Using Financial Accounting Information The Alternative to Debits and Credits 10 Edition Gary A Porter Curtis L Norton Test Bank

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ISBN-10: 1337276413 | ISBN-13: 9781337276412
Authors: Gary A. Porter, Curtis L. Norton
Publisher ‏ : ‎ Cengage Learning

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SKU:000786000711

Using Financial Accounting Information The Alternative to Debits and Credits 10 Edition Gary A Porter Curtis L Norton Test Bank

TABLE OF CONTENTS

1. Accounting as a Form of Communication.
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.
Chapter 1

True / False

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
AICPA: FN-Reporting

KEYWORDS:   Bloom’s: Applying

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
AICPA: FN-Reporting

KEYWORDS:   Bloom’s: Applying

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
AICPA: FN-Reporting

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

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
AICPA: FN-Reporting

KEYWORDS:   Bloom’s: Remembering

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
AICPA: FN-Reporting

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

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
AICPA: FN-Reporting

KEYWORDS:   Bloom’s: Remembering

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
AICPA: FN-Reporting

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

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
AICPA: FN-Reporting

KEYWORDS:   Bloom’s: Remembering

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
AICPA: FN-Reporting

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

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
AICPA: FN-Reporting

KEYWORDS:   Bloom’s: Remembering

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
AICPA: FN-Reporting

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

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
AICPA: FN-Reporting

KEYWORDS:   Bloom’s: Remembering

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
AICPA: – FN-Reporting

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

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
AICPA: FN-Reporting

KEYWORDS:   Bloom’s: Remembering

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