College Accounting – Test Bank (16th Ed., David Haddock, Chapters 1–30) | Questions & Answers

TEST BANK n




College Accounting Chapters 1-30, 16th Edition
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David Haddock, John Price, Michael Farina
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Version 1
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,  TABLE OF CONTENTS n n




Ch. 1 Accounting: The Language of Business
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Ch. 2 Analyzing Business Transactions
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Ch. 3 Analyzing Business Transactions Using T Accounts
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Ch. 4 The General Journal and the General Ledger
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Ch. 5 Adjustments and the Worksheet
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Ch. 6 Closing Entries and the Postclosing Trial Balance
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Ch. 7 Accounting for Sales and Accounts Receivable
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Ch. 8 Accounting for Purchases and Accounts Payable
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Ch. 9 Cash Receipts, Cash Payments, and Banking Procedures
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Ch. 10 Payroll Computations, Records, and Payment
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Ch. 11 Payroll Taxes, Deposits, and Reports
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Ch. 12 Accruals, Deferrals, and the Worksheet
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Ch. 13 Financial Statements and Closing Procedure
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Ch. 14 Accounting Principles and Reporting Standards
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Ch. 15 Accounts Receivable and Uncollectible Accounts
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Ch. 16 Notes Payable and Notes Receivable
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,Ch. 17 Merchandise Inventory
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Ch. 18 Property, Plant, and Equipment
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Ch. 19 Accounting for Partnerships
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Ch. 20 Corporations: Formation and Capital Stock Transactions
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Ch. 21 Corporate Earnings and Capital Transactions
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Ch. 22 Long-Term Bonds
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Ch. 23 Financial Statement Analysis
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Ch. 24 The Statement of Cash Flows
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Ch. 25 Departmentalized Profit and Cost Centers
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Ch. 26 Accounting for Manufacturing Activities
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Ch. 27 Job Order Cost Accounting
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Ch. 28 Process Cost Accounting
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Ch. 29 Controlling Manufacturing Costs: Standard Costs
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Ch. 30 Cost-Revenue Analysis for Decision Making
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Version 1
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, Answers are at the end of each Chapter n n n n n n n




Chapter 1 Accounting: The Language of Business n n n n n n




Student name:_ n n




1) What is the “language of business?” List three groups who use this financial information.
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Question Details n




Difficulty : 1 Easy n n n




Learning Objective : 01-01 Definen n n n




accounting.Topic : What is Accounting?
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Bloom's : Remember n n




AACSB : Analytical
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ThinkingAICPA : BB Industry
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AICPA : FN Decision Making
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Accessibility : Keyboard
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NavigationType : Static
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Learning Objective : 01-03 Identify the users of financial
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information.Gradable : manual
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Accessibility : Screen Reader Compatible n n n n




2) Cullen Company of country X and Shaw Industries of country Y have issued financial n n n n n n n n n n n n n




statements in compliance with the accounting principles of their respective countries. They would
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like to work together on a project and need to compare their current financial statements prior to
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starting the project. However, the accounting principles of the two countries differ.
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Whatorganization might they turn to regarding this issue? (Give both the full name of the
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organizationand its acronym.) What is the function of this organization?
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Version 1 n 4