75 Free Test Bank for Financial Accounting 12th Edition Warren 

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Within the United States, the dominant body in the primary development of accounting principles is the

•  American Institute of Certified Public Accountants (AICPA)
•  American Accounting Association (AAA)
•  Financial Accounting Standards Board (FASB)
•  Institute of Management Accountants (IMA)

Denzel Jones owns and operates Crystal Cleaning Company. Recently, Denzel withdrew $18,000 from Crystal Cleaning, and he contributed $14,000, in his name, to Habitat for Humanity. The contribution of the $14,000 should be recorded on the accounting records of which of the following entities?

•  Crystal Cleaning and Habitat for Humanity
•  Denzel Jones' personal records and Habitat for Humanity
•  Denzel Jones’ personal records and Crystal Cleaning
•  Denzel Jones’ personal records, Crystal Cleaning, and Habitat for Humanity

Which of the following is not a role of accounting in business?

•  To provide reports to users about the economic activities and conditions of a business.
•  To personally guarantee loans of the business.
•  To provide information to other users to determine the economic performance and condition of the business.
•  To assess the various informational needs of users and design its accounting system to meet those needs.

Equipment with an estimated market value of $55,000 is offered for sale at $75,000. The equipment is acquired for $20,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is

•  $55,000
•  $60,000
•  $20,000
•  $75,000

Which of the items below is not a business entity?

•  entrepreneurship
•  proprietorship
•  partnership
•  corporation

Assets are

•  always greater than liabilities.
•  either cash or accounts receivables
•  the same as expenses because they are acquired with cash
•  financed by the owner and/or creditors

Which of the following are guidelines for behaving ethically? I.Identify the consequences of a decision and its effect on others. II.Consider your obligations and responsibilities to those affected by the decision. III.Identify your decision based on personal standards of honesty and fairness.

•  I and II.
•  II and III.
•  I and III.
•  I, II, and III.

The following are examples of external users of accounting information except:

•  government
•  customers
•  creditors
•  all of the above

Two common areas of accounting that respectively provide information to internal and external users are:

•  forensic accounting and financial accounting
•  managerial accounting and financial accounting
•  managerial accounting and environmental accounting
•  financial accounting and tax accounting systems

For accounting purposes, the business entity should be considered separate from its owners if the entity is

•  a corporation
•  a proprietorship
•  a partnership
•  all of the above

The objectivity concept requires that

•  business transactions must be consistent with the objectives of the entity
•  the Financial Accounting Standards Board must be fair and unbiased in its deliberations over new accounting standards
•  accounting principles must meet the objectives of the Security and Exchange Commission
•  amounts recorded in the financial statements must be based on independently verifiable evidence

The accounting equation may be expressed as

•  Assets = Equities - Liabilities
•  Assets + Liabilities = Owner's Equity
•  Assets = Revenues less Liabilities
•  Assets - Liabilities = Owner's Equity

Debts owed by a business are referred to as

•  accounts receivables
•  equities
•  owner’s equity
•  liabilities

Which of the following is not a characteristic of a corporation?

•  Corporations are organized as a separate legal taxable entity
•  Ownership is divided into shares of stock.
•  Corporations experience an ease in obtaining large amounts of resources by issuing stock.
•  A corporation’s resources are limited to their individual owners’ resources.

Which of the following groups are considered to be internal users of accounting information?

•  Employees and customers
•  Customers and vendors
•  Employees and managers
•  Government and banks

The initials GAAP stand for

•  General Accounting Procedures
•  Generally Accepted Plans
•  Generally Accepted Accounting Principles
•  Generally Accepted Accounting Practices

Profit is the difference between

•  assets and liabilities
•  the incoming cash and outgoing cash
•  the assets purchased with cash contributed by the owner and the cash spent to operate the business
•  the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services.

Donner Company is selling a piece of land adjacent to their business. An appraisal reported the market value of the land to be $120,000. The Focus Company initially offered to buy the land for $107,000. The companies settled on a purchase price of $115,000. On the same day, another piece of land on the same block sold for $122,000. Under the cost concept, what is the amount that will be used to record this transaction in the accounting records?

•  $107,000
•  $115,000
•  $120,000
•  $122,000