Test Bank for Fundamental Financial Accounting Concepts, 2024 Release by Thomas Edmonds.pdf

FundamentalbFinancialbAccountingbConceptsb11thbEditionb
bybEdmondsbCH01b
Versionb1b
b
b
b
b
b
b
b
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b

1b
ANSWERSbAREbLOCATEDbATbTHEbENDbOFbTHISbDOCUMENTb
SHORTbANSWER.bWritebthebwordborbphrasebthatbbestbcompletesbeachbstatementborb
answersbthebquestion.b
1)b
Indicatebhowbeachbeventbaffectsbthebfinancialbstatements.bUsebthebfollowingblettersbtob
recordbyourbanswerbinbthebboxbshownbbelow.bIfbanbeventbincreasesbonebaccountbandbdecreas
esb
anotherbaccountbequallybwithinbthebsamebelement,brecordbI/D.bIfbanbeventbhasbnobimpactbonb
theb
element,brecordbNA.bYoubdobnotbneedbtobenterbdollarbamounts.b
bbbb

b Increaseb=bIbDecreaseb=bDbNotbAffectedb=bNAb
bbbb

bWalkerbCompanybissuedbcommonbstockbforb$150,000bcash.b
BalancebSheetb
IncomebStatementb
Statementb
ofbCashb
Flowsb
Assetsb=bLiabilitiesb+bStockholders’b
Equityb
Revenueb−bExpenseb=b
Netb
Incomeb
b
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bb
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bb
bb
b
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QuestionbDetailsb
Difficultyb:b2bMediumb
Topicb:bThebHorizontalbFinancialbStatementsbModelb
LearningbObjectiveb:b01-
10bRecordbbusinessbeventsbusingbabhorizontalbfinancialbstatementsbmodel.b
Bloom'sb:bAnalyzeb
AACSBb:bAnalyticalbThinkingb

,AICPAb:bBBbCriticalbThinkingb
AICPAb:bFNbMeasurementb
Accessibilityb:bScreenbReaderbCompatibleb
Accessibilityb:bKeyboardbNavigationb
Gradableb:bmanualb
Typeb:bStaticb
b
b

DOWNLOADbTHEbTestbBankbforbFundamentalbFinancialbAccountingbConcepts
bbbbbbbbbbbbbbbbbbbbbbbb11thbEditionbEdmonds

nursytestbank.store
FundamentalbFinancialbAccountingbConceptsb11thbEditionb
bybEdmondsbCH01b
Versionb1b
b
b
b
b
b
b
b
b
b
b

2b
2)b
Indicatebhowbeachbeventbaffectsbthebfinancialbstatements.bUsebthebfollowingblettersbtob
recordbyourbanswerbinbthebboxbshownbbelow.bIfbanbeventbincreasesbonebaccountbandbdecreas
esb
anotherbaccountbequallybwithinbthebsamebelement,brecordbI/D.bIfbanbeventbhasbnobimpactbonb
theb
element,brecordbNA.bYoubdobnotbneedbtobenterbdollarbamounts.b
bbbb

b Increaseb=bIbDecreaseb=bDbNotbAffectedb=bNAb
bbbb

bNguyenbCompanybborrowedb$50,000bcashbfrombMetropolitanbBank.b
BalancebSheetb
IncomebStatementb
Statementb
ofbCashb
Flowsb
Assetsb=bLiabilitiesb+bStockholders’b
Equityb
Revenueb−bExpenseb=b
Netb
Incomeb
b
bb
bb
b
bb
bb
b
b
b
b
b

,QuestionbDetailsb
Difficultyb:b2bMediumb
Topicb:bThebHorizontalbFinancialbStatementsbModelb
LearningbObjectiveb:b01-
10bRecordbbusinessbeventsbusingbabhorizontalbfinancialbstatementsbmodel.b
Bloom'sb:bAnalyzeb
AACSBb:bAnalyticalbThinkingb
AICPAb:bBBbCriticalbThinkingb
AICPAb:bFNbMeasurementb
Accessibilityb:bScreenbReaderbCompatibleb
Accessibilityb:bKeyboardbNavigationb
Gradableb:bmanualb
Typeb:bStaticb
b
b

3)b
Indicatebhowbeachbeventbaffectsbthebfinancialbstatements.bUsebthebfollowingblettersbtob
recordbyourbanswerbinbthebboxbshownbbelow.bIfbanbeventbincreasesbonebaccountbandbdecreas
esb
anotherbaccountbequallybwithinbthebsamebelement,brecordbI/D.bIfbanbeventbhasbnobimpactbonb
theb
element,brecordbNA.bYoubdobnotbneedbtobenterbdollarbamounts.b
bbbb

b Increaseb=bIbDecreaseb=bDbNotbAffectedb=bNAb
bbbb

bBellbCompanybprovidedbconsultingbservicesbforb$20,000bcash.b
BalancebSheetb
IncomebStatementb
Statementb
ofbCashb
Flowsb
Assetsb=bLiabilitiesb+bStockholders’b
Equityb
Revenueb−bExpenseb=b
Netb
Incomeb
DOWNLOADbTHEbTestbBankbforbFundamentalbFinancialbAccountingbConcepts
bbbbbbbbbbbbbbbbbbbbbbbb11thbEditionbEdmonds

nursytestbank.store
FundamentalbFinancialbAccountingbConceptsb11thbEditionb
bybEdmondsbCH01b
Versionb1b
b
b
b
b
b
b
b
b

, b
b

3b
b
bb
bb
b
bb
bb
b
b
b
b
b

QuestionbDetailsb
Difficultyb:b2bMediumb
Topicb:bThebHorizontalbFinancialbStatementsbModelb
LearningbObjectiveb:b01-
10bRecordbbusinessbeventsbusingbabhorizontalbfinancialbstatementsbmodel.b
Bloom'sb:bAnalyzeb
AACSBb:bAnalyticalbThinkingb
AICPAb:bBBbCriticalbThinkingb
AICPAb:bFNbMeasurementb
Accessibilityb:bScreenbReaderbCompatibleb
Accessibilityb:bKeyboardbNavigationb
Gradableb:bmanualb
Typeb:bStaticb
b
b

4)b
Indicatebhowbeachbeventbaffectsbthebfinancialbstatements.bUsebthebfollowingblettersbtob
recordbyourbanswerbinbthebboxbshownbbelow.bIfbanbeventbincreasesbonebaccountbandbdecreas
esb
anotherbaccountbequallybwithinbthebsamebelement,brecordbI/D.bIfbanbeventbhasbnobimpactbonb
theb
element,brecordbNA.bYoubdobnotbneedbtobenterbdollarbamounts.b
bbbb

b Increaseb=bIbDecreaseb=bDbNotbAffectedb=bNAb
bbbb

bPiercebCompanybpaidb$40,000bcashbtobpurchasebland.b
BalancebSheetb
IncomebStatementb
Statementb
ofbCashb
Flowsb
Assetsb=bLiabilitiesb+bStockholders’b
Equityb
Revenueb−bExpenseb=b
Netb
Incomeb
b
bb
bb
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bb
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