ACCOUNTING Test-Bank

Test Bank For Ethical Obligations and Decision Making in Accounting 5Th Ed By Steven Mintz

True / False Answers 1. The Object Management Group maintains the standard for Unified Modeling Language (UML) Class diagrams. Answer: True AICPA: Analytic AICPA BB: Leveraging Technology AICPA FN: Leveraging Technology Blooms: Remember Difficulty: 1 Easy Learning Objective: 03-01 Understand the purpose of structure models Source: Original Topic: Structure Models 2. Unified Modeling Language (UML) Class diagrams describe the logical structure of a database system. Answer: True AICPA: Analy...

Beechy, Trivedi, MacAulay Advanced Financial Accounting, Seventh Edition Chapter 3 Business Combinations 1) Which of the following is not a business combination? A) Statutory amalgamation B) Joint venture C) A company's purchase of 100% of another company's net assets D) A company's purchase of 80% of another company's voting shares Answer: B Page Ref: 86-88 Learning Obj.: 3.1, 3.2 Difficulty: Easy 2) Under IFRS 3, Business Combinations, which method must be used to account for busines...

Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Reference: 03-08 The Bus Company uses a job-order costing system. The following information was recorded for September: Job Number 1 2 3 4 September 1 Inventory $1,000 1,400 500 750 Direct Materials $ 300 250 1,500 4,000 Direct Labour $200 300 150 400 Added During September The direct labou...

Chapter 3 The Balance Sheet and Financial Disclosures True/False Questions 1. The balance sheet reports a company's financial position at a point in time. Answer: True Level of Learning: 1 Easy Learning Objective: 03-01 Topic Area: Balance sheet–Usefulness-Limits-Elements Blooms: Remember AACSB: Reflective thinking AICPA: BB Critical thinking AICPA: FN Measurement 2. A company’s market value is generally less than its book value. Answer: False Level of Learning: 1 Easy Learning...

Chapter 01 Test Bank – Static KEY 1. What type of accounting system is part of an organisation's management information system for internal use only? A. Financial accounting B. Management accounting C.Governmental accounting D. All of the given answers AACSB: Reflective Difficulty: Easy Learning Objective: 1.03 Describe the major differences between management accounting and financial accounting information Topic: Role of Management Accountant in Value Creation AACSB: Reflective Difficu...

Introductory Financial Accounting for Business, 1e (Edmonds) Chapter3 AccountingforDeferrals Indicate how each event affects the financial statements model. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts. Increase = I Decrease = D Not Affected = NA (Note that "Not Affected" means that the event does not affect that element of the financial statements or that the event causes an increase in that element, which is offset b...

Chapter 01 Environment and Theoretical Structure of Financial Accounting True / False Questions 1. The primary function of financial accounting is to provide relevant financial information to parties external to business enterprises. True False 2. Accrual accounting attempts to measure revenues and expenses that occurred during accounting periods so they equal net operating cash flow. True False 3. The FASB is currently the public-sector organization responsible for setting accounting stan...

Chapter 1—Financial Reporting MULTIPLE CHOICE 1. The following is NOT a major component of the financial statements: a. auditor’s opinion b. annual report c. explanatory notes d. balance sheet ANS: B PTS: 1 TOP: AICPA FN-Reporting DIF: Easy OBJ: LO 1 MSC: AACSB Reflective Thinking 2. The following are users of accounting information: a. stakeholders b. creditors c. investors d. all of the above ANS: D PTS: 1 TOP: AICPA FN-Reporting 3. Interested parties receive information ab...

Fundamentals of Financial Accounting, 6e (Phillips) Chapter 1 Business Decisions and Financial Accounting 1) Stockholders are owners of a corporation. Answer: TRUE Explanation: Stockholders are the owners of a corporation. Difficulty: 1 Easy Topic: Accounting for Business Decisions Learning Objective: 01-01 Describe various organizational forms and business decision makers. Bloom's: Understand AACSB: Analytical Thinking Accessibility: Keyboard Navigation 2) All corporations acquire fin...

AACSB: Knowledge Application AICPA: BB Critical Thinking AICPA: FN Measurement Feedback: Share of net income: $225,000 × 40% = $90,000 Fair value of 40% acquired: $150,000 + $300,000 = $450,000. Book value of 40% acquired: $1,100,000 x 40% = $440,000 $450,000 - $440,000 = $10,000 attributable to database Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Page 1-20 $10,000 / 4 = $2,500 $...

Fundamental Financial Accounting Concepts, 10e (Edmonds) Chapter 1 An Introduction to Accounting Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts. (Note that "No Effect" means that the event does not effect that element of the financial statements or that the event causes an increase in that element is offset by a decrease in that same element.) Increase ...

Chapter 01 - An Introduction to Accounting Chapter 01 An Introduction to Accounting Answer Key Short Answer Questions Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts. 1. Walker Co. issued common stock for $150,000 cash. Answer: (I) (N) (I) (N) (N) (N) (I) Learning Objective: 01-02 Level of Learning: 2 Medium Topic Area: Recording Business Events Unde...

Financial Accounting Fundamentals, 7e (Wild) Chapter 1 Accounting in Business 1) Accounting is an information and measurement system that identifies, records, and communicates an organization's business activities. Answer: TRUE Difficulty: 1 Easy Topic: Importance of Accounting Learning Objective: 01-C1 Explain the purpose and importance of accounting. Bloom's: Remember AACSB/Accessibility: Communication/Keyboard Navigation AICPA: BB Industry; FN Decision Making 2) Recordkeeping, or bo...

Chapter 1: Introduction to Business Activities and Overview of Financial Statements and the Reporting Process TRUE/FALSE 1. The activities of a business include establishing goals and strategies, obtaining financing, making investments and conducting operations. ANS: T PTS: 1 DIF: 1 REF: pp. 3-6 OBJ: LO: 1-01 NAT: BUSPROG: Analytic STA: AICPA: FN-Reporting | ACBSP: APC-09-Financial Statements KEY: Bloom's: Knowledge 2. Goals are the end results toward which the firm directs its energies, ...

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Chapter 1 - Introduction to Managerial Accounting 1. The managerial activity of monitoring a plan's implementation and taking corrective action as needed is referred to as decision making. ANSWER: False POINTS: 1 DIFFICULTY: Easy QUESTION TYPETrue / False : a. True b. False HAS VARIABLES:False LEARNING OBJEACCT.MOWE.16.1-1 - LO: 1-1 CTIVES: NATIONAL STAN United States - BUSPROG: Analytic DARDS: STATE STANDAR United States - AK - ACBSP: APC-26-Management Functio - ACBSP: APC-26-Manag...

Chapter 01 Accounting: The Language of Business MULTIPLE CHOICE QUESTIONS 1) The purpose of accounting is to provide financial information about an economic or social entity. A) True B) False Answer: A Explanation: Diff: 1 Topic: What is Accounting Learning Objective: 01-01 Define accounting. Bloom's: Remember AACSB: Analytical Thinking AICPA: BB Industry; FN Decision Making 2) An accounting system is designed to accumulate and classify data about a company's financial activities and...

Managerial Accounting, 4e (Whitecotton) Chapter 1 Introduction to Managerial Accounting 1) Financial accounting information is generally used exclusively by internal parties such as managers. Answer: FALSE Explanation: Financial accounting information is used by external parties; managerial accounting information is used by internal business owners and managers. Difficulty: 1 Easy Topic: Comparison of financial and managerial accounting Learning Objective: 01-01 Describe the key differenc...

Conceptual and Case Analysis Frameworks for Financial Reporting Multiple Choice Questions 1. Which of the following would NOT be a reason to obtain a greater understanding of accounting practices in other nations? A. Financial results are disclosed in different currencies. B. One needs to be aware of differing disclosure requirements from nation to nation, as this impacts the preparation of financial statements. C. Income-smoothing may have affected a foreign subsidiary's results; such smo...