TEST BANK FOR ACCOUNTING 26TH EDITION CARL S. WARREN, JAMES M. REEVE, JONATHAN DUCHAC || newest edition 100% verified A+
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Module
ACCOUNTING 26TH EDITION
Institution
ACCOUNTING 26TH EDITION
TEST BANK FOR ACCOUNTING 26TH EDITION CARL S. WARREN, JAMES M. REEVE, JONATHAN DUCHAC || newest edition 100% verified A+TEST BANK FOR ACCOUNTING 26TH EDITION CARL S. WARREN, JAMES M. REEVE, JONATHAN DUCHAC || newest edition 100% verified A+TEST BANK FOR ACCOUNTING 26TH EDITION CARL S. WARREN, JAM...
1. Accounts are records of increases and decreases in individual financial statement items.
ki ki ki ki ki ki ki ki ki ki ki
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering LEARNI ki ki
NG OBJECTIVES: ki ACCT.WARD.16.02-01 - 02- ki ki
01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 -
ki ki ki ki
Purpose
ki
ACCT.ACBSP.APC.02 - GAAP ki ki
ACCT.AICPA.FN.03 - ki
MeasurementBUSPROG: Analytic ki ki ki
2. A chart of accounts is a listing of accounts that make up the journal.
ki ki ki ki ki ki ki ki ki ki ki ki ki
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom’s: Remembering LEARNI ki ki
NG OBJECTIVES: ki ACCT.WARD.16.02-01 - 02- ki ki
01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 -
ki ki ki ki
Purpose
ki
ACCT.ACBSP.APC.02 - GAAP ki ki
ACCT.AICPA.FN.03 - ki
MeasurementBUSPROG: Analytic ki ki ki
3. The chart of accounts should be the same for each business.
ki ki ki ki ki ki ki ki ki ki
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: Remembering LEARN ki ki
ING OBJECTIVES: ki ACCT.WARD.16.02-01 - 02- ki ki
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ki ki ki ki
GAAP
ki
ACCT.ACBSP.APC.03 - Business Forms ki ki ki
ACCT.AICPA.FN.03 - ki
MeasurementBUSPROG: Analytic ki ki ki
,Chapter 2: Analyzing Transactions
4. Accounts payable are accounts that you expect will be paid to you.
ki ki ki ki ki ki ki ki ki ki ki
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: Remembering LEARN ki ki
ING OBJECTIVES:
ki ACCT.WARD.16.02-01 - 02- ki ki
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ki ki ki ki
GAAP
ki
ACCT.ACBSP.APC.04 - Cash vs. Accrual ki ki ki ki
ACCT.AICPA.FN.03 - ki
MeasurementBUSPROG: Analytic ki ki ki
5. Consuming goods and services in the process of generating revenues results in expenses.
ki ki ki ki ki ki ki ki ki ki ki ki
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom’s: Remembering LEARN ki ki
ING OBJECTIVES:
ki ACCT.WARD.16.02-01 - 02- ki ki
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ki ki ki ki
GAAP
ki
ACCT.ACBSP.APC.06 - Recording Transactions ki ki ki
ACCT.AICPA.FN.03 - ki
MeasurementBUSPROG: Analytic ki ki ki
6. Prepaid expenses are an example of an expense.
ki ki ki ki ki ki ki
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: Remembering LEARN ki ki
ING OBJECTIVES:
ki ACCT.WARD.16.02-01 - 02- ki ki
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ki ki ki ki
GAAP
ki
ACCT.ACBSP.APC.04 - Cash vs. Accrual ki ki ki ki
ACCT.AICPA.FN.03 - ki
MeasurementBUSPROG: Analytic ki ki ki
, Chapter 2: Analyzing Transactions
7. The Unearned Revenues account is an example of a liability.
ki ki ki ki ki ki ki ki ki
a. True
b. False
ANSWER: True
DIFFICULTY: Moderate
Bloom’s: Remembering LEARN ki ki
ING OBJECTIVES:
ki ACCT.WARD.16.02-01 - 02- ki ki
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ki ki ki ki
GAAP
ki
ACCT.ACBSP.APC.04 - Cash vs. Accrual ki ki ki ki
ACCT.AICPA.FN.03 - ki
MeasurementBUSPROG: Analytic ki ki ki
8. The Drawings account is an example of an expense.
ki ki ki ki ki ki ki ki
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: Remembering LEARN ki ki
ING OBJECTIVES:
ki ACCT.WARD.16.02-01 - 02- ki ki
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ki ki ki ki
GAAP
ki
ACCT.ACBSP.APC.06 - Recording Transactions ki ki ki
ACCT.AICPA.FN.03 - ki
MeasurementBUSPROG: Analytic ki ki ki
9. Accounts in the ledger are usually maintained in alphabetical order.
ki ki ki ki ki ki ki ki ki
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom’s: Remembering LEARN ki ki
ING OBJECTIVES:
ki ACCT.WARD.16.02-01 - 02- ki ki
01ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 -
ki ki ki ki
GAAP
ki
ACCT.ACBSP.APC.06 - Recording Transactions ki ki ki
ACCT.AICPA.FN.03 - ki
MeasurementBUSPROG: Analytic ki ki ki
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