Test Bank for Survey of Accounting, 7th Edition by Thomas Edmonds

TEST BANK K




Survey of Accounting, 7th Edition
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by Edmonds & Olds Complete 16 Chapters
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,TABLEOFCONTENTS K K




Chapter 1 An Introduction to Accounting Chapte
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r 2 Accounting for Accruals and Deferrals
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Chapter 3 Accounting for Merchandising Businesses Chapte
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r 4 Internal Controls, Accounting for Cash, and Ethics
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Chapter 5 Accounting for Receivables and Inventory Cost FlowC
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hapter 6 Accounting for Long-
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Term Operational Assets 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 Chapt
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er 15 Performance Evaluation
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Chapter 16 Planning for Capital Investments
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2

,Chap 01 7e Edmon
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ds

Answers are at the end of each chapter
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1) WhichKofKtheKfollowingK groupsKhasKtheKprimaryKresponsibilityKforKestablishingKgeK
nerallyacceptedKaccountingKprinciplesKforKbusinessKentitiesKinKtheKUnitedKStateK
s?
A) SecuritiesKandKExchangeKCommission
B) U.S.KCongress
C) InternationalKAccountingKStandardsKBoard
D) FinancialKAccountingKStandardsKBoard



2) TheKHeritageK CompanyKisKaK manufacturerKofKofficeKfurniture.KWhichKtermK bestKdK
escribesHeritage'sKroleKinKsociety?
A) Business
B) RegulatoryKagency
C) Consumer
D) ResourceKowner



3) WhichKresourceKprovidersKlendKfinancialKresourcesKtoKaKbusinessKwithKtheKexpeK
ctationKofrepaymentKwithKinterest?
A) Consumers
B) Creditors
C) Investors
D) Owners



4) WhichKtypeKofKaccountingKinformationKisKintendedKtoKsatisfyKtheKneedsKofKexternalK
usersKofaccountingKinformation?
A) CostKaccounting
B) ManagerialKaccounting
C) TaxKaccounting
D) FinancialKaccounting



5) WhichKofKtheKfollowingKisKfalseKregardingKmanagerialKaccountingKinformation?
A) ItKisKoftenKusedKbyKinvestors.
B) ItKisKmoreKdetailedKthanKfinancialKaccountingKinformation.
C) ItKcanKincludeKnonfinancialKinformation.
D) ItKfocusesKonKdivisionalKratherKthanKoverallKprofitability.

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, 6) FinancialKaccountingKstandardsKareKknownKcollectivelyKasKGAAP.KWhatKdoesKthatK
acronymstandKfor?
A) GenerallyKAcceptedKAccountingKPrinciples
B) GenerallyKAppliedKAccountingKProcedures
C) GovernmentallyKApprovedKAccountingKPractices
D) GenerallyKAuthorizedKAuditingKPrinciples



7) InternationalK accountingKstandardsK areKformulatedKbyKtheK IASB.KWhatNdoesKthatK
acronymstandKfor?
A) InternationallyKAcceptedKStandardsKBoard
B) InternationalKAccountingKStandardsKBoard
C) InternationalKAccountabilityKStandardsKBureau
D) InternationalKAccountingKandKSustainabilityKBoard



8) JackKHenryKborrowedK $800,000KfromKWaltKBankKtoKopenKaKnewKbikeKstoreKcalledK
WoodenKWheels.KJackKtransferredK$650,000KofK theKcashKthatKheKborrowedKtoKtheKsK
toreKonKtheKfirstKdayofKtheKyear.KHowKmanyKreportingKentitiesKexistKinKthisKscenario?
A) OneKreportingKentity
B) TwoKreportingKentities
C) ThreeKreportingKentities
D) FourKreportingKentities




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