100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Test Bank For Financial Accounting For MBAs ( 8th Edition) By Easton And John Wild||LATEST UPDATE 2024/2025 $16.29
Add to cart
Quickly navigate to
Preview
  2.  
  3. Financial Accounting For Mbas
  4.  
  5. Financial Accounting For Mbas

Exam (elaborations)

Test Bank For Financial Accounting For MBAs ( 8th Edition) By Easton And John Wild||LATEST UPDATE 2024/2025
 4 views  0 purchase
  • Course
  • Financial Accounting For Mbas
  • Institution
  • Financial Accounting For Mbas

Test Bank For Financial Accounting For MBAs ( 8th Edition) By Easton And John Wild||LATEST UPDATE 2024/2025.ALL NEEDED TO PASS IS HERE!!!!

Preview 4 out of 669  pages

Document information

  • November 21, 2024
  • 669
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

More summaries for

All for this textbook (39)

Written for

  • Financial Accounting For Mbas
  • Financial Accounting For Mbas

Seller

avatar-seller
nursecare

Reviews received

Content preview

,DOWNLOADTHETestBankforFinancialAccountingInformationfor
v v v v v v v v




Decisions8thEditionJohnWild v v v v v




Chapter


02 Financial Statements and the Accounting
v v v v v v




v System



True / False Questions
v v v




1. The first step to get from transactions and events to financial
v v v v v v v v v v




v statements isto identify eachtransaction from source documents.
v v v v v v v




True False


2. Preparation of a trial balance is the first step in processing a financial transaction.
v v v v v v v v v v v v v




True False


3. Source documents identify and describe business transactions and are the
v v v v v v v v v




basis for accountingentries.
v v v




True False


4. Items such as sales tickets, bank statements, checks, and purchase orders are
v v v v v v v v v v v




examples of abusiness's source documents.
v v v v v




True False


5. An account is a record of increases and decreases in a specific asset, liability,
v v v v v v v v v v v v v




equity, revenue, orexpense item.
v v v v




True False




2-1
Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without
v v v v v v v v v v v vv v vv



the prior nwritten nconsent nof v vv v v v v



McGraw-Hill Education. v

,DOWNLOADTHETestBankforFinancialAccountingInformationfor
v v v v v v v v




Decisions8thEditionJohnWild v v v v v




6. A customer's promise to pay on credit is classified as an account payable by the seller.
v v v v v v v v v v v v v v v




True False


7. Dividends paid to the stockholders v v v v v are a business expense. v v v




True False


8. The purchase of land and buildings will generally be recorded in the same ledger account.
v v v v v v v v v v v v v v




True False


9. Unearned revenues are classified as liabilities.
v v v v v




True False


10. Cash paid to stockholders by the business of a corporation and used for personal
v v v v v v v v v v v v v




expenses, shouldbe treated as an expense of the business.
v v v v v v v v v




True False


11. When a company provides services for which cash will not be received until some
v v v v v v v v v v v v v




v future date, thecompany should record the amount charged as accounts
v v v v v v v v v




v receivable.


True False


12. A company's chart of accounts is a list of all the accounts used and includes an
v v v v v v v v v v v v v v v




identification numberassigned to each account.
v v v v v




True False


13. An account's balance is the difference between the total debits and total
v v v v v v v v v v v




credits for the account,including any beginning balance.
v v v v v v v




True False




2-2
Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without
v v v v v v v v v v v vv v vv



the prior nwritten nconsent nof v vv v v v v



McGraw-Hill Education. v

, DOWNLOADTHETestBankforFinancialAccountingInformationfor
v v v v v v v v




Decisions8thEditionJohnWild v v v v v




14. The right side of an account is called the debit side.
v v v v v v v v v v




True False


15. In a double-entry accounting system, the total dollar amount debited must always
v v v v v v v v v v v




equal the totaldollar amount credited.
v v v v v




True False


16. Increases in liability accounts are recorded as debits.
v v v v v v v




True False


17. Debits increase asset and expense accounts.
v v v v v




True False


18. Credits always increase account balances.
v v v v




True False


19. Crediting an expense account decreases it.
v v v v v




True False


20. A revenue account normally has a debit balance.
v v v v v v v




True False


21. Asset accounts are normally decreased by debits.
v v v v v v




True False


22. Debit means increase and credit means decrease for all accounts.
v v v v v v v v v




True False




2-3
Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without
v v v v v v v v v v v vv v vv



the prior nwritten nconsent nof v vv v v v v



McGraw-Hill Education. v

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller nursecare. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $16.29. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

57413 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$16.29
  • (0)
Add to cart
Added