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Intermediate Accounting Reporting and Analysis 2017 Update 2nd Edition James M Wahlen Je - Test Bank
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CHAPTER 3: REVIEW OF A COMPANY’S ACCOUNTING SYSTEM TB_Ch03_Wahlen_Intermediate_2e_Update 1. The primary purpose of an accounting system is to record, organize. summarize, and report useful information to external financial statement users and stakeholders, as well as to company management, who m...

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  • September 16, 2023
  • 1602
  • 2022/2023
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,CHAPTER 3: REVIEW OF A COMPANY’S ACCOUNTING SYSTEM
TB_Ch03_Wahlen_Intermediate_2e_Update


1. The primary purpose of an accounting system is to record, organize. summarize, and report useful information to
external financial statement users and stakeholders, as well as to company management, who make operating, investing
and financing decisions.
a. True
b. False

ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.3.1 - LO: 3.1
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom’s: Remembering

2. The another interpretation of the accounting equation is Assets = Liabilities + Contributed Capital + Beginning
Retained Earnings + Net Income - Dividends + Beginning Accumulated Other Comprehensive Income + Other
Comprehensive Income.
a. True
b. False

ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: ACCT.WHAL.16.3.1 - LO: 3.1
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom’s: Remembering

3. The accounting cycle followed each period by a company includes recording transactions, storing the data, organizing
the information, summarizing the events and arrangements, adjusting the accounts, reporting the accounting
information in financial statements, and then closing the books.
a. True
b. False

ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.3.2 - LO: 3.2
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom’s: Remembering



© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

,Chapter 3: Review of a Company's Accounting System
4. The last step in the accounting cycle is to prepare the financial statements.
a. True
b. False

ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.3.2 - LO: 3.2
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom’s: Remembering

5. An advantage of using the general journal is to prevent errors.
a. True
b. False

ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.3.3 - LO: 3.3
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom’s: Remembering

6. The general journal has all journal entry transactions listed by account title.
a. True
b. False

ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.3.3 - LO: 3.3
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom’s: Remembering




© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in
whole or in part.

, Chapter 3: Review of a Company's Accounting System
7. The trial balance does help find some errors but it will not identify errors resulting from transactions that have not been
posted or transactions that were posted twice.
a. True
b. False

ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.3.4 - LO: 3.4
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom’s: Remembering

8. If the trial balance does not balance, the preparer should check to see if the difference is evenly divisible by 9. If so
there may be a transposition.
a. True
b. False

ANSWER: True
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.3.4 - LO: 3.4
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom’s: Remembering

9. Deferrals are transactions, events, or arrangements in which the cash flows occur after the related expenses are incurred
or revenues earned.
a. True
b. False

ANSWER: False
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: ACCT.WHAL.16.3.5 - LO: 3.5
NATIONAL STANDARDS: United States - BUSPROG: Reflective Thinking - BUSPROG: Analytic
LOCAL STANDARDS: United States - OH - Default City - AICPA: FN-Decision Modeling
KEYWORDS: Bloom’s: Remembering




© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in
whole or in part.

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