Test Bank for Accounting 27th Edition Carl S. Warren, James M. Reeve, Jonathan Duchac | Verified Questions And Answers | Complete Guide A+.

TEST BANK FOR #vb #vb




ACCOUNTING 27TH
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EDITION CARL S. WARREN,
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JAMES M. REEVE,
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JONATHAN DUCHAC
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SCHOLARVAULT

,SCHOLARVAULT

,True / False

1. Accounts are records of increases and decreases in individual financial statement items.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.02-01 - 02-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

2. A chart of accounts is a listing of accounts that make up the journal.
a. True
b. False
ANSWER: False
DIFFICULTY: Easy
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.02-01 - 02-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.01 - Purpose
ACCT.ACBSP.APC.02 - GAAP
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic

3. The chart of accounts should be the same for each business.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's: Remembering
LEARNING OBJECTIVES: ACCT.WARD.18.02-01 - 02-01
ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP
ACCT.ACBSP.APC.03 - Business Forms
ACCT.AICPA.FN.03 - Measurement
BUSPROG: Analytic




SCHOLARVAULT

, 4. Accounts #vbpayable #vbare #vbaccounts #vbthat #vbyou #vbexpect #vbwill #vbbe #vbpaid #vbto #vbyou.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's: #vbRemembering
LEARNING #vbOBJECTIVES: ACCT.WARD.18.02-01 #vb- #vb02-01
STATE #vbSTANDARDS: United #vbStates #vb- #vbOH #vb- #vbFN-
Measurement
ACCREDITING ACCT.ACBSP.APC.02 #vb- #vbGAAP
#vbSTANDARDS: ACCT.ACBSP.APC.04 #vb- #vbCash #vbvs.
#vbAccrual #vbACCT.AICPA.FN.03 #vb-

#vbMeasurement

BUSPROG: #vbAnalytic

5. Consuming #vbgoods #vband #vbservices #vbin #vbthe #vbprocess #vbof #vbgenerating #vbrevenues #vbresults #vbin #vbexpenses.
a. True
b. False
ANSWER: True
DIFFICULTY: Easy
Bloom's: #vbRemembering
LEARNING #vbOBJECTIVES: ACCT.WARD.18.02-01 #vb- #vb02-01
STATE #vbSTANDARDS: United #vbStates #vb- #vbIN #vb- #vbAPC-06-Recording
#vbTransactions

ACCREDITING ACCT.ACBSP.APC.02 #vb- #vbGAAP
#vbSTANDARDS: ACCT.ACBSP.APC.06 #vb- #vbRecording
#vbTransactions #vbACCT.AICPA.FN.03 #vb-

#vbMeasurement #vbBUSPROG: #vbAnalytic




6. Prepaid #vbexpenses #vbare #vban #vbexample #vbof #vban #vbexpense.
a. True
b. False
ANSWER: False
DIFFICULTY: Moderate
Bloom's: #vbRemembering
LEARNING #vbOBJECTIVES: ACCT.WARD.18.02-01 #vb- #vb02-01
STATE #vbSTANDARDS: United #vbStates #vb- #vbIN #vb- #vbAPC-04-Cash #vbvs.
#vbAccrual

ACCREDITING ACCT.ACBSP.APC.02 #vb- #vbGAAP
#vbSTANDARDS: ACCT.ACBSP.APC.04 #vb- #vbCash #vbvs.
#vbAccrual

ACCT.AICPA.FN.03 #vb- #vbMeasurement
#vbBUSPROG: #vbAnalytic




SCHOLARVAULT