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

TEST BANK f f




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




Chapter 1 An Introduction to Accounting Chapter 2
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Accounting for Accruals and Deferrals
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Chapter 3 Accounting for Merchandising Businesses Chapter 4
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Internal Controls, Accounting for Cash, and Ethics
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Chapter 5 Accounting for Receivables and Inventory Cost Flow Cha
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pter 6 Accounting for Long-
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Term Operational Assets Chapter 7 Accounting for Liabilities
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Chapter 8 Proprietorships, Partnerships, and Corporations Cha
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pter 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 Cha
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pter 12 Cost Accumulation, Tracing, and Allocation
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Chapter 13 Relevant Information for Special Decisions Ch
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apter 14 Planning for Profit and Cost Control Chapter 15 P
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erformance Evaluation f




Chapter 16 Planning for Capital Investments
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,Chap 01 7e Edmon ds
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Answers are at the end of each chapter
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1) Whichfofftheffollowingfgroupsfhasfthefprimaryfresponsibilityfforfestablishingfgefner
allyacceptedfaccountingfprinciplesfforfbusinessfentitiesfinfthefUnitedfStatefs?
A) SecuritiesfandfExchangefCommission
B) U.S.f Congress
C) InternationalfAccountingfStandardsfBoard
D) FinancialfAccountingfStandardsfBoard



2) ThefHeritagefCompanyfisfafmanufacturerfoffofficeffurniture.fWhichftermfbestfdfescri
besHeritage'sfrolefinfsociety?
A) Business
B) Regulatoryfagency
C) Consumer
D) Resourcefowner



3) Whichfresourcefprovidersflendffinancialfresourcesftofafbusinessfwithfthefexpefctati
onfofrepaymentfwithfinterest?
A) Consumers
B) Creditors
C) Investors
D) Owners



4) Whichftypefoffaccountingfinformationfisfintendedftofsatisfyfthefneedsfoffexternalfuser
sfofaccountingfinformation?
A) Costfaccounting
B) Managerialfaccounting
C) Taxfaccounting
D) Financialfaccounting



5) Whichfofftheffollowingfisffalsefregardingfmanagerialfaccountingfinformation?
A) Itfisfoftenf usedfbyfinvestors.
B) Itfisfmorefdetailedfthanffinancialfaccountingfinformation.
C) Itfcanfincludefnonfinancialfinformation.
D) Itffocusesfonfdivisionalfratherfthanfoverallfprofitability.




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, 6) FinancialfaccountingfstandardsfarefknownfcollectivelyfasfGAAP.fWhatfdoesfthatfacr
onymstandffor?
A) GenerallyfAcceptedfAccountingfPrinciples
B) GenerallyfAppliedfAccountingfProcedures
C) GovernmentallyfApprovedfAccountingfPractices
D) GenerallyfAuthorizedfAuditingfPrinciples



7) InternationalfaccountingfstandardsfarefformulatedfbyfthefIASB.fWhatNdoesfthatfacr
onymstandffor?
A) InternationallyfAcceptedfStandardsfBoard
B) InternationalfAccountingfStandardsfBoard
C) InternationalfAccountabilityfStandardsfBureau
D) InternationalfAccountingfandfSustainabilityfBoard



8) JackfHenryfborrowedf$800,000ffromfWaltfBankftofopenfafnewfbikefstorefcalledfWoode
nfWheels.fJackftransferredf$650,000foffthefcashfthatfhefborrowedftofthefsftorefonftheffir
stfdayoffthefyear.fHowfmanyfreportingfentitiesfexistfinfthisfscenario?
A) Onefreportingfentity
B) Twofreportingfentities
C) Threefreportingfentities
D) Fourfreportingfentities




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