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Fundamental_Accounting_Principles_John_Wild_24th_Edition_Test_Bank Grade A+
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  • Fundamental Accounting Principles

Sample Test Fundamental Accounting Principles, 24e (Wild) Chapter 3 Adjusting Accounts for Financial Statements 1) A company’s fiscal year must correspond with the calendar year. Answer: FALSE Difficulty: 1 Easy Topic: The Accounting Period Learning Objective: 03-C1 Explain the importan...

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  • August 31, 2023
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  • 2023/2024
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Fundamental Accounting Principles John Wild
24th Edition-Test Bank

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Sample Test
Fundamental Accounting Principles, 24e (Wild)
Chapter 3 Adjusting Accounts for Financial Statements


1) A company’s fiscal year must correspond with the calendar year.


Answer: FALSE
Difficulty: 1 Easy
Topic: The Accounting Period
Learning Objective: 03-C1 Explain the importance of periodic reporting and
the role of accrual accounting.
Bloom’s: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Decision Making

,2) The time period assumption assumes that an organization’s activities can
be divided into specific time periods such as months, quarters, or years.


Answer: TRUE
Difficulty: 1 Easy
Topic: The Accounting Period
Learning Objective: 03-C1 Explain the importance of periodic reporting and
the role of accrual accounting.
Bloom’s: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Decision Making


3) Interim financial statements report a company’s business activities for a
one-year period.


Answer: FALSE
Difficulty: 1 Easy
Topic: The Accounting Period
Learning Objective: 03-C1 Explain the importance of periodic reporting and
the role of accrual accounting.
Bloom’s: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Reporting




4) A fiscal year refers to an organization’s accounting period that spans twelve
consecutive months or 52 weeks.


Answer: TRUE
Difficulty: 1 Easy

,Topic: The Accounting Period
Learning Objective: 03-C1 Explain the importance of periodic reporting and
the role of accrual accounting.
Bloom’s: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Decision Making


5) Adjusting entries are made after the preparation of financial statements.


Answer: FALSE
Difficulty: 1 Easy
Topic: The Accounting Period
Learning Objective: 03-C1 Explain the importance of periodic reporting and
the role of accrual accounting.
Bloom’s: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Measurement


6) Adjusting entries result in a better matching of revenues and expenses for
the period.


Answer: TRUE
Difficulty: 1 Easy
Topic: The Accounting Period
Learning Objective: 03-C1 Explain the importance of periodic reporting and
the role of accrual accounting.
Bloom’s: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Measurement

, 7) Two main accounting principles used in accrual accounting are expense
recognition and full closure.


Answer: FALSE
Difficulty: 1 Easy
Topic: The Accounting Period
Learning Objective: 03-C1 Explain the importance of periodic reporting and
the role of accrual accounting.
Bloom’s: Remember
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Measurement




8) Adjusting entries are necessary so that asset, liability, revenue, and
expense account balances are correctly recorded.


Answer: TRUE
Difficulty: 2 Medium
Topic: The Accounting Period
Learning Objective: 03-C1 Explain the importance of periodic reporting and
the role of accrual accounting.
Bloom’s: Understand
AACSB/Accessibility: Communication / Keyboard Navigation
AICPA: BB Industry; FN Measurement


9) The expense recognition (matching) principle does not aim to record
expenses in the same accounting period as the revenue earned as a result of
these expenses.

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