TEST BANK College Accounting Chapters 1-30, 17th Edition David Haddock, John Price, Michael Farin

 TABLE OF CONTENTS Ch. 1 Accounting: The Language of Business Ch. 2 Analyzing Business Transactions Ch. 3 Analyzing Business Transactions Using T Accounts Ch. 4 The General Journal and the General Ledger Ch. 5 Adjustments and the Worksheet Ch. 6 Closing Entries and the Postclosing Trial Balance Ch. 7 Accounting for Sales and Accounts Receivable Version 1 3 Ch. 8 Accounting for Purchases and Accounts Payable Ch. 9 Cash Receipts, Cash Payments, and Banking Procedures Ch. 10 Payroll Computations, Records, and Payment Ch. 11 Payroll Taxes, Deposits, and Reports Ch. 12 Accruals, Deferrals, and the Worksheet Ch. 13 Financial Statements and Closing Procedure Ch. 14 Accounting Principles and Reporting Standards Ch. 15 Accounts Receivable and Uncollectible Accounts Ch. 16 Notes Payable and Notes Receivable Ch. 17 Merchandise Inventory Ch. 18 Property, Plant, and Equipment Ch. 19 Accounting for Partnerships Ch. 20 Corporations: Formation and Capital Stock Transactions Ch. 21 Corporate Earnings and Capital Transactions Ch. 22 Long-Term Bonds Ch. 23 Financial Statement Analysis Ch. 24 The Statement of Cash Flows Ch. 25 Departmentalized Profit and Cost Centers Ch. 26 Accounting for Manufacturing Activities Version 1 4 Ch. 27 Job Order Cost Accounting Ch. 28 Process Cost Accounting Ch. 29 Controlling Manufacturing Costs: Standard Costs Ch. 30 Cost-Revenue Analysis for Decision Making Version 1 5 Answers are at the end of each Chapter Chapter 1 Accounting: The Language of Business Student name:_ 1) What is the “language of business?” List three groups who use this financial information. Question Details Difficulty : 1 Easy Learning Objective : 01-01 Define accounting. Topic : What is Accounting? Bloom's : Remember AACSB : Analytical Thinking AICPA : BB Industry AICPA : FN Decision Making Accessibility : Keyboard Navigation Type : Static Learning Objective : 01-03 Identify the users of financial information. Gradable : manual Accessibility : Screen Reader Compatible 2) Cullen Company of country X and Shaw Industries of country Y have issued financial statements in compliance with the accounting principles of their respective countries. They would like to work together on a project and need to compare their current financial statements prior to starting the project. However, the accounting principles of the two countries differ. Whatorganization might they turn to regarding this issue? (Give both the full name of the organizationand its acronym.) What is the function of this organization? Version 1 6 Question Details AACSB : Analytical Thinking AICPA : BB Industry AICPA : FN Decision Making Accessibility : Keyboard Navigation Type : Static Learning Objective : 01-05 Describe the process used to develop generally accepted accounting principTopic : Generally Accepted Accounting Principles Difficulty : 2 Medium Bloom's : Understand AICPA : BB Global Gradable : manual Accessibility : Screen Reader Compatible 3) You have just entered college and decide to pursue a career as a certified bookkeeper.What three requirements must you satisfy to receive this designation? Question Details Difficulty : 1 Easy Topic : What is Accounting? Bloom's : Remember AACSB : Analytical Thinking AICPA : BB Industry AICPA : FN Decision Making Accessibility : Keyboard Navigation Type : Static Learning Objective : 01-02 Identify and discuss career opportunities in accounting. Gradable : manual Accessibility : Screen Reader Compatible 4) There are three general services public accountants offer. List and briefly describe each. Version 1 7 Question Details Topic : What is Accounting? AACSB : Analytical Thinking AICPA : BB Industry AICPA : FN Decision Making Accessibility : Keyboard Navigation Type : Static Learning Objective : 01-02 Identify and discuss career opportunities in accounting. Difficulty : 2 Medium Bloom's : Understand Gradable : manual Accessibility : Screen Reader Compatible 5) List at least five activities performed by managerial accountants. Question Details Difficulty : 1 Easy Topic : What is Accounting? Bloom's : Remember AACSB : Analytical Thinking AICPA : BB Industry AICPA : FN Decision Making Accessibility : Keyboard Navigation Type : Static Learning Objective : 01-02 Identify and discuss career opportunities in accounting. Gradable : manual Accessibility : Screen Reader Compatible 6) Having enjoyed multiple accounting courses in college, you have decided to pursue aCPA license. What requirements must you fulfill to achieve this certification? Version 1 8 Question Details Difficulty : 1 Easy Topic : What is Accounting? Bloom's : Remember AACSB : Analytical Thinking AICPA : BB Industry AICPA : FN Decision Making Accessibility : Keyboard Navigation Type : Static Learning Objective : 01-02 Identify and discuss career opportunities in accounting. Gradable : manual Accessibility : Screen Reader Compatible