Test Bank for Survey of Accounting, 7th Edition by Edmonds & Olds, ISBN: 9781264442973, All 16 Chapters Covered, Verified Latest Edition

TEST BANK v v




Survey of Accounting, 7th Edition
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by Edmonds & Olds Complete 16 Chapters
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,TABLE OF CONTENTS v v v




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




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




B) U.S. Congress v




C) International Accounting Standards Board v v v




D) Financial Accounting Standards Board v v v




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




C) Consumer
D) Resource owner v




3) Which resource providers lend financial resources to a business with the
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expectation ofrepayment with interest?
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A) Consumers
B) Creditors
C) Investors
D) Owners



4) Which type of accounting information is intended to satisfy the needs of external
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users ofaccounting information?
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A) Cost accounting v




B) Managerial accounting v




C) Tax accounting v




D) Financial accounting v




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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D) It focuses on divisional rather than overall profitability.
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, 6) Financial accounting standards are known collectively as GAAP. What does that
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acronymstand for?
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A) Generally Accepted Accounting Principles v v v




B) Generally Applied Accounting Procedures v v v




C) Governmentally Approved Accounting Practices v v v




D) Generally Authorized Auditing Principles v v v




7) International accounting standards are formulated by the IASB. What does that
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acronymstand for?
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A) Internationally Accepted Standards Board v v v




B) International Accounting Standards Board v v v




C) International Accountability Standards Bureau v v v




D) International Accounting and Sustainability Board v v v v




8) Jack Henry borrowed $800,000 from Walt Bank to open a new bike store called
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Wooden Wheels. Jack transferred $650,000 of the cash that he borrowed to the
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store on the first dayof the year. How many reporting entities exist in this scenario?
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A) One reporting entity
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B) Two reporting entities
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C) Three reporting entities v v




D) Four reporting entitiesv v




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