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Intermediate Accounting 18th Edition Test Bank by (Kieso/Weygandt/ Warfield) All 23 Chapters Covered & Verified, ISBN: 9781119790976
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Intermediate Accounting 18th Edition Test Bank by (Kieso/Weygandt/ Warfield) All 23 Chapters Covered & Verified, ISBN: 9781119790976

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,
,0- Test Bank for Intermediate Accounting, 18e Kieso, Weygandt, Terry Warfield
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TRUE-FALSE—Conceptual
1. Economic events that require recording in the financial statements are called accounting
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transactions.
w




Ans: T, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




2. Revenue increases stockholders’ equity and should be recorded whenever cash is received
w w w w w w w w w w w


fromcustomers.
w w




Ans: F, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
w w w w w w w w w




3. Collection on an account receivable will increase both cash and accounts receivable.
w w w w w w w w w w w




Ans: F, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




4. The payment of a liability decreases both cash and accounts payable.
w w w w w w w w w w




Ans: T, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w

, 0- Test Bank for Intermediate Accounting, 18e Kieso, Weygandt, Terry Warfield
w w w w w w w w w




5. If total assets are increased, there must be a corresponding increase in liabilities or a decrease
w w w w w w w w w w w w w w w


in stockholders’ equity.
w w




Ans: F, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
w w w w w w w w w




6. A new account is opened for each transaction entered into by a business firm.
w w w w w w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




7. The recording process becomes more efficient and informative if all transactions are
w w w w w w w w w w w


wrecordedin one account. w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




8. An account consists of two parts: (1) a left or debit side and (2) a right or credit side.
w w w w w w w w w w w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




9. For a T account, an account balance is the difference in total dollars between
w w w w w w w w w w w w w


wtotal debitamounts and total credit amounts.
w w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




10. An account is often referred to as a T-account because of the way it is constructed.
w w w w w w w w w w w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




11. A debit to an account always indicates an increase in that account.
w w w w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




12. If a revenue account is credited, the revenue account is increased.
w w w w w w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




13. The normal balance of all accounts is a debit.
w w w w w w w w

, 0- Test Bank for Intermediate Accounting, 18e Kieso, Weygandt, Terry Warfield
w w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




14. Debit and credit can be interpreted to mean “bad” and “good”, respectively.
w w w w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




15. A credit means that an account has been increased.
w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




16. A decrease in a liability account is recorded by a debit.
w w w w w w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




17. An increase in an asset is recorded by a debit.
w w w w w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




18. The double-entry system of accounting refers to the placement of a double line at the end
w w w w w w w w w w w w w w w


wof a column of figures.
w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None,IMA: FSA
w w w w w w w w




19. A credit balance in a liability account indicates that an error in recording has occurred.
w w w w w w w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




20. The normal balance of an asset is a credit.
w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
w w w w w w w w w




21. The normal balance of the dividend account is a credit.
w w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
w w w w w w w w w

, 0- Test Bank for Intermediate Accounting, 18e Kieso, Weygandt, Terry Warfield
w w w w w w w w w




22. Assets are decreased with a credit.
w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




23. A debit means that an account has been decreased.
w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




24. A decrease in a liability is recorded by a debit.
w w w w w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




25. An increase in an asset is recorded by a debit.
w w w w w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




26. Liabilities are increased with debits and decreased with credits.
w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




27. The dividends account is a subdivision of the retained earnings account and
w w w w w w w w w w w


wappears as anexpense on the income statement.
w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
w w w w w w w w w




28. Revenues are a subdivision of stockholders’ equity.
w w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
w w w w w w w w w




29. Under the double-entry system, revenues must always equal expenses.
w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
w w w w w w w w w




30. Transactions are entered in the ledger first and then they are analyzed in terms of their
w w w w w w w w w w w w w w w


weffecton the accounts.
w w w

, 0- Test Bank for Intermediate Accounting, 18e Kieso, Weygandt, Terry Warfield
w w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




31. Source documents can provide evidence that a transaction has occurred.
w w w w w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w


32. Each transaction must be analyzed in terms of its effect on the accounts before
w w w w w w w w w w w w w


it can berecorded in a journal.
w w w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




33. Transactions are entered in the ledger accounts and then transferred to journals.
w w w w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




34. All business transactions must be entered first in the general ledger.
w w w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




35. Transactions are recorded in alphabetical order in a journal.
w w w w w w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




36. The journal is a chronological record of all transactions.
w w w w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




37. A journal is an accounting record in which transactions are initially recorded.
w w w w w w w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




38. The complete effect of a transaction on the accounts is disclosed in the journal.
w w w w w w w w w w w w w




Ans: T, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w

, 0- Test Bank for Intermediate Accounting, 18e Kieso, Weygandt, Terry Warfield
w w w w w w w w w




39. The account titles used in journalizing transactions need not be identical to the account
w w w w w w w w w w w w w


wtitles inthe ledger.
w w w




Ans: F, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




40. The chart of accounts is a special ledger used in accounting systems.
w w w w w w w w w w w




Ans: F, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




41. A general ledger should be arranged in financial statement order beginning with the
w w w w w w w w w w w w


wbalancesheet accounts. w w




Ans: T, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




42. The entire group of accounts maintained by a company is referred to collectively as the journal.
w w w w w w w w w w w w w w w




Ans: F, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




43. Prepaid expenses are assets.
w w w




Ans: T, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
w w w w w w w w w




44. Salaries and wages payable is a type of expense.
w w w w w w w w




Ans: F, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
w w w w w w w w w




45. Dividends are classified as an expense.
w w w w w




Ans: F, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
w w w w w w w w w




46. Unearned Service Revenue is classified as a liability on the balance sheet.
w w w w w w w w w w w




Ans: T, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Reporting, AICPA PC: None, IMA: Reporting
w w w w w w w w w




47. Posting is the process of proving the equality of debits and credits in the trial balance.
w w w w w w w w w w w w w w w

, 0- Test Bank for Intermediate Accounting, 18e Kieso, Weygandt, Terry Warfield
w w w w w w w w w




Ans: F, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




48. Entering transactions into the journal is called posting.
w w w w w w w




Ans: F, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




49. A trial balance is prepared at the beginning of an accounting period.
w w w w w w w w w w w




Ans: F, LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




50. A trial balance does not prove that all transactions have been recorded or that the
w w w w w w w w w w w w w w


wledger iscorrect. w w




Ans: T, LO: 4, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




51. In a trial balance, all debits are listed before all credits.
w w w w w w w w w w




Ans: F, LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




52. When the columns of the trial balance equal each other, it means that no errors have
w w w w w w w w w w w w w w w


occurred in the recording and posting the transactions.
w w w w w w w w




Ans: F, LO: 4, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory
w w w w w w w w w w w w w w


Perspective,AICPA FC: Measurement, AICPA PC: None, IMA: FSA
w w w w w w w w w




53. The periodicity assumption states that the economic life of a business entity can be divided
w w w w w w w w w w w w w w


wintoartificial time periods.
w w w




Ans: T, LO 5, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA FC:
w w w w w w w w w w w w w w w w w


Measurement, AICPA PC: Problem Solving, IMA: Reporting
w w w w w w w




54. The periodicity assumption is often referred to as the expense recognition principle.
w w w w w w w w w w w




Ans: F, LO 5, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA FC:
w w w w w w w w w w w w w w w w w


Measurement, AICPA PC: Problem Solving, IMA: Reporting
w w w w w w w




55. The revenue recognition principle dictates that revenue be recognized in the accounting
w w w w w w w w w w w


wperiod in which the performance obligation is satisfied.
w w w w w w w

, 0- Test Bank for Intermediate Accounting, 18e Kieso, Weygandt, Terry Warfield
w w w w w w w w w




Ans: T, LO 5, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA
w w w w w w w w w w w w w w w w


FC:Measurement, AICPA PC: Problem Solving, IMA: Reporting
w w w w w w w w




56. Expense recognition is tied to revenue recognition.
w w w w w w




Ans: T, LO 5, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA FC:
w w w w w w w w w w w w w w w w w


Measurement, AICPA PC: Problem Solving, IMA: Reporting
w w w w w w w




57. The revenue recognition principle and the expense recognition principle are helpful guides
w w w w w w w w w w w


wusedin determining net income or net loss for a period.
w w w w w w w w w w




Ans: T, LO 5, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA
w w w w w w w w w w w w w w w w


FC:Measurement, AICPA PC: Problem Solving, IMA: Reporting
w w w w w w w w




58. The expense recognition principle requires that efforts be related to accomplishments.
w w w w w w w w w w




Ans: T, LO 5, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA
w w w w w w w w w w w w w w w w


FC:Measurement, AICPA PC: Problem Solving, IMA: Reporting
w w w w w w w w




59. Recognizing when an expense contributes to the production of revenue is critical.
w w w w w w w w w w w




Ans: T, LO 5, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA FC:
w w w w w w w w w w w w w w w w w


Measurement, AICPA PC: Problem Solving, IMA: Reporting
w w w w w w w




60. The expense recognition principle is frequently referred to as the matching principle.
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Ans: T, LO 5, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA FC:
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Measurement, AICPA PC: Problem Solving, IMA: Reporting
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61. Income will always be greater under the cash basis of accounting than under the accrual
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wbasis of accounting.
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Ans: F, LO 5, BT: C, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA FC:
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Measurement, AICPA PC: Problem Solving, IMA: Reporting
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62. The cash basis of accounting is not in accordance with generally accepted accounting principles.
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Ans: T, LO 5, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA FC:
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Measurement, AICPA PC: Problem Solving, IMA: Business Economics
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63. Adjusting entries are often made because some business events are not recorded as they occur.
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Ans: T, LO 5, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA FC:
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Measurement, AICPA PC: Problem Solving, IMA: Reporting
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