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
Intermediate Accounting J David Spiceland 10th Edition- Test Bank R413,45   Add to cart
Quickly navigate to
Preview
  2.  
  3. Accounting - Test Bank
  4.  
  5. Accounting - Test Bank
  6.  
  7. Accounting - Test Bank

Exam (elaborations)

Intermediate Accounting J David Spiceland 10th Edition- Test Bank

1 review
 33 views  1 purchase
  • Course
  • Accounting - Test Bank
  • Institution
  • Accounting - Test Bank

Intermediate Accounting, 10e (Spiceland) Chapter 2 Review of the Accounting Process 1) Owners' equity can be expressed as assets minus liabilities. Answer: TRUE Difficulty: 1 Easy Topic: Accounting equation Learning Objective: 02-01 Understand routine economic events-transactions-and determine...

[Show more]

Preview 4 out of 2811  pages

Document information

  • September 16, 2023
  • 2811
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • all chapters included
  • intermediate accounting j david spiceland 10th edi
  • complete test bank with answers

Written for

  • Accounting - Test Bank
  • Accounting - Test Bank
  • Accounting - Test Bank
All documents for this subject (74)

1  review

review-writer-avatar

By: okaydavid12 • 6 months ago

Seller

avatar-seller
ExamsExpert

Reviews received

Content preview

,Intermediate Accounting, 10e (Spiceland)
Chapter 2 Review of the Accounting Process

1) Owners' equity can be expressed as assets minus liabilities.

Answer: TRUE
Difficulty: 1 Easy
Topic: Accounting equation
Learning Objective: 02-01 Understand routine economic events-transactions-and determine their
effects on a company's financial position and on specific accounts.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA/Accessibility: BB Critical Thinking / Keyboard Navigation

2) Debits increase asset accounts and decrease liability accounts.

Answer: TRUE
Difficulty: 1 Easy
Topic: Account relationships and records
Learning Objective: 02-01 Understand routine economic events-transactions-and determine their
effects on a company's financial position and on specific accounts.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA/Accessibility: BB Critical Thinking / Keyboard Navigation

3) Balance sheet accounts are referred to as temporary accounts because their balances are
always changing.

Answer: FALSE
Difficulty: 1 Easy
Topic: Account relationships and records
Learning Objective: 02-01 Understand routine economic events-transactions-and determine their
effects on a company's financial position and on specific accounts.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA/Accessibility: BB Critical Thinking / Keyboard Navigation




1
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.

,4) After an unadjusted trial balance is prepared, the next step in the accounting processing cycle
is the preparation of financial statements.

Answer: FALSE
Difficulty: 1 Easy
Topic: Accounting processing cycle steps
Learning Objective: 02-02 Describe the steps in the accounting processing cycle.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA/Accessibility: BB Critical Thinking / Keyboard Navigation

5) Adjusting journal entries are recorded at the end of any period when financial statements are
prepared.

Answer: TRUE
Difficulty: 1 Easy
Topic: Accounting processing cycle steps
Learning Objective: 02-02 Describe the steps in the accounting processing cycle.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA/Accessibility: BB Critical Thinking / Keyboard Navigation

6) Accruals occur when the cash flow precedes either revenue or expense recognition.

Answer: FALSE
Difficulty: 1 Easy
Topic: Analyze updating-Identify type of adjustment
Learning Objective: 02-05 Identify and describe the different types of adjusting journal entries.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA/Accessibility: BB Critical Thinking / Keyboard Navigation

7) The adjusted trial balance contains only permanent accounts.

Answer: FALSE
Difficulty: 1 Easy
Topic: Trial balance―Adjusted
Learning Objective: 02-06 Record adjusting journal entries in general journal format, post
entries, and prepare an adjusted trial balance.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA/Accessibility: BB Critical Thinking / Keyboard Navigation




2
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.

, 8) The income statement summarizes the operating activity of a company at a particular point in
time.

Answer: FALSE
Difficulty: 1 Easy
Topic: Financial statement―Income Statement
Learning Objective: 02-07 Describe the four basic financial statements.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA/Accessibility: BB Critical Thinking; FN Measurement / Keyboard Navigation

9) The balance sheet can be considered a change or flow statement.

Answer: FALSE
Difficulty: 1 Easy
Topic: Financial statement―Balance sheet
Learning Objective: 02-07 Describe the four basic financial statements.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA/Accessibility: BB Critical Thinking; FN Measurement / Keyboard Navigation

10) The statement of cash flows summarizes transactions that caused cash to change during a
reporting period.

Answer: TRUE
Difficulty: 1 Easy
Topic: Financial statement―Cash flow
Learning Objective: 02-07 Describe the four basic financial statements.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA/Accessibility: BB Critical Thinking; FN Measurement / Keyboard Navigation

11) The statement of shareholders' equity discloses the changes in the temporary shareholders'
equity accounts.

Answer: FALSE
Difficulty: 2 Medium
Topic: Financial statement―Shareholders equity
Learning Objective: 02-07 Describe the four basic financial statements.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA/Accessibility: BB Critical Thinking; FN Measurement / Keyboard Navigation




3
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.

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 EFT, 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 this summary 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 this summary for R413,45. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77254 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R413,45  1x  sold
  • (1)
  Buy now