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Test Bank for Intermediate Accounting, 11th Edition by David Spiceland

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  • Course
  • INTERMEDIATE ACCOUNTING
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  • INTERMEDIATE ACCOUNTING
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  • Intermediate Accounting

Chapter 02 : Review of the Accounting Process True / False Questions 1. Owners' equity can be expressed as assets minus liabilities. True False 2. Debits increase asset accounts and decrease liability accounts. True False 3. Balance sheet accounts are referred to as temporary a...

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  • September 28, 2023
  • 179
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • david spiceland
  • 9781264134526
  • chapter 02 revi
  • test bank for intermediate accounting 11th editio
  • test bank for intermediate accounting
  • intermediate accounting 11th editio
  • exam practice questions mcqs

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TesTBank for Intermediate
Accounting 7 Edition
th



Spiceland, Sepe,Nelson
(CHAPTER 2)
Chapter 02 :Review of the Accounting Process
True / False Questions


1. Owners' equity can be expressed as assets minus liabilities.

True False

2. Debits increase asset accounts and decrease liability accounts.

True False

3. Balance sheet accounts are referred to as temporary accounts because their
balances are always changing.

True False

4. After an unadjusted trial balance is prepared, the next step in the accounting
processing cycle is the preparation of financial statements.

True False

5. Adjusting journal entries are required to comply with the realization and matching
principles.

True False

6. Accruals occur when the cash flow precedes either revenue or expense recognition.

True False

,7. The adjusted trial balance contains only permanent accounts.

True False

8. The income statement summarizes the operating activity of a firm at a particular
point in time.

True False

,9. The balance sheet can be considered a change or flow statement.

True False

10. The statement of cash flows summarizes transactions that caused cash to
change during a reporting period.

True False

11. The statement of shareholders' equity discloses the changes in the temporary
shareholders' equity accounts.

True False

12. The post-closing trial balance contains only permanent accounts.

True False

13. The closing process brings all temporary accounts to a zero balance and updates
the balance in the retained earnings account.

True False

14. A reversing entry at the beginning of a period for salaries would include a debit to
salaries expense.

True False

15. The sale of merchandise on account would be recorded in a sales journal.

True False

16. The payment of cash to a supplier would be recorded in a purchases journal.

True False




Multiple Choice Questions

, 17. The accounting equation can be stated as:


A. A + L - OE = 0.
B. A - L + OE = 0.
C. -A + L - OE = 0.
D. A - L - OE = 0.

18. Examples of external transactions include all of the following except:


A. Paying employees salaries.
B. Purchasing
equipment.
C. Depreciating
equipment.
D. Collecting a receivable.

19. Examples of internal transactions include all of the following except:


A. Writing off an uncollectible account.
B. Recording the expiration of prepaid
insurance.
C. Recording unpaid wages.
D. Paying wages to company
employees.

20. XYZ Corporation receives $100,000 from investors for issuing them shares of its
stock. XYZ's journal entry to record this transaction would include a:


A. Debit to investments.
B. Credit to retained earnings.
C. Credit to capital stock.
D. Credit to revenue.

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