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




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,TABLE OF CONTENTS sx sx sx




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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,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
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1) Which of the following groups has the primary responsibility for establishing generallyac
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cepted accounting principles for business entities in the United States?
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A) Securities and Exchange Commission sx sx sx




B) U.S. Congress sx




C) International Accounting Standards Board sx sx sx




D) Financial Accounting Standards Board sx sx sx




2) The Heritage Company is a manufacturer of office furniture. Which term best describes
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Heritage's role in society? sx sx sx




A) Business
B) Regulatory agency sx




C) Consumer
D) Resource owner sx




3) Which resource providers lend financial resources to a business with the expectation of
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repayment with interest? sx sx




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



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




A) Cost accounting sx




B) Managerial accounting sx




C) Tax accounting sx




D) Financial accounting sx




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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