...Test Bank for Accounting Principles, Twelfth Edition...
...Bank for Accounting Principles, Twelfth Edition 1...
...1 - 21 Accounting in Action CHAPTER...
...Action CHAPTER 1 ACCOUNTING IN ACTION Summary...
...on the Weygandt Accounting Principles 12e instructor...
...the Weygandt Accounting Principles 12e instructor web...
...users associated with accounting. Accounting is an...
...associated with accounting. Accounting is an information...
...and uses of accounting are as follows...
...(a) Management uses accounting information to plan,...
...the basis of accounting data. (c) Creditors...
...the basis of accounting information. Other groups...
...groups that use accounting information are taxing...
...building blocks of accounting: ethics, principles, and...
...of accounting: ethics, principles, and assumptions. Ethics...
...behavior. Generally accepted accounting principles are a...
...Generally accepted accounting principles are a common...
...include in the accounting records only transaction...
...3. State the accounting equation, and define...
...components. The basic accounting equation is: Assets...
...assets. The expanded accounting equation is: Assets...
...transactions on the accounting equation. Each business...
...effect on the accounting equation. For example,...
...career opportunities in accounting. Accounting offers many...
...opportunities in accounting. Accounting offers many different...
...public and private accounting, governmental, and forensic...
...governmental, and forensic accounting. Accounting is a...
...and forensic accounting. Accounting is a popular...
...people who need accounting information. Ans: F...
...FN: Reporting 5. Accounting communicates financial information...
...FN: Reporting 6. Accounting information is used...
...means of communicating accounting information to interested...
...8. Bookkeeping and accounting are one and...
...function includes the accounting process. Ans: F...
...The origins of accounting are attributed to...
...The study of accounting is not useful...
...working knowledge of accounting is not relevant...
...recorded in the accounting records. Ans: T...
...16. The primary accounting standard-setting body in...
...is the International Accounting Standards Board. Ans:...
...17. The Financial Accounting Standards Board is...
...financial markets and accounting standard-setting bodies. Ans:...
...legal entity, for accounting purposes the partnership...
...23. The basic accounting equation states that...
...affect the basic accounting equation because they...
...The study of accounting will be useful...
...38. The basic accounting equation is in...
...point of the accounting process is a....
...part of the accounting process that involves...
...cents. c. preparing accounting reports. d. recording...
...recorded as an accounting transaction? a. The...
...Reporting 46. The accounting process involves all...
...Reporting 47. The accounting process is correctly...
...internal user of accounting data for the...
...external user of accounting data for the...
...internal users of accounting data for a...
...external user of accounting information? a. Labor...
...external user of accounting information? a. Regulatory...
...Bookkeeping differs from accounting in that bookkeeping...
...part of the accounting process? a. Identification....
...consulting. d. Cost accounting, production scheduling, recruiting....
...a. budgeting. b. accounting information systems. c....
...auditing. d. tax accounting. Ans: c LO6...
...The origins of accounting are generally attributed...
...Reporting 60. Financial accounting provides economic and...
...64. Generally accepted accounting principles are a....
...Generally accepted accounting principles are a. income...
...the universe. d. principles that have been...
...of theory underlying accounting is not based...
...b. concepts. c. principles. d. definitions. Ans:...
...involved in developing accounting principles is the...
...in developing accounting principles is the a....
...the a. Feasible Accounting Standards Body. b....
...Body. b. Financial Accounting Studies Board. c....
...Board. c. Financial Accounting Standards Board. d....
...establishing generally accepted accounting principles. It is...
...generally accepted accounting principles. It is true...
...guidelines when no accounting principles exist. d....
...when no accounting principles exist. d. the...
...cooperate in developing accounting standards. Ans: c...
...b. Generally Accepted Accounting Principles. c. Generally...
...Generally Accepted Accounting Principles. c. Generally Accepted...
...Generally Accepted Auditing Principles. d. Generally Accepted...
...d. Generally Accepted Accounting Procedures. Ans: b...
...basic assumption of accounting that requires activities...
...the car. What accounting concept guides Sam's...
...basic assumption of accounting assumes that the...
...90. The basic accounting equation may be...
...100. The basic accounting equation cannot be...
...decrease 108. The accounting equation for Cineo...
...for $15,000, the accounting equation will change...
...a violation of accounting principles. b. owner's...
...violation of accounting principles. b. owner's equity...
...part of the accounting process? a. Recording...
...part of the accounting process is a....
...Internal users of accounting information include all...
...establishing generally accepted accounting principles is(are) the...
...generally accepted accounting principles is(are) the FASB...
...158. The primary accounting standard-setting body in...
...the a. Financial Accounting Standards Board. b....
...Board. b. International Accounting Standards Board. c....
...in the basic accounting equation is a....
...of the basic accounting equation of Mellon...
...a part of accounting that involves only...
...an area of accounting that involves such...
...activities as cost accounting, budgeting, and accounting...
...accounting, budgeting, and accounting information systems. d....
...set of international accounting standards are needed?...
...set of international accounting standards are needed....
...set of international accounting standards are needed?...
...Reporting 173. Financial accounting ethics violations are...
...b. rules-based. c. principles-based. d. full of...
...a. simple in accounting requirements. b. rules-based....
...b. rules-based. c. principles-based. d. simple in...
...users of financial accounting information with the...
...181 Use the accounting equation to answer...
...impact on the accounting equation of each...
...Investigation 4. Financial Accounting Standards Board 5....
...5. Generally Accepted Accounting Principles 6. Securities...
...Generally Accepted Accounting Principles 6. Securities and...
...category of the accounting equation. Assets Liabilities...
...on the basic accounting equation. Use a...
...on the basic accounting equation. Record each...
...elements of the accounting equation. (a) Increase...
...transaction on the accounting equation is shown,...
...effect on the accounting equation. You should...
...COMPLETION STATEMENTS 226. Accounting is an information...
...cost 227. bookkeeping, accounting 232. economic entity...
...230. generally accepted accounting principles 235. balance...
...generally accepted accounting principles 235. balance sheet...
...4. Offers expert accounting service to the...
...that can mandate accounting rules. 8. Quantifying...
...E 237 The accounting profession provides many...
...that exist in accounting and comment on...
...that exist in accounting are in the...
...of (1) public accounting, (2) private accounting,...
...accounting, (2) private accounting, and (3) not-for-profit...
...and (3) not-for-profit accounting. In public accounting,...
...accounting. In public accounting, an accountant may...
...the development of accounting and computer systems...
...involved in: cost accounting, budgeting, general financial...
...budgeting, general financial accounting, accounting information systems,...
...general financial accounting, accounting information systems, and...
...systems, and tax accounting. LO6 BT: K...
...to as the accounting equation. State the...
...State the basic accounting equation and define...
...related to the accounting equation? Solution 238...
...238 The basic accounting equation is expressed...
...of the basic accounting equation; that is,...
...of the basic accounting equation. LO3 BT:...
...need to study accounting. What is your...
...need to understand accounting. Accounting staff and...
...to understand accounting. Accounting staff and professionals...
...need to review accounting information (both internal...
...user of financial accounting information depends upon...
...major users of accounting information and discuss...
...what questions financial accounting information answers for...
...major users of accounting information are internal...
...financial interest. Financial accounting information may answer...
...answered by financial accounting information for external...
...am just an accounting student, but I...