TEST BANK
College Accounting 17th Edition David Haddock, John Price,
Michael Farin
Version 1 1
, TABLE OF CONTENTS
Ch. 1 Accounting: The Language of Business
Ch. 2 Analyzing Business Transactions
Ch. 3 Analyzing Business Transactions Using T Accounts
Ch. 4 The General Journal and the General Ledger
Ch. 5 Adjustments and the Worksheet
Ch. 6 Closing Entries and the Postclosing Trial Balance
Ch. 7 Accounting for Sales and Accounts Receivable
Ch. 8 Accounting for Purchases and Accounts Payable
Ch. 9 Cash Receipts, Cash Payments, and Banking Procedures
Ch. 10 Payroll Computations, Records, and Payment
Ch. 11 Payroll Taxes, Deposits, and Reports
Ch. 12 Accruals, Deferrals, and the Worksheet
Ch. 13 Financial Statements and Closing Procedure
Ch. 14 Accounting Principles and Reporting Standards
Ch. 15 Accounts Receivable and Uncollectible Accounts
Ch. 16 Notes Payable and Notes Receivable
Ch. 17 Merchandise Inventory
Ch. 18 Property, Plant, and Equipment
Version 1 2
,Ch. 19 Accounting for Partnerships
Ch. 20 Corporations: Formation and Capital Stock Transactions
Ch. 21 Corporate Earnings and Capital Transactions
Ch. 22 Long-Term Bonds
Ch. 23 Financial Statement Analysis
Ch. 24 The Statement of Cash Flows
Ch. 25 Departmentalized Profit and Cost Centers
Ch. 26 Accounting for Manufacturing Activities
Ch. 27 Job Order Cost Accounting
Ch. 28 Process Cost Accounting
Ch. 29 Controlling Manufacturing Costs: Standard Costs
Ch. 30 Cost-Revenue Analysis for Decision Making
Version 1 3
, Answers are at the end of each Chapter
Chapter 1 Accounting: The Language of Business
Student name:_
1) What is the “language of business?” List three groups who use this financial information.
Question Details
Difficulty : 1 Easy
Learning Objective : 01-01 Define accounting.
Topic : What is Accounting?
Bloom's : Remember
AACSB : Analytical Thinking
AICPA : BB Industry
AICPA : FN Decision Making
Accessibility : Keyboard Navigation
Type : Static
Learning Objective : 01-03 Identify the users of financial information.
Gradable : manual
Accessibility : Screen Reader Compatible
2) Cullen Company of country X and Shaw Industries of country Y have issued financial
statements in compliance with the accounting principles of their respective countries. They
would like to work together on a project and need to compare their current financial
statements prior to starting the project. However, the accounting principles of the two
countries differ. Whatorganization might they turn to regarding this issue? (Give both the full
name of the organizationand its acronym.) What is the function of this organization?
Version 1 4
College Accounting 17th Edition David Haddock, John Price,
Michael Farin
Version 1 1
, TABLE OF CONTENTS
Ch. 1 Accounting: The Language of Business
Ch. 2 Analyzing Business Transactions
Ch. 3 Analyzing Business Transactions Using T Accounts
Ch. 4 The General Journal and the General Ledger
Ch. 5 Adjustments and the Worksheet
Ch. 6 Closing Entries and the Postclosing Trial Balance
Ch. 7 Accounting for Sales and Accounts Receivable
Ch. 8 Accounting for Purchases and Accounts Payable
Ch. 9 Cash Receipts, Cash Payments, and Banking Procedures
Ch. 10 Payroll Computations, Records, and Payment
Ch. 11 Payroll Taxes, Deposits, and Reports
Ch. 12 Accruals, Deferrals, and the Worksheet
Ch. 13 Financial Statements and Closing Procedure
Ch. 14 Accounting Principles and Reporting Standards
Ch. 15 Accounts Receivable and Uncollectible Accounts
Ch. 16 Notes Payable and Notes Receivable
Ch. 17 Merchandise Inventory
Ch. 18 Property, Plant, and Equipment
Version 1 2
,Ch. 19 Accounting for Partnerships
Ch. 20 Corporations: Formation and Capital Stock Transactions
Ch. 21 Corporate Earnings and Capital Transactions
Ch. 22 Long-Term Bonds
Ch. 23 Financial Statement Analysis
Ch. 24 The Statement of Cash Flows
Ch. 25 Departmentalized Profit and Cost Centers
Ch. 26 Accounting for Manufacturing Activities
Ch. 27 Job Order Cost Accounting
Ch. 28 Process Cost Accounting
Ch. 29 Controlling Manufacturing Costs: Standard Costs
Ch. 30 Cost-Revenue Analysis for Decision Making
Version 1 3
, Answers are at the end of each Chapter
Chapter 1 Accounting: The Language of Business
Student name:_
1) What is the “language of business?” List three groups who use this financial information.
Question Details
Difficulty : 1 Easy
Learning Objective : 01-01 Define accounting.
Topic : What is Accounting?
Bloom's : Remember
AACSB : Analytical Thinking
AICPA : BB Industry
AICPA : FN Decision Making
Accessibility : Keyboard Navigation
Type : Static
Learning Objective : 01-03 Identify the users of financial information.
Gradable : manual
Accessibility : Screen Reader Compatible
2) Cullen Company of country X and Shaw Industries of country Y have issued financial
statements in compliance with the accounting principles of their respective countries. They
would like to work together on a project and need to compare their current financial
statements prior to starting the project. However, the accounting principles of the two
countries differ. Whatorganization might they turn to regarding this issue? (Give both the full
name of the organizationand its acronym.) What is the function of this organization?
Version 1 4
