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
TEST BANK FOR ACCOUNTING 26TH EDITION CARL S. WARREN, JAMES M. REEVE, JONATHAN DUCHAC || newest edition 100% verified A+ $22.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. ACCOUNTING 26TH EDITION
  4.  
  5. ACCOUNTING 26TH EDITION

Exam (elaborations)

TEST BANK FOR ACCOUNTING 26TH EDITION CARL S. WARREN, JAMES M. REEVE, JONATHAN DUCHAC || newest edition 100% verified A+
 0 purchase
  • Course
  • 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...

[Show more]

Preview 4 out of 218  pages

Document information

  • October 4, 2024
  • 218
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • ACCOUNTING 26TH EDITION
  • ACCOUNTING 26TH EDITION

Seller

avatar-seller
Udemy

Reviews received

Content preview

,CHAPTER 2: ANALYZING TRANSACTIONS ki k i ki




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

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 or Stuvia-credit 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 Udemy. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $22.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69252 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$22.49
  • (0)
Add to cart
Added