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Test Bank Accounting 25th Edition by Carl S. Warren, James M. Reeve and Jonathan Duchac
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Test Bank Accounting 25th Edition by Carl S. Warren, James M. Reeve and Jonathan Duchac/ TEST BANK ACCOUNTING 25TH EDITION BY CARL S. WARREN, JAMES M. REEVE AND JONATHAN DUCHAC Chapter 2: Analyzing Transactions 1. Accounts are records of increases and dec...

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  • May 24, 2022
  • 115
  • 2024/2025
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  • test bank accounting 25th edition by carl s warren
  • james m reeve and jonathan duchac

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TEST BANK ACCOUNTING
25TH EDITION BY CARL S.
WARREN, JAMES M. REEVE
AND JONATHAN DUCHAC

, Chapter 2: Analyzing Transactions

1. Accounts are records of increases and decreases in individual
financial statement items.

TRUE

2. A chart of accounts is a listing of accounts that make up the journal.
True False



3. The chart of accounts should be the same for each business.
True False



4. Accounts payable are accounts that you expect will be paid to you.
True False



5. Consuming goods and services in the process of generating revenues results in expenses.
True False



6. Prepaid expenses are an example of an expense.
True False



7. Unearned Revenues account is an example of a liability.
True False



8. The Drawings account is an example of an expense.
True False



9. Accounts in the ledger are usually maintained in alphabetical order.
True False

,10. Depending on the account title, the right side of the account is referred to as the credit side.
True False



11. To determine the balance in an account, always subtract credits from debits.
True False



12. The double-entry accounting system records each transaction twice.
True False



13. The increase side of all accounts is the normal balance.
True False



14. Transactions are initially entered into a record called a journal.
True False



15. The process of recording a transaction in the journal is called journalizing.
True False



16. Journalizing is the process of entering amounts in the ledger.
True False



17. Transactions are listed in the journal chronologically.
True False



18. Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.
True False



19. Liability accounts are increased by debits.
True False

, 20. Expense accounts are increased by credits.
True False



21. Revenue accounts are increased by credits.
True False



22. The normal balance of a capital account is a debit.
True False



23. The normal balance of the drawing account is a debit.
True False



24. The normal balance of an expense account is a credit.
True False



25. The normal balance of revenue accounts is a credit.
True False



26. Withdrawals decrease owner's equity and are listed on the income statement as a deduction from revenue.
True False



27. For a month's transactions for a typical medium-sized business, the salary expense account is likely to have
only credit entries.
True False



28. For a month's transactions for a typical medium-sized business, the accounts payable account is likely to
have only credit entries.
True False

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