapter 1 Financial Statements and Business Decisions 1) A business entity's accounting system creates financial accounting reports which are provided to external decision makers. Answer: TRUE Explanation: The accounting system collects financial data and produ...

65. For the most recent year, a company's current ratio was significantly lower than its industry average. What is the best possible explanation for this situation? a. The company’s competitors were profitable. b. The company’s liquidity has improved. © 2012 Cengage Learning. All Rights Res...

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 s...

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 ar...

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: Dif...

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 p...

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...

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 "...

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) 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 t...

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: ...

Chapter 01 - Business Decisions and Financial Accounting True / False Questions Chapter 01 Business Decisions and Financial Accounting 1. Building a new warehouse is an operating activity. TRUE Blooms: Understand Accessibility: Keyboard Navigation Difficulty: Easy Learning Objective: 01-02 D...

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 Ob...

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. T...

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 ...

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...

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 ma...

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...

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 ...

Chapter 01 Test Bank – Static KEY 1. What type of accounting system is part of an organisation's management information system for internal use only? A. Financial accounting B. Management accounting C.Governmental accounting D. All of the given answers AACSB: Reflective Difficulty: Easy Learn...

CHAPTER 15(14) – FINANCIAL STATEMENT ANALYSIS 1. Comparable financial statements are designed to compare the financial statements of two or more corporations. a. True b. False ANSWER: DIFFICULTY: LEARNING OBJECTIVES: ACCREDITING STANDARDS: False Easy Bloom’s: Remembering ACCT.WARD.16. A...