Test Bank for Survey of Accounting 7e 7th Edition by Thomas Edmonds, Christopher Edmonds, Philip Olds, Frances McNair and Bor-Yi Tsay. Chapter 1 An Introduction to Accounting Chapter 2 Accounting for Accruals and Deferrals Chapter 3 Accounting for Merchandising Businesses Chapter 4 Internal Control...
1) Whichaofatheafollowingagroupsahasatheaprimaryaresponsibilityaforaestablishingagenerallya
acceptedaaccountingaprinciplesaforabusinessaentitiesainatheaUnitedaStates?
A) SecuritiesaandaExchangeaCommission
B) U.S.aCongress
C) InternationalaAccountingaStandardsaBoard
D) FinancialaAccountingaStandardsaBoard
2) TheaHeritageaCompanyaisaaamanufactureraofaofficeafurniture.aWhichatermabestadescribesa
Heritage'saroleainasociety?
A) Business
B) Regulatoryaagency
C) Consumer
D) Resourceaowner
3) Whicharesourceaprovidersalendafinancialaresourcesatoaaabusinessawithatheaexpectationaofar
epaymentawithainterest?
A) Consumers
B) Creditors
C) Investors
D) Owners
4) Whichatypeaofaaccountingainformationaisaintendedatoasatisfyatheaneedsaofaexternalausersaofaa
ccountingainformation?
A) Costaaccounting
B) Managerialaaccounting
C) Taxaaccounting
D) Financialaaccounting
5) Whichaofatheafollowingaisafalsearegardingamanagerialaaccountingainformation?
A) Itaisaoftenausedabyainvestors.
B) Itaisamoreadetailedathanafinancialaaccountingainformation.
C) Itacanaincludeanonfinancialainformation.
D) Itafocusesaonadivisionalaratherathanaoverallaprofitability.
3
, 6) FinancialaaccountingastandardsaareaknownacollectivelyaasaGAAP.aWhatadoesathataacronyma
standafor?
A) GenerallyaAcceptedaAccountingaPrinciples
B) GenerallyaAppliedaAccountingaProcedures
C) GovernmentallyaApprovedaAccountingaPractices
D) GenerallyaAuthorizedaAuditingaPrinciples
7) InternationalaaccountingastandardsaareaformulatedabyatheaIASB.aWhatadoesathataacronymas
tandafor?
A) InternationallyaAcceptedaStandardsaBoard
B) InternationalaAccountingaStandardsaBoard
C) InternationalaAccountabilityaStandardsaBureau
D) InternationalaAccountingaandaSustainabilityaBoard
8) JackaHenryaborroweda$800,000afromaWaltaBankatoaopenaaanewabikeastoreacalledaWoodena
Wheels.aJackatransferreda$650,000aofatheacashathataheaborrowedatoatheastoreaonatheafirstadayao
fatheayear.aHowamanyareportingaentitiesaexista inathisascenario?
A) Oneareportingaentity
B) Twoareportingaentities
C) Threeareportingaentities
D) Fourareportingaentities
4
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