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College Accounting Chapters 127 22nd Edition James A Heintz Robert W Parry- Test Bank

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Chapter 5—Adjusting Entries and the Work Sheet 1. The matching of assets and expenses of a business on a periodic basis is referred to as the matching concept. a. True b. False ANSWER: POINTS: DIFFICULTY: LEARNING OBJECTIVES: ACCREDITING STANDARDS: TOPICS: KEYWORDS: NOTES: False 1 Easy ...

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  • September 15, 2023
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  • 2022/2023
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,Chapter 5—Adjusting Entries and the Work Sheet

1. The matching of assets and expenses of a business on a periodic basis is referred to as the matching concept.
a. True
b. False

ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.18 - LO: 5-1
ACCREDITING STANDARDS: AICPA FN-Measurement
BUSPROG: Communication
TOPICS: ACBSP: APC-02-GAAP
KEYWORDS: Bloom's: Evaluating
NOTES: 1 min.

2. The balance sheet reports earnings on a specific date.
a. True
b. False

ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.18 - LO: 5-1
ACCREDITING STANDARDS: AICPA FN-Reporting
BUSPROG: Communication
TOPICS: ACBSP: APC-09-Financial Statements
KEYWORDS: Bloom's: Evaluating
NOTES: 1 min.

3. A 12-month fiscal year can end on any month of the calendar year.
a. True
b. False

ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.18 - LO: 5-1
ACCREDITING STANDARDS: AICPA FN-Measurement
BUSPROG: Communication
TOPICS: ACBSP: APC-02-GAAP
KEYWORDS: Bloom's: Evaluating
NOTES: 1 min.




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,Chapter 5—Adjusting Entries and the Work Sheet

4. Accounting for revenue on a cash basis means that no entry of revenue is made in the account until the cash is
received for the services performed.
a. True
b. False

ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.19 - LO: 5-6
ACCREDITING STANDARDS: AICPA FN-Measurement
BUSPROG: Communication
TOPICS: ACBSP: APC-04-Cash vs. Accrual
KEYWORDS: Bloom's: Evaluating
NOTES: 1 min.

5. Adjusting entries may affect the cash account.
a. True
b. False

ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.18 - LO: 5-1
ACCREDITING STANDARDS: AICPA FN-Measurement
BUSPROG: Communication
TOPICS: ACBSP: APC-07-Adjusting Entries
KEYWORDS: Bloom's: Evaluating
NOTES: 1 min.

6. A contra-asset is deducted from the related asset on the balance sheet.
a. True
b. False

ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.18 - LO: 5-1
ACCREDITING STANDARDS: AICPA FN-Measurement
BUSPROG: Communication
TOPICS: ACBSP: APC-02-GAAP
KEYWORDS: Bloom's: Evaluating
NOTES: 1 min.




Cengage Learning Testing, Powered by Cognero Page 2

, Chapter 5—Adjusting Entries and the Work Sheet

7. The book value of a plant asset is determined by subtracting the accumulated depreciation from the cost of the
plant asset.
a. True
b. False

ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.18 - LO: 5-1
ACCREDITING STANDARDS: AICPA FN-Measurement
BUSPROG: Communication
TOPICS: ACBSP: APC-02-GAAP
KEYWORDS: Bloom's: Evaluating
NOTES: 1 min.

8. Under the modified cash basis of accounting, cash payments for assets with lives longer than one accounting period
(buildings, equipment, insurance, etc.) are recorded as assets and adjustments are made each period.
a. True
b. False

ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.19 - LO: 5-6
ACCREDITING STANDARDS: AICPA FN-Measurement
BUSPROG: Communication
TOPICS: ACBSP: APC-04-Cash vs. Accrual
KEYWORDS: Bloom's: Evaluating
NOTES: 1 min.

9. A manual work sheet is usually prepared in pencil.
a. True
b. False

ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: COLL.HEIN.17.20 - LO: 5-2
ACCREDITING STANDARDS: AICPA FN-Measurement
BUSPROG: Communication
TOPICS: ACBSP: APC-05-Accounting Cycle
KEYWORDS: Bloom's: Remembering
NOTES: 1 min.



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