TESTBANK Accounting Principles 14th Edition by Jerry J. Weygandt, Paul D. Kimmel Chapters 1 - 27, Complete

Process Costing21A - 1


TESTBANK
Accounting Principles 14th Edition
by Jerry J. Weygandt, Paul D. Kimmel
Chapters 1 - 27, Complete

, 21A - 2 Test Bank for Accounting Principles, Fourteenth Edition




TABLE OF CONTENTS

1 Accounting in Action

2 The Recording Process

3 Adjusting the Accounts

4 Completing the Accounting Cycle

5 Accounting for Merchandising Operations

6 Inventories

7 Accounting Information Systems

8 Fraud, Internal Control, and Cash

9 Accounting for Receivables

10 Plant Assets, Natural Resources, and Intangible Assets

11 Current Liabilities and Payroll Accounting

12 Accounting for Partnerships

13 Corporations: Organization and Capital Stock
Transactions

14 Corporations: Dividends, Retained Earnings, and Income

, Process Costing21A - 3
Reporting

15 Long-Term Liabilities

16 Investments

17 Statement of Cash Flows

18 Financial Analysis: The Big Picture

19 Managerial Accounting

20 Job Order Costing

21 Process Costing

22 Cost-Volume-Profit

23 Incremental Analysis

24 Budgetary Planning

25 Budgetary Control and Responsibility Accounting

26 Standard Costs and Balanced Scorecard

27 Planning for Capital Investments

, 21A - 4 Test Bank for Accounting Principles, Fourteenth Edition




TRUE-FALSE STATEMENTS
1. Owners of business firms are the only people who need accounting information.

Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Reporting, AICPA PC: None, IMA: Reporting



2. Transactions that can be measured in dollars and cents are recorded in the financial
information system.

Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and Interpretation, AICPA
PC: None, IMA: Reporting



3. The hiring of a new company president is an economic event recorded by the financial
information system.


Ans: F, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and Interpretation, AICPA
PC: None, IMA: Reporting

4. Management of a business enterprise is the major external user of information.


Ans: F, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and Interpretation, AICPA
PC: None, IMA: Reporting


5. Accounting communicates financial information about a business enterprise to bothinternal and
external users.


Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and Interpretation, AICPA
PC: None, IMA: Reporting


6. Accounting information is used only by external users with a financial interest in abusiness
enterprise.


Ans: F, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and Interpretation, AICPA
PC: None, IMA: Reporting



7. Financial statements are the major means of communicating accounting information to
interested parties.


Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and Interpretation, AICPA
PC: None, IMA: Reporting



8. Bookkeeping and accounting are one and the same because the bookkeeping functionincludes
the accounting process.

Ans: F, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Governance Perspective, AICPA FC: Measurement Analysis and Interpretation, AICPA
PC: None, IMA: Reporting



9. The origins of accounting are attributed to Luca Pacioli, a famous mathematician.