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Accounting with tables and multiple choice questions.pdf
Accounting_with_tables_and_multiple_choice_questions.pdf
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CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
CHAPTER 1 ACCOUNTING IN ACTION SU...
CHAPTER 1 ACCOUNTING IN ACTION SUMMARY OF QUESTI
Accounting in Action
1 - 23
156.
Internal users of accounting information include all of the following
except
a. company officers.
b. investors.
c. marketing managers.
d. production supervisors.
157.
The organization(s) primarily responsible for establishing generally accepted accounting
principles is(are) the
FASB
SEC
a.
no
no
b.
yes
no
c.
no
yes
d.
yes
yes
158.
The primary accounting standard-setting body in the United States is the
a. Financial Accounting Standards Board.
b. International Accounting Standards Board.
c. Internal Revenue Service.
d. Securities and Exchange Commission.
159.
A proprietorship is a business
a. owned by one person.
b.
owned by two or more persons.
c.
organized as a separate legal entity under state corporation law.
d.
owned by a governmental agency.
160.
A net loss will result during a time period when
a. assets exceed liabilities.
b. assets exceed owner's equity.
c. expenses exceed revenues.
d. revenues exceed expenses.
161.
The Ryder’s Uptown Grill received a bill of $400 from the Erml Advertising Agency. The
owner, John Ryder, is postponing payment of the bill until a later date. The effect on
specific items in the basic accounting equation is
a.
a decrease in Cash and an increase in Accounts Payable.
b.
a decrease in Cash and an increase in J. Ryder, Capital.
c.
an increase in Accounts Payable and a decrease in J. Ryder, Capital.
d.
a decrease in Accounts Payable and an increase in J. Ryder, Capital.
162.
James Company purchases $600 of equipment from Mundelein Inc. for cash. The effect
on the components of the basic accounting equation of James Company is
a.
an increase in assets and liabilities.
b.
a decrease in assets and liabilities.
c.
no change in total assets.
d.
an increase in assets and a decrease in liabilities.
Test Bank for Accounting Principles, Eighth Edition
1 - 24
163.
Morreale Beaver Company buys a $12,000 van on credit. The transaction will affect the
a. income statement only.
b. balance sheet only.
c.
income statement and owner's equity statement only.
d.
income statement, owner's equity statement, and balance sheet.
Answers to Multiple Choice Questions
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
Item
Ans.
41.
c
59.
c
77.
b
95.
a
113.
a
131.
c
149.
a
42.
b
60.
c
78.
c
96.
c
114.
b
132.
c
150.
b
43.
c
61.
c
79.
d
97.
a
115.
c
133.
d
151.
b
44.
a
62.
c
80.
b
98.
b
116.
c
134.
b
152.
c
45.
a
63.
d
81.
c
99.
a
117.
d
135.
c
153.
b
46.
c
64.
b
82.
d
100.
d
118.
c
136.
b
154.
d
47.
c
65.
b
83.
b
101.
a
119.
c
137.
b
155.
a
48.
b
66.
d
84.
c
102.
c
120.
a
138.
b
156.
b
49.
d
67.
a
85.
d
103.
b
121.
b
139.
b
157.
d
50.
b
68.
c
86.
c
104.
b
122.
c
140.
d
158.
a
51.
c
69.
c
87.
a
105.
a
123.
b
141.
b
159.
a
52.
a
70.
b
88.
d
106.
c
124.
d
142.
c
160.
c
53.
d
71.
b
89.
d
107.
d
125.
d
143.
d
161.
c
54.
c
72.
a
90.
d
108.
d
126.
d
144.
a
162.
c
a
55.
a
73.
d
91.
b
109.
c
127.
a
145.
c
163.
b
a
56.
c
74.
b
92.
d
110.
b
128.
b
146.
c
a
57.
c
75.
d
93.
c
111.
c
129.
d
147.
b
a
58.
c
76.
c
94.
b
112.
c
130.
b
148.
d
BRIEF EXERCISES
BE 164
Match the following external users of financial accounting information with the type of decision
that user will make with the information.
a. Creditor
b. Investor
c. Regulatory Agency
d
Internal Revenue Service
_______
(1)
Is the company operating within prescribed guidelines?
_______
(2)
Is the company complying with tax laws?
_______
(3) Is the company
able to pay its debts?
_______
(4)
Is the company a good investment?
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