Test Bank for Survey of Accounting (7th Edition) by Edmonds & Olds – Complete 16 Chapters with Exam Questions and Answers

TEST BANK


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




1

,TABLE OF CONTENTS sp sp sp




Chapter 1 An Introduction to Accounting
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Chapter 2 Accounting for Accruals and Deferrals
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Chapter 3 Accounting for Merchandising Businesses
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Chapter 4 Internal Controls, Accounting for Cash, and Ethics
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Chapter 5 Accounting for Receivables and Inventory Cost Flow
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Chapter 6 Accounting for Long-Term Operational Assets
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Chapter 7 Accounting for Liabilities
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Chapter 8 Proprietorships, Partnerships, and Corporations
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Chapter 9 Financial Statement Analysis
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Chapter 10 An Introduction to Management Accounting
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Chapter 11 Cost Behavior, Operating Leverage, and Profitability Analysis
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Chapter 12 Cost Accumulation, Tracing, and Allocation
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Chapter 13 Relevant Information for Special Decisions
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Chapter 14 Planning for Profit and Cost Control
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Chapter 15 Performance Evaluation
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2

,Chapter 16 Planning for Capital Investments
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3

, Chap 01 7e Edmonds
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Answers are at the end of each chapter sp sp sp sp sp sp sp




1) Which of the following groups has the primary responsibility for establishing generallyacc
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epted accounting principles for business entities in the United States?
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A) Securities and Exchange Commission sp sp sp




B) U.S. Congress sp




C) International Accounting Standards Board sp sp sp




D) Financial Accounting Standards Board sp sp sp




2) The Heritage Company is a manufacturer of office furniture. Which term best describesHe
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ritage's role in society?
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A) Business
B) Regulatory agency sp




C) Consumer
D) Resource owner sp




3) Which resource providers lend financial resources to a business with the expectation ofr
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epayment with interest? sp sp




A) Consumers
B) Creditors
C) Investors
D) Owners



4) Which type of accounting information is intended to satisfy the needs of external users ofac
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counting information? sp




A) Cost accounting sp




B) Managerial accounting sp




C) Tax accounting sp




D) Financial accounting sp




5) Which of the following is false regarding managerial accounting information?
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A) It is often used by investors.
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B) It is more detailed than financial accounting information.
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C) It can include nonfinancial information.
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4