Survey of Accounting 4th Edition Edmonds Test Bank

1. Chapter 1 An Introduction to Accounting
2. Section 1: Collecting and Organizing Information
3. Role of Accounting in Society
4. Using Free Markets to Set Resource Priorities
5. Accounting Provides Information
6. Types of Accounting Information
7. Nonbusiness Resource Usage
8. Careers in Accounting
9. Measurement Rules
10. Reporting Entities
11. Elements of Financial Statements
12. Using Accounts to Gather Information
13. Accounting Equation
14. Recording Business Events under the Accounting Equation
15. Asset Source Transactions
16. Asset Exchange Transactions
17. Another Asset Source Transaction
18. Asset Use Transactions
19. Summary of Transactions
20. Interpreting Information Shown in the Accounting Equation
21. The Left versus the Right Side of the Accounting Equation
22. Two Views of the Right Side of the Accounting Equation
23. Cash and Retained Earnings
24. Distributions in Business Liquidations
25. Recap: Types of Transactions
26. Section 2: Reporting Information
27. Preparing Financial Statements
28. Income Statement and the Matching Concept
29. Statement of Changes in Stockholders’ Equity
30. Balance Sheet
31. Statement of Cash Flows
32. The Closing Process
33. The Horizontal Financial Statements Model
34. Real-World Financial Reports
35. Annual Report for Target Corporation
36. Special Terms in Real-World Reports
37. A Look Back
38. A Look Forward
39. Self-Study Review Problem
40. Key Terms
41. Questions
42. Multiple-Choice Questions
43. Section 1 Exercises
44. Section 2 Exercises
45. Sections 1 and 2 Problems
46. Analyze, Think, Communicate
47. Chapter 2 Accounting for Accruals and Deferrals
48. Section 1: Accounting for Accruals
49. Accrual Accounting
50. Accounting for Accounts Receivable
51. Other Events
52. Accounting for Accrued Salary Expense (Adjusting Entry)
53. Summary of Events and General Ledger
54. Vertical Statements Model
55. The Closing Process
56. Steps in an Accounting Cycle
57. The Matching Concept
58. The Conservatism Principle
59. Section 2: Accounting for Deferrals
60. Second Accounting Cycle
61. Accounting for Supplies Purchase
62. Prepaid Items (Cost versus Expense)
63. Accounting for Receipt of Unearned Revenue
64. Other 2015 Events
65. Adjusting Entries
66. Accounting for Supplies (Adjusting Entry)
67. Accounting for Prepaid Rent (Adjusting Entry)
68. Accounting for Unearned Revenue (Adjusting Entry)
69. Accounting for Accrued Salary Expense (Adjusting Entry)
70. Summary of Events and General Ledger
71. Vertical Statements Model
72. Transaction Classification
73. A Look Back
74. A Look Forward
75. Self-Study Review Problem
76. Key Terms
77. Questions
78. Multiple-Choice Questions
79. Section 1 Exercises
80. Section 2 Exercises
81. Sections 1 and 2 Problems
82. Analyze, Think, Communicate
83. Chapter 3 Accounting for Merchandising Businesses
84. Product Costs versus Selling and Administrative Costs
85. Allocating Inventory Cost between Asset and Expense Accounts
86. Perpetual Inventory System
87. Effects of 2014 Events on Financial Statements
88. Financial Statements for 2014
89. Transportation Cost, Purchase Returns and Allowances, and Cash Discounts Related to Inventory Purcha
90. Effects of 2015 Events on Financial Statements
91. Accounting for Purchase Returns and Allowances
92. Purchase Discounts
93. The Cost of Financing Inventory
94. Accounting for Transportation Costs
95. Adjustment for Lost, Damaged, or Stolen Inventory
96. Recognizing Gains and Losses
97. Multistep Income Statement
98. Events Affecting Sales
99. Accounting for Sales Returns and Allowances
100. Accounting for Sales Discounts
101. Common Size Financial Statements
102. A Look Back
103. A Look Forward
104. Appendix
105. Self-Study Review Problem
106. Key Terms
107. Questions
108. Multiple-Choice Questions
109. Exercises
110. Problems
111. Analyze, Think, Communicate
112. Chapter 4 Internal Controls, Accounting for Cash, and Ethics
113. Key Features of Internal Control Systems
114. Separation of Duties
115. Quality of Employees
116. Bonded Employees
117. Required Absences
118. Procedures Manual
119. Authority and Responsibility
120. Prenumbered Documents
121. Physical Control
122. Performance Evaluations
123. Limitations
124. Accounting for Cash
125. Controlling Cash
126. Checking Account Documents
127. Reconciling the Bank Account
128. Determining True Cash Balance
129. Illustrating a Bank Reconciliation
130. Importance of Ethics
131. Common Features of Criminal and Ethical Misconduct
132. Role of the Independent Auditor
133. The Financial Statement Audit
134. Materiality and Financial Audits
135. Types of Audit Opinions
136. Confidentiality
137. A Look Back
138. A Look Forward
139. Self-Study Review Problem
140. Key Terms
141. Questions
142. Multiple-Choice Questions
143. Exercises
144. Problems
145. Analyze, Think, Communicate
146. Chapter 5 Accounting for Receivables and Inventory Cost Flow
147. Allowance Method of Accounting for Uncollectible Accounts
148. Accounting Events Affecting the 2014 Period
149. Accounting Events Affecting the 2015 Period
150. Estimating Uncollectible Accounts Expense Using the Percent of Revenue (Sales) Method
151. Analysis of Financial Statements
152. Estimating Uncollectible Accounts Expense Using the Percent of Receivables Method
153. Matching Revenues and Expenses versus Asset Measurement
154. Accounting for Notes Receivable (Promissory Notes)
155. How Accounting for Notes Receivable Affects Financial Statements
156. Financial Statements
157. Accounting for Credit Card Sales
158. Inventory Cost Flow Methods
159. Specific Identification
160. First-In, First-Out (FIFO)
161. Last-In, First-Out (LIFO)
162. Weighted Average
163. Physical Flow
164. Effect of Cost Flow on Financial Statements
165. Effect on Income Statement
166. Effect on Balance Sheet
167. Multiple Layers with Multiple Quantities
168. Allocating Cost of Goods Available for Sale
169. Effect of Cost Flow on Financial Statements
170. A Look Back
171. A Look Forward
172. Self-Study Review Problem 1
173. Self-Study Review Problem 2
174. Key Terms
175. Questions
176. Multiple-Choice Questions
177. Exercises
178. Problems
179. Analyze, Think, Communicate
180. Chapter 6 Accounting for Long-Term Operational Assets
181. Tangible versus Intangible Assets
182. Tangible Long-Term Assets
183. Intangible Assets
184. Determining the Cost of Long-Term Assets
185. Basket Purchase Allocation
186. Methods of Recognizing Depreciation Expense
187. Dryden Enterprises Illustration
188. Straight-Line Depreciation
189. Financial Statements
190. Double-Declining-Balance Depreciation
191. Units-of-Production Depreciation
192. Comparing the Depreciation Methods
193. Revision of Estimates
194. Revision of Life
195. Revision of Salvage
196. Continuing Expenditures for Plant Assets
197. Costs That Are Expensed
198. Costs That Are Capitalized
199. Natural Resources
200. Intangible Assets
201. Trademarks
202. Patents
203. Copyrights
204. Franchises
205. Goodwill
206. Expense Recognition for Intangible Assets
207. Expensing Intangible Assets with Identifiable Useful Lives
208. Impairment Losses for Intangible Assets with Indefinite Useful Lives
209. Balance Sheet Presentation
210. Effect of Judgment and Estimation
211. Effect of Industry Characteristics
212. A Look Back
213. A Look Forward
214. Self-Study Review Problem
215. Key Terms
216. Questions
217. Multiple-Choice Questions
218. Exercises
219. Problems
220. Analyze, Think, Communicate
221. Chapter 7 Accounting for Liabilities
222. Accounting for Current Liabilities
223. Accounting for Notes Payable
224. Accounting for Sales Tax
225. Contingent Liabilities
226. Warranty Obligations
227. Financial Statements
228. Accounting for Long-Term Debt
229. Installment Notes Payable
230. Line of Credit
231. Bond Liabilities
232. Bonds Issued at Face Value
233. Amortization Using the Straight-Line Method
234. Bonds Issued at a Discount
235. Bonds Issued at a Premium
236. Security for Loan Agreements
237. Current versus Noncurrent
238. A Look Back
239. A Look Forward
240. Appendix
241. Self-Study Review Problem
242. Key Terms
243. Questions
244. Multiple-Choice Questions
245. Exercises
246. Problems
247. Analyze, Think, Communicate
248. Chapter 8 Proprietorships, Partnerships, and Corporations
249. Forms of Business Organizations
250. Advantages and Disadvantages of Different Forms of Business Organization
251. Regulation
252. Double Taxation
253. Limited Liability
254. Continuity
255. Transferability of Ownership
256. Management Structure
257. Ability to Raise Capital
258. Appearance of Capital Structure in Financial Statements
259. Presentation of Equity in Proprietorships
260. Presentation of Equity in Partnerships
261. Presentation of Equity in Corporations
262. Characteristics of Capital Stock
263. Par Value
264. Stated Value
265. Other Valuation Terminology
266. Stock: Authorized, Issued, and Outstanding
267. Classes of Stock
268. Accounting for Stock Transactions on the Day of Issue
269. Issuing Par Value Stock
270. Stock Classification
271. Stock Issued at Stated Value
272. Stock Issued with No Par Value
273. Financial Statement Presentation
274. Stockholders’ Equity Transactions after the Day of Issue
275. Treasury Stock
276. Cash Dividend
277. Stock Dividend
278. Stock Split
279. Appropriation of Retained Earnings
280. Financial Statement Presentation
281. Investing in Capital Stock
282. Receiving Dividends
283. Increasing the Price of Stock
284. Exercising Control through Stock Ownership
285. A Look Back
286. A Look Forward
287. Self-Study Review Problem
288. Key Terms
289. Questions
290. Multiple-Choice Questions
291. Exercises
292. Problems
293. Analyze, Think, Communicate
294. Chapter 9 Financial Statement Analysis
295. Factors in Communicating Useful Information
296. The Users
297. The Types of Decisions
298. Information Analysis
299. Methods of Analysis
300. Horizontal Analysis
301. Vertical Analysis
302. Ratio Analysis
303. Objectives of Ratio Analysis
304. Measures of Debt-Paying Ability
305. Liquidity Ratios
306. Solvency Ratios
307. Measures of Profitability
308. Measures of Managerial Effectiveness
309. Stock Market Ratios
310. Limitations of Financial Statement Analysis
311. Different Industries
312. Changing Economic Environment
313. Accounting Principles
314. A Look Back
315. A Look Forward
316. Self-Study Review Problem
317. Key Terms
318. Questions
319. Multiple-Choice Questions
320. Exercises
321. Problems
322. Analyze, Think, Communicate
323. Chapter 10 An Introduction to Management Accounting
324. Differences between Managerial and Financial Accounting
325. Users and Types of Information
326. Level of Aggregation
327. Regulation
328. Information Characteristics
329. Time Horizon and Reporting Frequency
330. Product Costing in Manufacturing Companies
331. Components of Product Cost
332. Tabor Manufacturing Company
333. Average Cost per Unit
334. Costs Can Be Assets or Expenses
335. Effect of Product Costs on Financial Statements
336. Overhead Costs: A Closer Look
337. Manufacturing Product Cost Summary
338. Schedule of Cost of Goods Manufactured and Sold
339. Upstream and Downstream Costs
340. Product Costing in Service and Merchandising Companies
341. Just-in-Time Inventory
342. Just-in-Time Illustration
343. Statement of Ethical Professional Practice
344. A Look Back
345. A Look Forward
346. Appendix
347. Self-Study Review Problem
348. Key Terms
349. Questions
350. Multiple-Choice Questions
351. Exercises
352. Problems
353. Analyze, Think, Communicate
354. Chapter 11 Cost Behavior, Operating Leverage, and Profitability Analysis
355. Fixed Cost Behavior
356. Operating Leverage
357. Calculating Percentage Change
358. Risk and Reward Assessment
359. Variable Cost Behavior
360. Risk and Reward Assessment
361. An Income Statement under the Contribution Margin Approach
362. Measuring Operating Leverage Using Contribution Margin
363. Cost Behavior Summarized
364. Mixed Costs (Semivariable Costs)
365. The Relevant Range
366. Context-Sensitive Definitions of Fixed and Variable
367. Determining the Break-Even Point
368. Equation Method
369. Contribution Margin per Unit Method
370. Determining the Sales Volume Necessary to Reach a Desired Profit
371. Calculating the Margin of Safety
372. A Look Back
373. A Look Forward
374. Self-Study Review Problem 1
375. Self-Study Review Problem 2
376. Key Terms
377. Questions
378. Multiple-Choice Questions
379. Exercises
380. Problems
381. Analyze, Think, Communicate
382. Chapter 12 Cost Accumulation, Tracing, and Allocation
383. Determine the Cost of Cost Objects
384. Estimated versus Actual Cost
385. Assignment of Costs to Objects in a Retail Business
386. Identifying Direct and Indirect Costs
387. Cost Classifications—Independent and Context Sensitive
388. Allocating Indirect Costs to Objects
389. Determining the Cost to Be Allocated Using Cost Pools
390. Selecting the Cost Driver
391. Cause and Effect versus Availability of Information
392. Behavioral Implications
393. Cost Drivers for Variable Overhead Costs
394. Cost Drivers for Fixed Overhead Costs
395. The Human Factor: A Comprehensive Example
396. Using Cost Allocations in a Budgeting Decision
397. Using Cost Drivers to Make Allocations
398. Choosing the Best Cost Driver
399. Controlling Emotions
400. A Look Back
401. A Look Forward
402. Self-Study Review Problem
403. Key Terms
404. Questions
405. Multiple-Choice Questions
406. Exercises
407. Problems
408. Analyze, Think, Communicate
409. Chapter 13 Relevant Information for Special Decisions
410. Relevant Information
411. Sunk Cost
412. Opportunity Costs
413. Relevance Is an Independent Concept
414. Relevance Is Context Sensitive
415. Relationship between Relevance and Accuracy
416. Quantitative versus Qualitative Characteristics of Decision Making
417. Differential Revenue and Avoidable Cost
418. Relationship of Cost Avoidance to a Cost Hierarchy
419. Relevant Information and Special Decisions
420. Special Order Decisions
421. Outsourcing Decisions
422. Segment Elimination Decisions
423. Summary of Relationships between Avoidable Costs and the Hierarchy of Business Activity
424. Equipment Replacement Decisions
425. A Look Back
426. A Look Forward
427. Self-Study Review Problem
428. Key Terms
429. Questions
430. Multiple-Choice Questions
431. Exercises
432. Problems
433. Analyze, Think, Communicate
434. Chapter 14 Planning for Profit and Cost Control
435. The Planning Process
436. Three Levels of Planning for Business Activity
437. Advantages of Budgeting
438. Budgeting and Human Behavior
439. The Master Budget
440. Hampton Hams Budgeting Illustration
441. Sales Budget
442. Inventory Purchases Budget
443. Selling and Administrative Expense Budget
444. Cash Budget
445. Pro Forma Financial Statements
446. Pro Forma Income Statement
447. Pro Forma Balance Sheet
448. Pro Forma Statement of Cash Flows
449. A Look Back
450. A Look Forward
451. Self-Study Review Problem
452. Key Terms
453. Questions
454. Multiple-Choice Questions
455. Exercises
456. Problems
457. Analyze, Think, Communicate
458. Chapter 15 Performance Evaluation
459. Decentralization Concept
460. Responsibility Centers
461. Controllability Concept
462. Preparing Flexible Budgets
463. Determining Variances for Performance Evaluation
464. Sales and Variable Cost Volume Variances
465. Interpreting the Sales and Variable Cost Volume Variances
466. Fixed Cost Considerations
467. Flexible Budget Variances
468. Calculating the Sales Price Variance
469. The Human Element Associated with Flexible Budget Variances
470. Need for Standards
471. Managerial Performance Measurement
472. Return on Investment
473. Qualitative Considerations
474. Factors Affecting Return on Investment
475. Residual Income
476. Calculating Multiple ROIs and/or RIs for the Same Company
477. Responsibility Accounting and the Balanced Scorecard
478. A Look Back
479. A Look Forward
480. Self-Study Review Problem 1
481. Self-Study Review Problem 2
482. Key Terms
483. Questions
484. Multiple-Choice Questions
485. Exercises
486. Problems
487. Analyze, Think, Communicate
488. Chapter 16 Planning for Capital Investments
489. Capital Investment Decisions
490. Time Value of Money
491. Determining the Minimum Rate of Return
492. Converting Future Cash Inflows to Their Equivalent Present Values
493. Techniques for Analyzing Capital Investment Proposals
494. Net Present Value
495. Internal Rate of Return
496. Techniques for Measuring Investment Cash Flows
497. Cash Inflows
498. Cash Outflows
499. Techniques for Comparing Alternative Capital Investment Opportunities
500. Net Present Value
501. Internal Rate of Return
502. Relevance and the Time Value of Money
503. Tax Considerations
504. Techniques that Ignore the Time Value of Money
505. Payback Method
506. Unadjusted Rate of Return
507. Real-World Reporting Practices
508. Postaudits
509. A Look Back
510. Appendix
511. Self-Study Review Problem
512. Key Terms
513. Questions
514. Multiple-Choice Questions
515. Exercises
516. Problems
517. Analyze, Think, Communicate
518. Appendix A Accessing the EDGAR Database through the Internet
519. Appendix B The Double-Entry Accounting System
520. Glossary
521. Photo Credits
522. Index

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