Using Financial Accounting Information The Alternative to Debits and Credits 10 Edition Gary A Porter Curtis L Norton Test Bank
Do you want to gain mastery of accounting principles? Are you looking for a comprehensive and thorough resource to prepare for exams? Look no further than Test Bank For Accounting Theory Conceptual Issues In A Political And Economic Environment 10 Edition, by Gary A. Porter and Curtis L. Norton! This test bank is a convenient and reliable way to review current knowledge of accounting theory, such as balance sheets, cash flow statements, and the role of accounting in an organization.
Whether you are new to the world of financial accounting or just need some extra practice to brush up on your skills, this test bank is perfect for students seeking a comprehensive understanding of fundamental accounting principles. With easy-to-use questions that cover every subject related to financial information, you can trust Test Bank For Accounting Theory Conceptual Issues In A Political And Economic Environment 10 Edition as your go-to source for conquering any exam!
TABLE OF CONTENTS
2. Financial Statements and the Annual Report.
3. Processing Accounting Information.
4. Income Measurement and Accrual Accounting.
5. Inventories and Cost of Goods Sold.
6. Cash and Internal Control.
7. Receivables and Investments.
8. Operating Assets: Property, Plant, and Equipment, and Intangibles.
9. Current Liabilities, Contingencies, and the Time Value of Money.
10. Long-Term Liabilities.
11. Stockholders’ Equity.
12. The Statement of Cash Flows.
13. Financial Statement Analysis.
Appendix A: International Financial Reporting Standards.
Appendix B: Excerpts from Chipotle’s Form 10-K.
Appendix C: Excerpts from Panera Bread’s Form 10-K.
Glossary.
Index.
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True / False |
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1. An auto repair company is not an example of a manufacturer. a. True b. False ANSWER: True DIFFICULTY: Easy REFERENCES: p. 4 LEARNING OBJECTIVES: FACC.PONO.18.01-01 – LO: 01-01 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms KEYWORDS: Bloom’s: Applying |
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2. A department store is an example of a manufacturer. a. True b. False ANSWER: False DIFFICULTY: Easy REFERENCES: p. 4 LEARNING OBJECTIVES: FACC.PONO.18.01-01 – LO: 01-01 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms KEYWORDS: Bloom’s: Applying |
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3. Under Armour is an example of a service provider. a. True b. False ANSWER: False DIFFICULTY: Easy REFERENCES: p. 4 LEARNING OBJECTIVES: FACC.PONO.18.01-01 – LO: 01-01 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms KEYWORDS: Bloom’s: Applying |
4. A grocery store is an example of a wholesaler.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: p. 4
LEARNING OBJECTIVES: FACC.PONO.18.01-01 – LO: 01-01
NATIONAL STANDARDS: United States – BUSPROG: Communications
ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms
AICPA: FN-Reporting
KEYWORDS: Bloom’s: Applying
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5. A partnership is a business owned by two or more individuals. a. True b. False ANSWER: True DIFFICULTY: Easy REFERENCES: pp. 4-6 LEARNING OBJECTIVES: FACC.PONO.18.01-02 – LO: 01-02 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms KEYWORDS: Bloom’s: Remembering |
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6. Business entities and non-business entities are both organized to earn a profit. a. True b. False ANSWER: False DIFFICULTY: Easy REFERENCES: pp. 4-6 LEARNING OBJECTIVES: FACC.PONO.18.01-02 – LO: 01-02 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms KEYWORDS: Bloom’s: Remembering |
7. The Internal Revenue Service (IRS) recognizes the separate existence of a proprietorship from its owner.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 4-6
LEARNING OBJECTIVES: FACC.PONO.18.01-02 – LO: 01-02
NATIONAL STANDARDS: United States – BUSPROG: Communications
ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms
AICPA: FN-Reporting
KEYWORDS: Bloom’s: Remembering
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8. A partnership is a business owned by two individuals; if three or more individuals organize a business, it must be established as a corporation. a. True b. False ANSWER: False DIFFICULTY: Easy REFERENCES: pp. 4-6 LEARNING OBJECTIVES: FACC.PONO.18.01-02 – LO: 01-02 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms KEYWORDS: Bloom’s: Remembering |
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9. Since there is a lack of a profit motive in nonbusiness entities, they do not need information provided by an accounting system. a. True b. False ANSWER: False DIFFICULTY: Easy REFERENCES: pp. 4-6 LEARNING OBJECTIVES: FACC.PONO.18.01-02 – LO: 01-02 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-03-Business Forms KEYWORDS: Bloom’s: Remembering |
10. Someone to whom a company has a debt is known as a creditor.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 6-8
LEARNING OBJECTIVES: FACC.PONO.18.01-03 – LO: 01-03
NATIONAL STANDARDS: United States – BUSPROG: Communications
ACCREDITING STANDARDS: ACBSP: APC-09 – Financial Statements
AICPA: FN-Reporting
KEYWORDS: Bloom’s: Remembering
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11. Assets can be tangible or intangible in nature. a. True b. False ANSWER: True DIFFICULTY: Easy REFERENCES: pp. 6-8 LEARNING OBJECTIVES: FACC.PONO.18.01-03 – LO: 01-03 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-09 – Financial Statements KEYWORDS: Bloom’s: Remembering |
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12. An asset is a future economic benefit to a business. a. True b. False ANSWER: True DIFFICULTY: Easy REFERENCES: pp. 6-8 LEARNING OBJECTIVES: FACC.PONO.18.01-03 – LO: 01-03 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-02-GAAP KEYWORDS: Bloom’s: Remembering |
13. An expense is an inflow of assets resulting from the sale of goods and services.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 6-8
LEARNING OBJECTIVES: FACC.PONO.18.01-03 – LO: 01-03
NATIONAL STANDARDS: United States – BUSPROG: Communications
ACCREDITING STANDARDS: ACBSP: APC-02-GAAP
AICPA: FN-Reporting
KEYWORDS: Bloom’s: Remembering
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14. Capital stock indicates the owners’ contributions to a corporation. a. True b. False ANSWER: True DIFFICULTY: Easy REFERENCES: pp. 6-8 LEARNING OBJECTIVES: FACC.PONO.18.01-03 – LO: 01-03 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-02-GAAP KEYWORDS: Bloom’s: Remembering |
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15. Management accounting is the branch of accounting concerned with communication with internal management. a. True b. False ANSWER: True DIFFICULTY: Easy REFERENCES: pp. 9-11 LEARNING OBJECTIVES: FACC.PONO.18.01-04 – LO: 01-04 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-01-Purpose KEYWORDS: Bloom’s: Remembering |
16. External users of accounting information include present and potential stockholders, bankers and other creditors, and management.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
REFERENCES: pp. 9-11
LEARNING OBJECTIVES: FACC.PONO.18.01-04 – LO: 01-04
NATIONAL STANDARDS: United States – BUSPROG: Communications
ACCREDITING STANDARDS: ACBSP: APC-01-Purpose
AICPA: FN-Reporting
KEYWORDS: Bloom’s: Remembering
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17. Bondholders are external users of a company’s accounting information. a. True b. False ANSWER: True DIFFICULTY: Easy REFERENCES: pp. 9-11 LEARNING OBJECTIVES: FACC.PONO.18.01-04 – LO: 01-04 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-09 – Financial Statements KEYWORDS: Bloom’s: Remembering |
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18. The purpose of financial reporting is to provide economic information to external decision makers only. a. True b. False ANSWER: False DIFFICULTY: Easy REFERENCES: pp. 9-11 LEARNING OBJECTIVES: FACC.PONO.18.01-04 – LO: 01-04 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: – APC-01-Purpose KEYWORDS: Bloom’s: Remembering |
19. The income statement is a statement that summarizes revenues and expenses for a period.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
REFERENCES: pp. 11-19
LEARNING OBJECTIVES: FACC.PONO.18.01-05 – LO: 01-05
NATIONAL STANDARDS: United States – BUSPROG: Communications
ACCREDITING STANDARDS: ACBSP: APC-09 – Financial Statements
AICPA: FN-Reporting
KEYWORDS: Bloom’s: Remembering
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20. The amount of earnings distributed to stockholders can be found in the income statement. a. True b. False ANSWER: False DIFFICULTY: Moderate REFERENCES: pp. 11-19 LEARNING OBJECTIVES: FACC.PONO.18.01-05 – LO: 01-05 NATIONAL STANDARDS: United States – BUSPROG: Communications ACCREDITING STANDARDS: ACBSP: APC-09 – Financial Statements KEYWORDS: Bloom’s: Remembering |
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