Test bank survey of accounting 7th edition by mark edmonds philip olds // All chapters covered complete guide A+

,Chap 01 7e Edmon
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Answers are at the end of each chapter
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1) WhichNofNtheNfollowingNgroupsNhasNtheNprimaryNresponsibilityNforNestablishingNge
nerallyNacceptedNaccountingNprinciplesNforNbusinessNentitiesNinNtheNUnitedNState
s?
A) SecuritiesNandNExchangeNCommission
B) U.S.NCongress
C) InternationalNAccountingNStandardsNBoard
D) FinancialNAccountingNStandardsNBoard



2) TheNHeritageNCompanyNisNaNmanufacturerNofNofficeNfurniture.NWhichNtermNbestNd
escribesNHeritage'sNroleNinNsociety?
A) Business
B) RegulatoryNagency
C) Consumer
D) ResourceNowner



3) WhichNresourceNprovidersNlendNfinancialNresourcesNtoNaNbusinessNwithNtheNexpe
ctationNofNrepaymentNwithNinterest?
A) Consumers
B) Creditors
C) Investors
D) Owners



4) WhichNtypeNofNaccountingNinformationNisNintendedNtoNsatisfyNtheNneedsNofNexternal
NusersNofNaccountingNinformation?
A) CostNaccounting
B) ManagerialNaccounting
C) TaxNaccounting
D) FinancialNaccounting



5) WhichNofNtheNfollowingNisNfalseNregardingNmanagerialNaccountingNinformation?
A) ItNisNoftenNusedNbyNinvestors.
B) ItNisNmoreNdetailedNthanNfinancialNaccountingNinformation.
C) ItNcanNincludeNnonfinancialNinformation.
D) ItNfocusesNonNdivisionalNratherNthanNoverallNprofitability.
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,6) FinancialNaccountingNstandardsNareNknownNcollectivelyNasNGAAP.NWhatNdoesNthatN
acronymNstandNfor?
A) GenerallyNAcceptedNAccountingNPrinciples
B) GenerallyNAppliedNAccountingNProcedures
C) GovernmentallyNApprovedNAccountingNPractices
D) GenerallyNAuthorizedNAuditingNPrinciples



7) InternationalNaccountingNstandardsNareNformulatedNbyNtheNIASB.NWhatNdoesNthatN
acronymNstandNfor?
A) InternationallyNAcceptedNStandardsNBoard
B) InternationalNAccountingNStandardsNBoard
C) InternationalNAccountabilityNStandardsNBureau
D) InternationalNAccountingNandNSustainabilityNBoard



8) JackNHenryNborrowedN$800,000NfromNWaltNBankNtoNopenNaNnewNbikeNstoreNcalledN
WoodenNWheels.NJackNtransferredN$650,000NofNtheNcashNthatNheNborrowedNtoNtheNs
toreNonNtheNfirstNdayNofNtheNyear.NHowNmanyNreportingNentitiesNexistNinNthisNscenario?
A) OneNreportingNentity
B) TwoNreportingNentities
C) ThreeNreportingNentities
D) FourNreportingNentities




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, 9) JackNHenryNborrowedN$800,000NfromNWaltNBankNtoNopenNaNnewNbikeNstoreNcalledNW
oodenNWheels.NJackNtransferredN$650,000NofNtheNcashNheNborrowedNtoNWoodenNW
heelsNonNtheNfirstNdayNofNtheNyear.NWhichNofNtheNfollowingNappropriatelyNreflectsNtheN
cashNtransactionsNbetweenNtheseNreportingNentities?
Option JackNHenry WoodenNWheels WaltNBank
A. $ 150,000Nincrease $N650,000 $N800,000
increase decrease
B. $ 800,000Nincrease $N650,000 $N150,000
increase decrease
C. $ 800,000Ndecrease $N800,000 $N650,000
increase decrease
D. $ 650,000Nincrease $N150,000 $N800,000
increase decrease
A) OptionNA
B) OptionNB
C) OptionNC
D) OptionND


10) EllenNGatsbyNandNherNsiblings,NBenNandNSarah,NstartedNGatsbyNCompanyNwhen
NtheyNeachNinvestedN$100,000NinNtheNcompany.NAfterNtheNinvestmentsNthereNwillN
be
A) oneNreportingNentity.
B) twoNreportingNentities.
C) threeNreportingNentities.
D) fourNreportingNentities.



11) JohnNHamiltonNborrowedN$528,000NfromNStoneNCreekNBankNtoNopenNaNnewNrestaura
ntNcalledNSauce-It-
Up.NJohnNtransferredN$475,200NofNtheNcashNheNborrowedNtoNtheNrestaurantNonNtheNfir
stNdayNofNtheNyear.NHowNmanyNreportingNentitiesNexistNinNthisNscenario?
A) TwoNreportingNentities
B) ThreeNreportingNentities
C) OneNreportingNentity
D) FourNreportingNentities




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