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 N N N




Chapter 1 An Introduction to Accounting
N N N N N




Chapter 2 Accounting for Accruals and Deferrals
N N N N N N




Chapter 3 Accounting for Merchandising Businesses
N N N N N




Chapter 4 Internal Controls, Accounting for Cash, and Ethics
N N N N N N N N




Chapter 5 Accounting for Receivables and Inventory Cost Flow
N N N N N N N N




Chapter 6 Accounting for Long-Term Operational Assets
N N N N N N




Chapter 7 Accounting for Liabilities
N N N N




Chapter 8 Proprietorships, Partnerships, and Corporations
N N N N N




Chapter 9 Financial Statement Analysis
N N N N




Chapter 10 An Introduction to Management Accounting
N N N N N N




Chapter 11 Cost Behavior, Operating Leverage, and Profitability Analysis
N N N N N N N N




Chapter 12 Cost Accumulation, Tracing, and Allocation
N N N N N N




Chapter 13 Relevant Information for Special Decisions
N N N N N N




Chapter 14 Planning for Profit and Cost Control
N N N N N N N




Chapter 15 Performance Evaluation
N N N




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,Chapter 16 Planning for Capital Investments
N N N N N N Chap 01 7e Edmon ds
N N N




Answers are at the end of each chapter
N N N N N N N




1) WhichNofNtheNfollowingNgroupsNhasNtheNprimaryNresponsibilityNforNestablishingNge
nerallyNacceptedNaccountingNprinciplesNforNbusinessNentitiesNinNtheNUnitedNState s?
A) SecuritiesNandNExchangeNCommission
B) U.S.NCongress
C) InternationalNAccountingNStandardsNBoard
D) FinancialNAccountingNStandardsNBoard



2) TheNHeritageNCompanyNisNaNmanufacturerNofNofficeNfurniture.NWhichNtermNbestNd
escribesNHeritage'sNroleNinNsociety?
A) Business
B) RegulatoryNagency
C) Consumer
D) ResourceNowner



3) WhichNresourceNprovidersNlendNfinancialNresourcesNtoNaNbusinessNwithNtheNexpe
ctationNofNrepaymentNwithNinterest?
A) Consumers
B) Creditors
C) Investors
D) Owners



4) WhichNtypeNofNaccountingNinformationNisNintendedNtoNsatisfyNtheNneedsNofNexternal
NusersNofNaccountingNinformation?
A) CostNaccounting
B) ManagerialNaccounting
C) TaxNaccounting
D) FinancialNaccounting



5) WhichNofNtheNfollowingNisNfalseNregardingNmanagerialNaccountingNinformation?
A) ItNisNoftenNusedNbyNinvestors.
B) ItNisNmoreNdetailedNthanNfinancialNaccountingNinformation.
C) ItNcanNincludeNnonfinancialNinformation.
D) ItNfocusesNonNdivisionalNratherNthanNoverallNprofitability.

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, 6) FinancialNaccountingNstandardsNareNknownNcollectivelyNasNGAAP.NWhatNdoesNthatN
acronymNstandNfor?
A) GenerallyNAcceptedNAccountingNPrinciples
B) GenerallyNAppliedNAccountingNProcedures
C) GovernmentallyNApprovedNAccountingNPractices
D) GenerallyNAuthorizedNAuditingNPrinciples



7) InternationalNaccountingNstandardsNareNformulatedNbyNtheNIASB.NWhatNdoesNthatN
acronymNstandNfor?
A) InternationallyNAcceptedNStandardsNBoard
B) InternationalNAccountingNStandardsNBoard
C) InternationalNAccountabilityNStandardsNBureau
D) InternationalNAccountingNandNSustainabilityNBoard



8) JackNHenryNborrowedN$800,000NfromNWaltNBankNtoNopenNaNnewNbikeNstoreNcalledN
WoodenNWheels.NJackNtransferredN$650,000NofNtheNcashNthatNheNborrowedNtoNtheNs
toreNonNtheNfirstNdayNofNtheNyear.NHowNmanyNreportingNentitiesNexistNinNthisNscenario?
A) OneNreportingNentity
B) TwoNreportingNentities
C) ThreeNreportingNentities
D) FourNreportingNentities
9) JackNHenryNborrowedN$800,000NfromNWaltNBankNtoNopenNaNnewNbikeNstoreNcalledNW
oodenNWheels.NJackNtransferredN$650,000NofNtheNcashNheNborrowedNtoNWoodenNW
heelsNonNtheNfirstNdayNofNtheNyear.NWhichNofNtheNfollowingNappropriatelyNreflectsNtheN
cashNtransactionsNbetweenNtheseNreportingNentities?
Option JackNHenry WoodenNWheels WaltNBank
A. $ 150,000Nincrease $N650,000 $N800,000 increase decrease
B. $ 800,000Nincrease $N650,000 $N150,000 increase decrease
C. $ 800,000Ndecrease $N800,000 $N650,000 increase decrease
D. $ 650,000Nincrease $N150,000 $N800,000
increase decrease
A) OptionNA
B) OptionNB
C) OptionNC
D) OptionND



10) EllenNGatsbyNandNherNsiblings,NBenNandNSarah,NstartedNGatsbyNCompanyNwhen
NtheyNeachNinvestedN$100,000NinNtheNcompany.NAfterNtheNinvestmentsNthereNwillN be
A) oneNreportingNentity.

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