Test Bank for Financial and Managerial Accounting 8th Edition By Wild

Test Bank for Financial and Managerial Accounting 8th Edition By Wild
Financial and Managerial Accounting 8th Edition By Wild – Test Bank
Financial and Managerial Accounting 8th Edition
Financial and Managerial Accounting

Table of Contents

Chapter 1: Accounting in Business
Chapter 2: Analyzing for Business Transactions
Chapter 3: Adjusting Accounts for Financial Statements
Chapter 4: Accounting for Merchandising Operations
Chapter 5: Inventories and Cost of Sales
Chapter 6: Cash and Internal Controls
Chapter 7: Accounting for Receivables
Chapter 8: Accounting for Long-term Assets
Chapter 9: Accounting for Current Liabilities
Chapter 10: Accounting for Long-Term Liabilities
Chapter 11: Corporate Reporting and Analysis
Chapter 12: Reporting Cash Flows
Chapter 13: Analysis of Financial Statements
Chapter 14: Managerial Accounting Concepts and Principles
Chapter 15: Job Order Costing and Analysis
Chapter 16: Process Costing and Analysis
Chapter 17: Activity-Based Costing and Analysis
Chapter 18: Cost Behavior and Cost-Volume-Profit Analysis
Chapter 19: Variable Costing and Analysis
Chapter 20: Master Budgets and Performance Planning
Chapter 21: Flexible Budgets and Standard Costs
Chapter 22: Performance Measurement and Responsibility Accounting
Chapter 23: Relevant Costing for Managerial Decisions
Chapter 24: Capital Budgeting and Investment Analysis
Appendix A: Financial Statement Information A-1
Appendix B: Time Value of Money B
Appendix C: Investments and International Operations C
Appendix D: Accounting for Partnerships D
Appendix E: Reporting and Preparing Special Journals E

Appendix B Time Value of Money

1) Interest is the borrower’s payment to the owner of an asset, for its use.

Answer: TRUE

Difficulty: 1 Easy

Topic: Present and Future Value Concepts

Learning Objective: B-C1 Describe the earning of interest and the concepts of present and future values.

Bloom’s: Remember

AACSB/Accessibility: Communication / Keyboard Navigation

AICPA: BB Industry; FN Measurement

2) From the perspective of an account holder, a savings account is a liability with interest.

Answer: FALSE

Difficulty: 1 Easy

Topic: Present and Future Value Concepts

Learning Objective: B-C1 Describe the earning of interest and the concepts of present and future values.

Bloom’s: Remember

AACSB/Accessibility: Communication / Keyboard Navigation

AICPA: BB Industry; FN Measurement

3) An interest rate is also called a discount rate.

Answer: TRUE

Difficulty: 1 Easy

Topic: Present Value of a Single Amount

Learning Objective: B-P1 Apply present value concepts to a single amount by using interest tables.

Bloom’s: Remember

AACSB/Accessibility: Communication / Keyboard Navigation

AICPA: BB Industry; FN Measurement

4) Present and future value computations enable companies to measure or estimate the interest component of holding assets or liabilities over time.

Answer: TRUE

Difficulty: 2 Medium

Topic: Present and Future Value Concepts

Learning Objective: B-C1 Describe the earning of interest and the concepts of present and future values.

Bloom’s: Understand

AACSB/Accessibility: Communication / Keyboard Navigation

AICPA: BB Industry; FN Measurement

5) The number of periods in a present value calculation may only be expressed in years.

Answer: FALSE

Difficulty: 1 Easy

Topic: Present Value of a Single Amount

Learning Objective: B-P1 Apply present value concepts to a single amount by using interest tables.

Bloom’s: Remember

AACSB/Accessibility: Communication / Keyboard Navigation

AICPA: BB Industry; FN Measurement

Present Value of 1

Periods	3%	4%	5%	6%	7%	8%	9%	10%	12%
3	0.9151	0.8890	0.8638	0.8396	0.8163	0.7938	0.7722	0.7513	0.7118
4	0.8885	0.8548	0.8227	0.7921	0.7629	0.7350	0.7084	0.6830	0.6355
5	0.8626	0.8219	0.7835	0.7473	0.7130	0.6806	0.6499	0.6209	0.5674
6	0.8375	0.7903	0.7462	0.7050	0.6663	0.6302	0.5963	0.5645	0.5066
7	0.8131	0.7599	0.7107	0.6651	0.6227	0.5835	0.5470	0.5132	0.4523
8	0.7894	0.7307	0.6768	0.6274	0.5820	0.5403	0.5019	0.4665	0.4039
9	0.7664	0.7026	0.6446	0.5919	0.5439	0.5002	0.4604	0.4241	0.3606
10	0.7441	0.6756	0.6139	0.5584	0.5083	0.4632	0.4224	0.3855	0.3220

MAECENAS IACULIS

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ADIPISCING CONVALLIS BULUM

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