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
College Accounting Chapters 127 22nd Edition James A Heintz Robert W Parry- Test Bank £17.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Accounting - Test Bank
  4.  
  5. Accounting - Test Bank
  6.  
  7. Accounting - Test Bank

Exam (elaborations)

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

 9 views  0 purchase

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 ...

[Show more]

Preview 4 out of 916  pages

Document information

  • September 15, 2023
  • 916
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

All documents for this subject (74)

Seller

avatar-seller
ExamsExpert

Reviews received

Content preview

,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.




Cengage Learning Testing, Powered by Cognero Page 1

,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.



Cengage Learning Testing, Powered by Cognero Page 3

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 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 ExamsExpert. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £17.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

83100 documents were sold in the last 30 days

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

Start selling
£17.49
  • (0)
  Add to cart