TEST BANK SURVEY OF ACCOUNTING, 7TH EDITION BY EDMONDS & OLDS COMPLETE 16 CHAPTERS

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




1

,TABLE OF CONTENTS
v v v




Chapterv1vAnvIntroductionvtovAccounting

Chapterv2vAccountingvforvAccrualsvandvDeferrals

Chapterv3vAccountingvforvMerchandisingvBusinesses

Chapterv4vInternalvControls,vAccountingvforvCash,vandvEthics

Chapterv5vAccountingvforvReceivablesvandvInventoryvCostvFlow

Chapterv6vAccountingvforvLong-TermvOperationalvAssets

Chapterv7vAccountingvforvLiabilities

Chapterv8vProprietorships,vPartnerships,vandvCorporations

Chapterv9vFinancialvStatementvAnalysis

Chapterv10vAnvIntroductionvtovManagementvAccounting

Chapterv11vCostvBehavior,vOperatingvLeverage,vandvProfitabilityvAnalysis

Chapterv12vCostvAccumulation,vTracing,vandvAllocation

Chapterv13vRelevantvInformationvforvSpecialvDecisions

Chapterv14vPlanningvforvProfitvandvCostvControl

Chapterv15vPerformancevEvaluation

Chapterv16vPlanningvforvCapitalvInvestmentsv



2

,Chapv01v7evEdmon
ds

Answersvarevatvthevendvofveachvchapter

1) Whichvofvthevfollowingvgroupsvhasvthevprimaryvresponsibilityvforvestablishingvgen
erallyvacceptedvaccountingvprinciplesvforvbusinessventitiesvinvthevUnitedvStates?
A) SecuritiesvandvExchangevCommission
B) U.S.vCongress
C) InternationalvAccountingvStandardsvBoard
D) FinancialvAccountingvStandardsvBoard



2) ThevHeritagevCompanyvisvavmanufacturervofvofficevfurniture.vWhichvtermvbestvde
scribesvHeritage'svrolevinvsociety?
A) Business
B) Regulatoryvagency
C) Consumer
D) Resourcevowner



3) Whichvresourcevprovidersvlendvfinancialvresourcesvtovavbusinessvwithvthevexpec
tationvofvrepaymentvwithvinterest?
A) Consumers
B) Creditors
C) Investors
D) Owners



4) Whichvtypevofvaccountingvinformationvisvintendedvtovsatisfyvthevneedsvofvexternalv
usersvofvaccountingvinformation?
A) Costvaccounting
B) Managerialvaccounting
C) Taxvaccounting
D) Financialvaccounting



5) Whichvofvthevfollowingvisvfalsevregardingvmanagerialvaccountingvinformation?
A) Itvisvoftenvusedvbyvinvestors.
B) Itvisvmorevdetailedvthanvfinancialvaccountingvinformation.
C) Itvcanvincludevnonfinancialvinformation.
D) Itvfocusesvonvdivisionalvrathervthanvoverallvprofitability.


3

, 6) FinancialvaccountingvstandardsvarevknownvcollectivelyvasvGAAP.vWhatvdoesvthatva
cronymvstandvfor?
A) GenerallyvAcceptedvAccountingvPrinciples
B) GenerallyvAppliedvAccountingvProcedures
C) GovernmentallyvApprovedvAccountingvPractices
D) GenerallyvAuthorizedvAuditingvPrinciples



7) InternationalvaccountingvstandardsvarevformulatedvbyvthevIASB.vWhatvdoesvthatva
cronymvstandvfor?
A) InternationallyvAcceptedvStandardsvBoard
B) InternationalvAccountingvStandardsvBoard
C) InternationalvAccountabilityvStandardsvBureau
D) InternationalvAccountingvandvSustainabilityvBoard



8) JackvHenryvborrowedv$800,000vfromvWaltvBankvtovopenvavnewvbikevstorevcalledvW
oodenvWheels.vJackvtransferredv$650,000vofvthevcashvthatvhevborrowedvtovthevstor
evonvthevfirstvdayvofvthevyear.vHowvmanyvreportingventitiesvexistvinvthisvscenario?
A) Onevreportingventity
B) Twovreportingventities
C) Threevreportingventities
D) Fourvreportingventities




4