Survey of Accounting 7th Edition – Complete Test Bank & Instructor Resources (2025)

TEST BANK l l




Survey of Accounting, 7th Edition
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by Edmonds & Olds Complete 16 Chapters
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,TABLEOFCONTENTS
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Chapterl1lAnlIntroductionltolAccountinglChapterl2

AccountinglforlAccrualslandlDeferrals
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Chapterl3lAccountinglforlMerchandisinglBusinesseslChapterl

4lInternallControls,lAccountinglforlCash,landlEthics

Chapterl5lAccountinglforlReceivableslandlInventorylCostlFlowlCha

pterl6lAccountinglforlLong-

TermlOperationallAssetslChapterl7lAccountinglforlLiabilities

Chapterl8lProprietorships,lPartnerships,landlCorporationslCh

apterl9lFinanciallStatementlAnalysis

Chapterl10lAnlIntroductionltolManagementlAccounting

Chapterl11lCostlBehavior,lOperatinglLeverage,landlProfitabilitylAnalysislCha

pterl12lCostlAccumulation,lTracing,landlAllocation

Chapterl13lRelevantlInformationlforlSpeciallDecisionslCh

apterl14lPlanninglforlProfitlandlCostlControllChapterl15lP

erformancelEvaluation

Chapterl16lPlanninglforlCapitallInvestments



2

,Chapl01l7elEdmonlds

Answers are at the end of each chapter
N N N N N N N




1) Whichloflthelfollowinglgroupslhaslthelprimarylresponsibilitylforlestablishinglgelner
allyacceptedlaccountinglprincipleslforlbusinesslentitieslinlthelUnitedlStatels?
A) SecuritieslandlExchangelCommission
B) U.S.l Congress
C) InternationallAccountinglStandardslBoard
D) FinanciallAccountinglStandardslBoard



2) ThelHeritagelCompanylislalmanufacturerloflofficelfurniture.lWhichltermlbestldlescr
ibesHeritage'slrolelinlsociety?
A) Business
B) Regulatorylagency
C) Consumer
D) Resourcelowner



3) Whichlresourcelprovidersllendlfinanciallresourcesltolalbusinesslwithlthelexpelctat
ionlofrepaymentlwithlinterest?
A) Consumers
B) Creditors
C) Investors
D) Owners



4) Whichltypeloflaccountinglinformationlislintendedltolsatisfylthelneedsloflexternalluse
rslofaccountinglinformation?
A) Costl accounting
B) Manageriallaccounting
C) Taxlaccounting
D) Financiallaccounting



5) Whichloflthelfollowinglislfalselregardinglmanageriallaccountinglinformation?
A) Itlisl oftenl usedlbylinvestors.
B) Itlislmoreldetailedlthanlfinanciallaccountinglinformation.
C) Itlcanlincludelnonfinanciallinformation.
D) Itlfocuseslonldivisionallratherlthanloveralllprofitability.




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, 6) FinanciallaccountinglstandardslarelknownlcollectivelylaslGAAP.lWhatldoeslthatlacr
onymstandlfor?
A) GenerallylAcceptedlAccountinglPrinciples
B) GenerallylAppliedlAccountinglProcedures
C) GovernmentallylApprovedlAccountinglPractices
D) GenerallylAuthorizedlAuditinglPrinciples



7) InternationallaccountinglstandardslarelformulatedlbylthelIASB.lWhatNdoeslthatlacr
onymstandlfor?
A) InternationallylAcceptedlStandardslBoard
B) InternationallAccountinglStandardslBoard
C) InternationallAccountabilitylStandardslBureau
D) InternationallAccountinglandlSustainabilitylBoard



8) JacklHenrylborrowedl$800,000lfromlWaltlBankltolopenlalnewlbikelstorelcalledlWood
enlWheels.lJackltransferredl$650,000loflthelcashlthatlhelborrowedltolthelsltorelonlthel
firstldayoflthelyear.lHowlmanylreportinglentitieslexistlinlthislscenario?
A) Onelreportinglentity
B) Twolreportinglentities
C) Threelreportinglentities
D) Fourlreportinglentities




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