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

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  • August 7, 2023
  • 736
  • 2023/2024
  • Exam (elaborations)
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  • Survey of Accounting
  • Survey of Accounting

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Chap 01 7e Edmonds
1) Which of the following groups has the primary responsibility for establishing generally
accepted accounting principles for business entities in the United States?
A) Securities and Exchange Commission
B) U.S. Congress
C) International Accounting Standards Board
D) Financial Accounting Standards Board



2) The Heritage Company is a manufacturer of office furniture. Which term best describes
Heritage's role in society?
A) Business
B) Regulatory agency
C) Consumer
D) Resource owner



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



4) Which type of accounting information is intended to satisfy the needs of external users of
accounting information?
A) Cost accounting
B) Managerial accounting
C) Tax accounting
D) Financial accounting



5) Which of the following is false regarding managerial accounting information?
A) It is often used by investors.
B) It is more detailed than financial accounting information.
C) It can include nonfinancial information.
D) It focuses on divisional rather than overall profitability.




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